10 Crore Now Buys Smaller Homes in Mumbai Than in 2020: Wealth Report 2026
A budget of $1 million (approximately ₹9.4 crore) now buys less real estate in Mumbai compared to five years ago, underlining the city’s worsening affordability, even for the ultra-rich. This decline in purchasing power is driven by limited land availability, coastal constraints, and strong global investor appeal, according to the Wealth Report 2026 released by international property consultant Knight Frank on Thursday.
That’s not the case in India’s two other major cities, Delhi and Bengaluru, where the real estate area purchasable for $1 million has increased, albeit marginally. The report reveals that in Q4 2025, $1 million bought 96 sqm (1,033.33 sq ft) of real estate in Mumbai, down from 106 sqm (1,140.97 sq ft) in Q4 2020. This decrease in purchasing capability has been driven by limited land availability, coastal constraints, and strong global investor appeal, the report said.
In contrast, affordability has improved in other metros. In Delhi, the area purchasable for $1 million increased marginally from 202 sq m (2,174.30 sq ft) in Q4 2020 to 205 sq m (2,206.60 sq ft) in Q4 2025. Bengaluru saw a similar trend, with purchasable area increasing from 351 sqm (3,778 sq ft) to 357 sqm (3,842 sq ft) over the same period.
Between 2020 and 2025, the population of individuals with wealth exceeding $30 million rose sharply by 63%, increasing from just over 12,000 to 19,877. This makes India the sixth-largest ultra high net worth individual (UHNWI) market globally. An ultra high net worth individual is someone who has at least $30 million in investable assets, excluding personal assets like primary residences and collectables.
Looking ahead, Knight Frank’s Wealth Sizing Model projects a further 27% increase in India’s UHNWI population, rising from 19,877 in early 2026 to 25,217 by 2031.
“Mumbai’s continued dominance in India’s UHNW landscape reflects a deeper structural shift in the country’s wealth creation cycle,” said Shishir Baijal, international partner, chairman, and managing director, Knight Frank India. “Mumbai, in particular, benefits from its role as India’s financial nerve center, where proximity to business, lifestyle ecosystems, and premium real estate creates a powerful value proposition,” he added.
Despite the challenges, Mumbai remains a key destination for ultra-high-net-worth individuals due to its central role in India’s financial and business sectors. The city's robust infrastructure and vibrant lifestyle continue to attract both domestic and international investors, making it a critical market to watch in the coming years.
