India's Millionaire Households Soar by 90%, Mumbai Leads the Charge
India is witnessing a dramatic rise in affluence, with the number of millionaire households (net worth ≥ ₹8.5 crore) surging 90% to 8.71 lakh in 2025 from 4.58 lakh in 2021, according to the Mercedes-Benz Hurun India Wealth Report 2025.
The report, unveiled alongside the inaugural Mercedes-Benz Hurun India Index (MBHX) and the Luxury Consumer Survey 2025, highlighted Mumbai as the country’s “Millionaire Capital” with 1.42 lakh wealthy households, followed by Delhi (68,200) and Bengaluru (31,600). Maharashtra leads states with 1.78 lakh millionaire families, backed by a 55% jump in GSDP.
The MBHX, a composite measure of Mercedes-Benz sales, new billionaire entrants, Sensex performance, and GDP, has surged nearly 200%, signaling resilient wealth creation despite global uncertainties. This robust growth reflects the country’s economic resilience and the increasing affluence of its population.
Survey findings show millionaires’ preference for digital payments (UPI apps at 35%), stocks, real estate, and gold as top investments. Rolex, Tanishq, Emirates, and HDFC Bank topped brand choices, indicating a blend of luxury and practical financial decisions among the wealthy.
“India’s wealth creation is real and resilient,” said Anas Rahman Junaid, Founder & Chief Researcher, Hurun India. Santosh Iyer, MD & CEO, Mercedes-Benz India, added that the index reflects the pulse of India’s affluent class and its evolving luxury consumption patterns. The report underscores the growing economic power and changing preferences of India’s wealthy, which is likely to have a significant impact on the luxury and financial sectors.
The rapid growth in the number of millionaire households is a testament to India’s economic progress and the increasing wealth of its citizens. This trend is expected to continue, driven by factors such as economic reforms, technological advancements, and a growing middle class. As more Indians join the ranks of the wealthy, the demand for luxury goods and services is likely to rise, presenting new opportunities for businesses and brands.
