India's millionaire map: Telangana, Haryana, Gujarat are the new hotspots

Maharashtra and Delhi Lead India's Millionaire Boom, But Southern States Are Catching Up

India’s prosperity story is no longer just about GDP growth or unicorn startups — it is also about how effectively that growth is being converted into taxable income and millionaire households. New data from the Mercedes-Benz Hurun India Wealth Report 2025 shows a clear link between states with higher income tax-to-GSDP ratios and the density of millionaire households. Maharashtra and Delhi, with tax collections of 19% and 18% of their GSDP respectively, also top the charts with the largest concentration of millionaires.

This correlation reveals two truths: India’s wealth creation is booming, and its formalisation through taxes is accelerating. At the same time, the distribution of wealth across states highlights the rise of southern and western India as the country’s financial engines, while new hubs like Telangana and Haryana are emerging fast.

Income tax collection as a percentage of GSDP highlights the structure and formalisation of state economies:

Income Tax as Wealth’s Mirror

 

• The Income Tax as a % of GSDP metric offers a rare lens into the formalisation of India’s economy.
• Maharashtra collected ₹7.6 lakh crore in taxes in FY24, equivalent to 19% of its GSDP — the highest in the country.
• Delhi followed closely with 18%.
• Karnataka stood at 9%, while Tamil Nadu and Uttarakhand reported 5% each.
• Gujarat and West Bengal were at 4%, highlighting relatively lower formalisation despite their industrial bases.
• Contrast this with Uttar Pradesh (1.89%) and Bihar (0.78%), where large informal and agrarian economies keep tax efficiency low.

 

The message is clear: the more formalised and high-income the state’s economy, the stronger its millionaire base.  Key points to note: 

Maharashtra (19%) and Delhi (18%) top the list, driven by financial services, large corporations, and high-paying jobs, resulting in a high tax yield relative to their economic size.

Karnataka (9%), Chandigarh, and Haryana (7% each) follow closely, reflecting the strength of their world-class IT hubs and corporate centres, which generate substantial taxable income.

In contrast, states with a larger agrarian or informal sector show much lower ratios. For example, despite large populations, Uttar Pradesh (1.89%) and Bihar (0.78%) have a lower tax-to-GSD ratio, highlighting a different economic structure and composition.

Millionaire Households Surge — Tamil Nadu, Karnataka, Gujarat in Focus

India now has 8,71,700 millionaire households, and the growth is far from uniform. States that combine economic expansion with industrial or IT ecosystems have seen the sharpest rise.

State-Wise Distribution of Millionaire Households

Maharashtra and Delhi Dominate

City-Wise Distribution of Millionaire Households Rank City No. of Millionaire

Unsurprisingly, Maharashtra and Delhi lead the millionaire charts — thanks to their strong economies and high tax yields.

Maharashtra: With a GSDP of over ₹40.5 lakh crore (comparable to Norway), Maharashtra tops the list with 1,42,000 millionaire households. Mumbai alone accounts for 80% of these, cementing its status as India’s financial capital.

Delhi: With 68,200 millionaire households, the national capital contributes 85% of the UT’s millionaire base. Real estate, high-value services, and corporate headquarters power Delhi’s wealth machine. Its 18% tax-to-GSDP ratio underscores its highly formalised economy.

Tamil Nadu ranks third with 72,600 millionaire households, a 75% jump, driven by a 52% rise in GSDP and a 36% increase in active companies. The state is home to 119 individuals on the Hurun India Rich List 2024. Its tax-to-GSDP ratio is 5%, showing scope for deeper formalisation.

Karnataka is fourth with 68,800 millionaire households, up 88%. Fuelled by its tech and startup ecosystem, the state’s GSDP jumped 56%, supported by 40% growth in active companies. Bengaluru alone accounts for 46% of Karnataka’s millionaires. With a 9% tax-to-GSDP ratio, Karnataka is one of the most tax-efficient states after Maharashtra and Delhi.

Gujarat comes fifth with 68,300 millionaire households, marking an 89% rise. With a 50% jump in GSDP and 39% more active companies, the state remains India’s industrial powerhouse. However, its 4% tax-to-GSDP ratio shows much of its wealth still lies outside the formal tax net.

 

The Next Tier: Telangana, Haryana, Uttar Pradesh

Other states are also emerging as wealth powerhouses:

Telangana recorded 138% growth in millionaire households, driven by its tech and pharma sectors. Its tax-to-GSDP ratio is 6%.

Haryana saw 91% growth in millionaires, supported by a 59% rise in active companies. With a 7% tax-to-GSDP ratio, Gurugram is at the centre of this surge.

Uttar Pradesh, India’s most populous state, grew millionaire households by 58%. Its economy expanded 56%, yet its tax-to-GSDP ratio of 1.89% highlights the dominance of agriculture and the informal sector.

City-Wise Wealth: Mumbai, Delhi, Bengaluru Top the List

Wealth in India is city-driven, with metros hosting the densest clusters of millionaires:

 

• Mumbai: 1,42,000 millionaire households.
• New Delhi: 68,200.
• Bengaluru: 31,600.
• Ahmedabad: 26,800.
• Kolkata: 26,600.
• Chennai: 22,800.
• Pune: 22,500.
• Hyderabad: 19,800.

Emerging hubs include Gurugram (10,100), Surat (5,700), Jaipur (4,800), Vadodara (4,600), Nagpur (3,700), Vizag (2,900), and Lucknow (2,900).