India’s Millionaire Boom: 4.1 Lakh New Millionaires Added Since 2021
India’s wealthy households are expanding rapidly, reflecting the country’s rising economic power and luxury appetite. The Mercedes-Benz Hurun India Wealth Report 2025 estimates 8.71 lakh millionaire households, a 90% rise from 2021, now forming 0.31% of all households.
Maharashtra leads with 1.78 lakh millionaire families, with Mumbai alone hosting 1.42 lakh, reinforcing its status as the nation’s Millionaire Capital. Delhi follows with 79,800 households, while Tamil Nadu, Karnataka, and Gujarat round out the top five. Collectively, the top 10 states account for 79% of these affluent homes, underscoring wealth concentration in major economic centres. City-wise, Mumbai, Delhi, and Bengaluru dominate, while Ahmedabad, Hyderabad, and Pune emerge as new hotspots.
Between 2017 and 2025, millionaire households surged 445%. However, only 5% advanced to ultra-high-net-worth status, with a Rs. 100 crore (US$ 3.75 billion) threshold, and a mere 0.01% became billionaires, highlighting limited upward mobility.
The luxury and investment preferences of India’s millionaires reveal key market signals. Stocks, real estate, and gold remain top asset classes, with 51% expecting property prices to rise and gold having nearly doubled since 2021 to about Rs. 94,000 (US$ 1,066) per 10g. Digital payments are entrenched, with 35% favouring UPI for luxury purchases. HDFC Bank is the preferred domestic private bank, while Citibank leads internationally. Rolex, Tanishq, Taj Hotels, and Gucci/Louis Vuitton top the charts in watches, jewellery, hospitality, and accessories.
Despite strong optimism, 83% are confident about India’s economy over the next three years, investment approaches remain cautious, with only 17% identifying as risk-takers. Looking ahead, India’s millionaire households could double to 1.7-2 million by 2035, narrowing the gap with China’s 51 lakh millionaire families and strengthening India’s global economic influence.
This growth in wealth highlights the increasing economic power and luxury consumption in India, driven by robust economic policies and a growing middle class. The concentration of wealth in major cities like Mumbai and Delhi underscores the importance of these urban centers in driving the country’s economic growth. However, the limited upward mobility to ultra-high-net-worth status indicates that while wealth is increasing, the path to becoming a billionaire remains challenging.
