India adds 4.1 lakh new millionaires since 2021, Mumbai, Delhi, lead charge

What India's Millionaires Are Buying: Gold, Stocks, and Real Estate

India’s wealthy households are growing at breakneck speed, and with them, the country’s appetite for luxury, investment, and global influence. According to the Mercedes-Benz Hurun India Wealth Report 2025, India is now home to 8.71 lakh millionaire households (net worth ≥ ₹8.5 crore/US$1 million)—a 90% jump from 2021. These families represent 0.31% of Indian households.

 

Where the Wealth Lies: State and City Leaders

 

Maharashtra tops the charts with 1.78 lakh millionaire households, almost doubling since 2021. Mumbai alone accounts for 1.42 lakh, cementing its status as India’s “Millionaire Capital.”

 

Delhi follows with 79,800 households, while Tamil Nadu (72,600), Karnataka (68,800), and Gujarat (68,300) round out the top five.

 

The top 10 states together account for 79% of all millionaire households, showing wealth concentration in economic powerhouses.

 

At the city level, Mumbai, Delhi, and Bengaluru dominate, while emerging hubs like Ahmedabad, Hyderabad, and Pune are fast catching up. 

As of 2025, an es mated 0.31% of Indian households are classified as millionaires, up from 0.17% in 2021.

 

Millionaires Multiply, But Billionaires Remain Rare

 

The report highlights India’s broad-based prosperity but steep climb to ultra-wealth.

 

From 2017 to 2025, millionaire households surged 445%.

 

Yet, only 5% advanced into ultra-high-net-worth (₹100 crore+) status and a mere 0.01% became billionaires.

 

This underscores that while affluence is spreading widely, the “billionaire club” remains extremely exclusive. 

Wealth Brackets of Millionaire Households

 

What India’s Rich Are Buying and Banking On

 

The Mercedes-Benz Hurun Luxury Consumer Survey 2025, covering 150 Indian millionaires, sheds light on spending patterns and aspirations:

 

Top Asset Classes: Stocks, real estate, and gold remain the top three. 51% expect real estate to rise in the next two years, while gold has already doubled in price since 2021.

 

Banking Choices: HDFC Bank is the most preferred Indian private bank; Citibank tops international choices.

 

Luxury Preferences: Rolex leads in watches, Tanishq in Indian jewellery, Taj Hotels in hospitality, and Gucci/Louis Vuitton in accessories.

 

Digital Payments: UPI dominates with 35% preferring apps over cards or cash for luxury purchases.

 

Cars and Travel: 55% own more than one car; Emirates and Taj Hotels are their travel favourites.

 

Sentiment: Optimism and Caution

 

83% of respondents are confident in India’s economy over the next three years.

 

Yet, investment styles are conservative: only 17% identify as risk-takers, while 31% remain cautious investors.

 

On financial freedom, 27% said ₹50 crore is “enough,” while 25% put the figure at ₹10 crore. 

Between 2021 and 2025, the number of millionaire households is projected to nearly double—from 4,58,000 in 2021 to an esmated 8,71,700 by 2025.

 

Global Comparison: The China Catch-Up

 

India’s millionaire base, though growing, is still dwarfed by China’s:

 

China has 51 lakh millionaire households, nearly six times India’s 8.71 lakh.

 

But India’s wealth growth trajectory suggests millionaire households could double to 1.7–2 million by 2035, narrowing the gap.

 

For ordinary investors, the report provides signals on where India’s wealthy are putting their money and how that shapes markets:

 

Gold and equities remain core wealth builders.

 

Real estate is regaining favour after years of muted sentiment.

 

UPI and digital platforms are entrenched even at the luxury level, showing how technology is reshaping wealth management and spending.

 

The wealth pyramid shows strong entry-level millionaire growth but limited upward mobility—highlighting both opportunity and challenges in wealth accumulation.

 

Anas Rahman Junaid, Founder & Chief Researcher, Hurun India, noted:

 

“In less than a decade, the number of Indian households worth over US$1 million has skyrocketed by 445%. This democratisation of prosperity speaks to the resilience of our economy. Yet, it’s telling that only a handful climb into billionaire ranks—showing that while affluence is spreading, extreme wealth remains elusive.”

 

Santosh Iyer, MD & CEO, Mercedes-Benz India, added:

 

“The Mercedes-Benz Hurun India Index reflects the pulse of India’s wealth creation and luxury consumption patterns. We remain optimistic about India’s economic resilience and the exuberance of its affluent households. 

Mercedes-Benz Hurun India Wealth Report 2025 Key Highlights

 

Millionaire Surge: India has 8,71,700 millionaire households (net worth ≥INR8.5Cr), up 90% from 2021, according to the Mercedes-Benz Hurun India Wealth Report 2025, which highlights robust wealth crea on and concentra on in top states such as Maharashtra, Delhi, and Tamil Nadu.

 

Rising Affluent Share: The Mercedes-Benz Hurun India Wealth Report 2025 esmates that millionaire households comprise about 0.31% of all Indian households and are projected to keep rising, driven by strong economic momentum.

 

India’s Millionaire Cities: Mumbai emerges as India’s “Millionaire Capital” with 1,42,000 millionaire households, followed by New Delhi (68,200) and Bengaluru (31,600), together forming the largest concentra on of affluent families in the country.

 

Maharashtra’s Wealth Dominance: Maharashtra, as detailed in the Mercedes-Benz Hurun India Wealth Report 2025, leads with 1,78,600 millionaire households, supported by a 55% surge in its GSDP since 2020–21, with Mumbai alone accoun ng for 1,42,000 of these.

 

Regional Wealth: The top 10 states contribute over 79% of the country’s millionaire households, with growth fuelled by rising Gross State Domes c Product (GSDP) and business formalisa on across tech, finance, and industrial sectors.

 

Stock Market Boom: The Nifty 50 index rose from about 14,700 in August 2021 to over 24,000 in August 2025, registering an increase of approximately 70% over the four years.

 

Gold’s Golden Run: Gold prices moved from around Rs 48,000 per 10g (2021) to about Rs 94,000 per 10g (2025), roughly a 94% increase in four years. 

The country’s top 10 states collec vely host more than 79% of all millionaire households, underscoring the dominant role these economic hubs play in shaping India’s prosperity and wealth distribu on.