India's Wealthiest Cities: Mumbai Surges as Millionaire Capital
The Mercedes-Benz Hurun India Wealth Report 2025 reveals a significant rise in millionaire households across India, with Mumbai leading the pack. Maharashtra, Delhi, and Tamil Nadu also show strong growth in wealth.
MillionaireReal EstateStocksGoldEconomic GrowthReal Estate MumbaiSep 18, 2025
India now boasts 8,71,700 millionaire households with a net worth above ₹8.5 crore ($1 million), which is almost double the 2021 figure of 4,58,000. These households represent 0.31% of all households in the country. From 2017 to 2025, million-dollar households grew by 45%, although only a small share moved into ultra-rich categories.
The Nifty 50 index rose nearly 70% between 2021 and 2025, while gold prices almost doubled in the same period. HDFC Bank emerged as India’s most preferred private bank, and Citibank led internationally. Stocks, real estate, and gold remain the favorite investments, with UPI apps overtaking cards and cash in luxury transactions.
The report also reveals a conservative shift in investment strategies. Around 29% of respondents actively manage their investments, but only 17% are willing to take risks, while 31% remain cautious. The USA remains the top overseas investment choice, followed by the UAE.
Maharashtra leads the pack with 1,78,600 millionaire households, primarily driven by Mumbai’s 1,42,000. The state has seen a 194% growth since 2021, with its Gross State Domestic Product (GSDP) rising 55% to ₹40.5 lakh crore ($480 billion). Delhi and Tamil Nadu also recorded significant growth, solidifying their positions as economic powerhouses.
Mumbai has firmly established itself as India’s “Millionaire Capital” with 1,42,000 such families, followed by New Delhi with 68,200 and Bengaluru with 31,600. Together, the top 10 states account for 79% of the nation’s millionaires. This growth has been fueled by gains in tech, finance, and various industries, as well as strong market performance.
According to the World’s Wealthiest Cities Report 2025, released in June, Bengaluru ranked 3rd with 120% millionaire growth over the past decade. Delhi and Mumbai also showed strong gains, with 82% and 69% growth, ranking 14th and 18th worldwide.
The Mercedes-Benz Hurun India Luxury Consumer Survey 2025 provides insights into how wealthy Indians view money and spending. For financial freedom, 27% of respondents said ₹50 crore is enough, 25% chose ₹10 crore, and 20% set it at ₹200 crore. Around 60% of households spend less than ₹1 crore a year, with the majority of their spending going towards tourism, education, and entertainment. On social responsibility, 30% see paying taxes as most important, followed by environmental causes (20%) and charity (17%).
This report underscores the growing economic strength and financial resilience of India’s wealthiest cities, highlighting the diverse factors contributing to their prosperity and the increasing wealth of their residents.
Frequently Asked Questions
What is the Mercedes-Benz Hurun India Wealth Report 2025?
The Mercedes-Benz Hurun India Wealth Report 2025 is a comprehensive study that tracks the growth and distribution of wealth in India, focusing on millionaire households and their investment behaviors.
How many millionaire households are there in India as of 2025?
India now has 8,71,700 millionaire households with a net worth above ₹8.5 crore ($1 million), which is almost double the 2021 figure of 4,58,000.
Which city has the most millionaire households in India?
Mumbai has the most millionaire households in India, with 1,42,000 such families, making it the ‘Millionaire Capital’ of the country.
What are the top investment choices for wealthy Indians?
Stocks, real estate, and gold remain the top investment choices for wealthy Indians, with UPI apps overtaking cards and cash in luxury transactions.
What is the primary social responsibility concern for wealthy Indians?
For wealthy Indians, paying taxes is seen as the most important social responsibility, followed by environmental causes and charity.
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