India’s Millionaire Households Soar 90% to 8.72 Lakh: Key Insights from the Mercedes-Benz Hurun India Wealth Report 2025
India now boasts 8.72 lakh millionaire households, with Mumbai leading the way with 1.42 lakh affluent families. The report highlights rapid wealth growth, city trends, and the future of luxury investments in India.
Millionaire HouseholdsWealth GrowthReal EstateInvestment PrioritiesLuxury ConsumptionReal Estate MumbaiSep 22, 2025
According to the report, India is now home to 8,71,700 millionaire households, defined as families with a net worth of at least ₹8.5 crore. This represents a 90% increase from 2021, when the figure stood at 4,58,000 households. Millionaires now account for about 0.31% of total households, up from 0.17% four years ago, underscoring the rapid pace of wealth creation in the country.
The trend is expected to continue in the coming years, driven by strong economic momentum, corporate expansion, and urban real estate growth. These factors are providing a fertile ground for further additions to India’s high-net-worth population.
Mumbai leads the millionaire tally with 1.42 lakh families, followed by New Delhi with 68,200 households, and Bengaluru with 31,600 households. Together, these three cities form the core of India’s affluent class. At the state level, Maharashtra dominates with 1,78,600 millionaire households, buoyed by a 55% rise in its Gross State Domestic Product (GSDP) since 2020–21. Much of this growth is concentrated in Mumbai, reinforcing the city’s role as the country’s premier financial and investment hub.
The report also notes that Mumbai is increasingly seen as a leading global city of the coming decade, ahead of international peers such as New York, London, and even Delhi in perception surveys among wealthy respondents.
The Mercedes-Benz Hurun India Luxury Consumer Survey 2025, conducted alongside the wealth report, highlights the evolving investment priorities of affluent Indians. Based on responses from 150 millionaires with an average age of 32 years, the findings show:
- 22% prefer investing in stocks
- 21% choose real estate
- 18% favour gold
- 13% plan to invest in start-ups
Looking ahead, 51% of respondents expect the real estate market to grow in the next two years, while 38% believe it will remain stable. This signals confidence in property as a long-term asset class, particularly in high-demand urban centres such as Mumbai, Delhi, and Bengaluru.
The survey also provides insights into luxury consumption habits. Among India’s wealthy, 64% live in residences exceeding 100,000 sq. ft., with many occupying homes that span between 100,000 to 500,000 sq. ft. This reflects both lifestyle aspirations and the centrality of real estate in wealth preservation. Luxury automobiles, branded residences, and global travel remain strong components of discretionary spending, underlining the role of consumer aspirations in driving demand for premium goods and services.
Despite the surge, India’s millionaire base remains modest when compared with global leaders. China is estimated to have around 5.1 million millionaire households, while the United States has an even larger pool. However, the report frames this gap not as a shortfall but as a growth runway. With the economy projected to double over the next decade, the number of Indian millionaire households could rise to 1.7–2 million by 2035, effectively doubling from current levels.
The findings carry important implications for real estate developers, financial institutions, and policymakers. The strong preference for property among millionaires, combined with expectations of sustained growth, indicates continued demand for luxury housing, gated communities, and branded residences. At the same time, equity markets and alternative assets such as start-ups are gaining traction, reflecting the younger demographic profile of India’s wealthy. The average age of 32 highlights a generation that is digitally connected, investment-savvy, and willing to explore new asset classes alongside traditional holdings.
The surge in millionaire households is being driven by several macro factors, including rising GDP, growth in the stock market, urbanisation, and wealth generation in technology and services sectors. The rise of India’s domestic market, coupled with global investor interest, is also contributing to this wealth expansion. As states such as Maharashtra, Karnataka, and Delhi NCR continue to consolidate their economic dominance, the concentration of millionaires in urban clusters is expected to deepen. This will have downstream effects on luxury housing demand, premium retail expansion, and infrastructure needs.
The Mercedes-Benz Hurun India Wealth Report 2025 underscores the rapid rise of India’s millionaire class, with Mumbai cementing its position as the nation’s wealth capital. With nearly 8.72 lakh millionaire households today and projections of doubling in the next decade, India is firmly on a trajectory of expanding affluence. For real estate, financial markets, and luxury consumption, the trends highlighted in the report point to strong and sustained demand. At the same time, India’s global standing as a wealth hub is rising, positioning cities like Mumbai not only as national leaders but as global centres of economic influence in the coming years.
Frequently Asked Questions
What is the definition of a millionaire household in the report?
A millionaire household is defined as a family with a net worth of at least ₹8.5 crore.
Which city has the largest concentration of millionaire households in India?
Mumbai has the largest concentration of millionaire households with 1.42 lakh families.
What are the top investment preferences of India's millionaires?
The top investment preferences of India's millionaires are stocks (22%), real estate (21%), and gold (18%).
How does India's millionaire base compare to global leaders?
India's millionaire base is modest compared to global leaders like China (5.1 million) and the United States, but it is projected to double to 1.7–2 million by 2035.
What are the key factors driving the surge in millionaire households in India?
The surge in millionaire households is driven by rising GDP, growth in the stock market, urbanisation, and wealth generation in technology and services sectors.
Related News Articles
Ex-Police Officer Charged with Rs 1.80 Crore Real Estate Fraud in Jammu
The Crime Branch (EOW) Jammu has filed a charge-sheet against a former police officer for a real estate fraud worth Rs 1.80 crore, involving a reputed doctor's wife in Jammu.
Navi Mumbai Residents Rejoice as CIDCO Announces Freehold Land Conversion
The City and Industrial Development Corporation of Maharashtra (CIDCO) chairman, Sanjay Shirsat, has announced the conversion of leasehold land to freehold, bringing relief to Navi Mumbai residents.
Birla Estates Achieves Rs 6 Billion in Housing Sales: A New Benchmark in the Industry
Birla Estates has set a new standard in the housing market with its focus on design and market knowledge, with Bengaluru being a key hub for the company's success.
Indian Real Estate Giants Slash Debt, Bookings Surge to Record Highs
Mumbai: The top eight listed real estate developers in India have drastically cut their net debt by 54% in the first quarter of the current fiscal year (FY25) from the peak in FY19, according to a recent report. This reduction has been accompanied by a su
Maha Assembly Polls: Ajit Pawar to Clash with Two Nephews in Baramati and Karjat-Jamkhed
NCP chief and Deputy Chief Minister Ajit Pawar is set to face a significant challenge in the upcoming Maharashtra Assembly elections, as he takes on two of his nephews, Yogendra Pawar and Yash Pawar, in the Baramati and Karjat-Jamkhed constituencies.
2025 Outlook: Private Capital Market in India
Experts believe that the growth of the private capital market in India, including venture capital, private equity, and private debt, will be driven by new age businesses and a vibrant startup ecosystem.