How many Indian American millionaires and billionaires are there?

Billionaires: a countable group

Billionaires are the one wealth tier that is counted publicly, because their fortunes rest on disclosed stakes in listed companies. Forbes' America's Richest Immigrants 2026 list, published in September 2026, named 19 billionaires born in India, more than any other country. Israel and Taiwan were next, with 11 each. In 2025 the count was 12¹. The 2026 list included 144 immigrant billionaires in all, worth a combined $2.2 trillion¹.

That count covers only people born in India. It leaves out US-born billionaires of Indian heritage, such as entrepreneur Vivek Ramaswamy, whom Forbes values at about $2.3 billion⁸. It also leaves out Indian-origin billionaires born elsewhere. So the total number of Indian American billionaires is somewhat above 19. Who they are, and how they made their money, is covered in our ranking of the richest Indian Americans. At the top, Zscaler founder Jay Chaudhry was worth about $14.5 billion on Forbes' real-time estimate in October 2026⁷.

What HeyAlbert data shows

Millionaires: no official count exists

No US government survey publishes the number of millionaires by ethnicity or national origin. The Census Bureau's American Community Survey measures income, not wealth. The Federal Reserve's Survey of Consumer Finances measures wealth, but its sample is too small to report Indian Americans as a separate group. Any figure that claims to give an exact count of Indian American millionaires is an estimate, and readers should ask whose estimate it is.

The figure still quoted most often comes from Merrill Lynch. In 2003, the Times of India reported Merrill's estimate that 200,000 millionaires of Indian origin lived in the United States⁴. That number is more than two decades old. The Indian immigrant population has roughly tripled since 2000, according to the Migration Policy Institute³, and US asset prices have risen sharply. It should be read as a historical marker, not a current count.

What income and education data imply

Public data cannot count millionaires, but it shows why the number is likely large and growing. The Census Bureau's 2024 American Community Survey puts the median income of Asian Indian households at $165,721, against $81,604 for all US households⁹. The Migration Policy Institute puts the 2024 median for households headed by an Indian immigrant at $176,200, against $81,400 for households headed by someone born in the US³. 77% of Indian Americans aged 25 and over hold a bachelor's degree or higher, and 45% hold an advanced degree².

High, steady incomes held over a career, together with high savings and homeownership, are how most households reach seven figures. Our analyses of Indian American median household income and household net worth go into that data. Medians hide wide variation, though. Pew finds that 6% of Indian Americans live in poverty², and the income distribution is far from uniform.

How to judge any millionaire estimate

Rich lists, bank reports and market-sizing studies use different definitions, so their figures cannot be compared directly. Before using a number, check four things:

• The wealth definition. Total net worth including the family home gives a much larger count than investable assets alone. Wealth-management industry reports often use investable assets.
• The population definition. India-born immigrants only, everyone of Indian ancestry, or people who report Indian alone versus in combination with another group.
• The unit. Individuals, households and families give different totals, especially in multigenerational homes.
• The date and the method. A figure from before the 2010s technology and equity boom says little about today.

Where a source does not disclose these choices, treat its number as a rough marker.

Context: America's millionaire boom

The broader US trend matters too. UBS estimates the United States added about 441,000 millionaires in 2025, nearly half of all new millionaires worldwide⁵. A group concentrated in high-paying professions and in equity-rich sectors such as technology would be expected to gain a large share of that growth. Many Indian Americans fit that description. Our research on equity compensation and on why Indian Americans are wealthy explains the mechanics.

Migration adds to the total. Henley & Partners projected a net outflow of 3,500 millionaires from India in 2025. It described that as India's lowest net loss since Covid⁶. The report does not break down where they go, so how many settle in the US is not established.

Where the wealth is concentrated

Affluent Indian American households are concentrated in a small number of high-cost metro areas. Pew counts the largest Indian populations in the New York (710,000), Dallas (270,000) and San Francisco (260,000) metros². Our geography research covers the states with the most Indian Americans and the metro areas where incomes are highest. For where this is heading, see the next decade of Indian American wealth.