India’s Millionaire Boom: 90% Surge in 4 Years and Mumbai’s Dominance
The number of millionaires in India has surged by 90% in the last four years, with Mumbai leading the way as the 'Millionaire Capital' of the country. According to the Mercedes-Benz Hurun India Wealth Report 2025, stocks, real estate, and gold remain the top asset choices for Indian millionaires.
MillionairesMumbaiWealth ReportReal EstateLuxury BrandsReal Estate MumbaiSep 18, 2025
Furthermore, as per the report, Mumbai has topped the list of the most important global cities for the next decade, with 31 per cent of respondents underscoring its rising global significance.
The report shows that Mumbai drives Maharashtra’s wealth, accounting for 80 per cent of the state’s total millionaires. This dominance reflects Maharashtra’s 55 per cent GSDP growth and the city’s role as the hub for finance, trade, and major corporations. As the city houses the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, and the SEBI, headquartered there, Mumbai’s financial ecosystem remains unrivalled.
The Mercedes-Benz Hurun India Wealth Report shows that between 2017 and 2025, the millionaire households grew 445 per cent. The report estimates that millionaire households comprise about 0.31 per cent of all Indian households and are projected to keep rising, driven by strong economic momentum.
With the economy set to double, we project India’s millionaires could double to around 1.7 to 2 million households in the next decade. Powered by our young demographic, technology, and entrepreneurial spirit, India is poised to become the world’s fastest-growing wealth hub – gradually closing the gap with the leading economies, said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.
According to the report, stocks, real estate, and gold remain the top asset choices of the Indian millionaires. Fifty-one per cent of survey respondents expect Indian real estate to grow in the next two years, while 38 per cent believe it will remain stable.
When it comes to investment, 29 millionaires actively manage their investments; only 17 per cent are risk-takers, 15 per cent millionaires are passive investors, and 31 per cent remain cautious, indicating a shift toward conservative financial planning.
The report shows that Rolex remains the first preference in luxury watches among the Indian millionaires, and Gucci and Louis Vuitton top the list in accessories.
Frequently Asked Questions
What is the current number of millionaires in India according to the report?
According to the Mercedes-Benz Hurun India Wealth Report 2025, the number of millionaires in India is 8,71,700.
Why is Mumbai considered the 'Millionaire Capital' of India?
Mumbai is considered the 'Millionaire Capital' of India because it is home to 1,42,000 millionaires, accounting for 80 per cent of Maharashtra's total millionaires and serving as a financial hub with major institutions like the Reserve Bank of India and the Bombay Stock Exchange.
What are the top asset choices for Indian millionaires?
The top asset choices for Indian millionaires are stocks, real estate, and gold.
How much is the projected growth of millionaire households in India over the next decade?
The report projects that India’s millionaires could double to around 1.7 to 2 million households in the next decade.
What luxury brands are most preferred by Indian millionaires?
Rolex is the top choice for luxury watches, while Gucci and Louis Vuitton are the most preferred for accessories among Indian millionaires.
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