Maharashtra Leads India in Millionaire Growth with 1.78 Lakh Wealthy Households
Maharashtra has seen a 194% increase in millionaire households to 1.78 lakhs, making it the top investment destination for 43% of Indian millionaires. The state's economic growth, driven by a 55% increase in GSDP, highlights its financial strength.
MaharashtraMillionairesReal EstateEconomic GrowthWealth DisparityReal Estate MaharashtraSep 18, 2025
India now boasts 8.71 lakh millionaire households, families with a net worth of at least 8.5 crore, marking a 90% increase from 4.58 lakh in 2021. The report reveals that the number of such millionaire families has grown by 445% since 2017, with only 0.01% becoming billionaires. However, these households make up just 0.31% of the total households in India, underscoring the growing wealth disparity in the country.
Notably, the report highlights that Maharashtra leads the nation in millionaire households, with 1.78 lakhs, showing a 194% growth since 2021. Mumbai, the country’s financial capital, alone hosts 1.42 lakh millionaire families, the highest in the country, followed by 68,200 in New Delhi. The report attributes the economic expansion of Maharashtra, home to 471 individuals featured in the 'Hurun India Rich List 2024', to a 55% increase in its gross state domestic product (GSDP) between 2020-21 and 2023-24, surpassing Rs40 lakh crore. Similarly, Mumbai accounts for 80% of the state’s total wealth, bolstered by a 55% GSDP growth.
Maharashtra stands out as the most preferred investment destination in India for millionaires, with 43% of them choosing it over Gujarat, Karnataka, and Delhi NCR, as per the 'Mercedes-Benz Hurun India Luxury Consumer Survey 2025'. The survey indicates that stocks, real estate, and gold remain the top asset choices for millionaires, with 51% expecting Indian real estate to grow in the next two years, while 38% believe it will remain stable.
Anas Rahman Junaid, founder and chief researcher at Hurun India, commented, “I am struck by the extraordinary upward mobility we’re witnessing in India. This democratisation of prosperity speaks to the resilience of our economy, with opportunity spreading to millions of new wealth creators. 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.”
Santosh Iyer, MD and CEO of Mercedes-Benz India, noted that millionaires are also rapidly shifting towards luxury electric vehicles (EVs) compared to the overall shift in general EVs. He stated that while the overall transition to EVs is around 4%, luxury car owners record an 11% shift. “India's growth story underscores the resilience and transformation of the economy, driven by a burgeoning domestic market and soaring aspirations of today’s young generation. Mercedes-Benz remains a symbol of social prestige, financial affluence, and unmatched desirability,” he added.
Frequently Asked Questions
How many millionaire households are there in Maharashtra?
There are 1.78 lakh millionaire households in Maharashtra, showing a 194% growth since 2021.
What is the primary investment destination for Indian millionaires?
Maharashtra is the primary investment destination for 43% of Indian millionaires.
What are the top asset choices for millionaires in India?
The top asset choices for millionaires in India are stocks, real estate, and gold.
What is the projected growth of millionaire households in India over the next decade?
The projection is that India’s millionaires could double to around 1.7 to 2 million households in the next decade.
How is the shift towards luxury electric vehicles (EVs) among millionaires compared to the general population?
While the overall shift to EVs is around 4%, luxury car owners, including millionaires, record an 11% shift.
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