How India's millionaires spend money: Realty, Rolex, Emirates, Rare Whisky

India's wealthy are splurging on real estate, luxury goods, and travel while favoring UPI for payments, reveals the Mercedes-Benz Hurun India Luxury Consumer Survey 2025.

In 2025, India’s high-net-worth landscape has exploded: the number of households with ₹8.5 crore or more in net worth nearly doubled (up~90%) between 2021 and 2025, swelling to roughly 8.71 lakh millionaire households, per the Mercedes-Benz Hurun India Wealth Report 2025.

 India has 8,71,700 millionaire households (net worth ≥INR8.5Cr), up 90% from 2021, creating a surge in high-value discretionary spending. Analysts at Hurun note that the rich are no longer focused only on traditional status symbols such as jewelry and cars, but are diversifying their wealth into lifestyle upgrades and global aspirations.

Luxury Homes & Real Estate: High-net-worth individuals (HNIs) continue to favor luxury real estate in Mumbai, Delhi, and Bengaluru, with second homes in Goa and the Himalayas also gaining traction. Investment in holiday villas and branded residences has grown, as families seek both lifestyle value and asset appreciation.

 

Here's how the rich like to spend their money:

Banking Preferences: HDFC Bank voted as the most preferred Indian private bank and Citibank rated the top international private bank in Mercedes-Benz Hurun India Luxury Consumer Survey 2025.

Top Investment Classes: Stock, real estate, and gold remain the top asset choices. 51% of survey respondents expect Indian real estate to grow in the next two years, while 38% believe it will remain stable.

Preferred Global Cities: Mumbai tops the list of the most important global cities for the next decade, with 31% of respondents, according to the Mercedes-Benz Hurun India Wealth Report 2025, underscoring its rising global significance.

Digital Payment Dominance: UPI apps (35%) have overtaken cards and cash as the preferred payment method, showing the growing tilt toward digital convenience in luxury transactions.

Investment Strategies: While 29% actively manage their investments, only 17% are risk-takers, 15% are passive investors, and 31% remain cautious, indicating a shift toward conservative financial planning.

Overseas Investment: The USA (19%) remains the top global investment destination, followed by the UAE, with several respondents opting for a diversified international portfolio.

Jewellery Preferences: Despite growing awareness of lab-grown alternatives, 75% still prefer natural diamonds for their legacy and authenticity. Tanishq remains the most preferred jewellery retailer. Internationally, Tiffany & Co. ranks as the most preferred jewellery brand, underscoring the enduring global allure of fine jewellery labels. CaratLane.com leads among online jewellery platforms.

Watches & Accessories: Rolex leads in luxury watches. Gucci and Louis Vuitton top the list in accessories.

Luxury Travel & Hotels: The Mercedes-Benz Hurun India Luxury Consumer Survey 2025 finds Emirates the airline of choice for luxury travel. Taj Hotels lead among hospitality brands.

Gifting Trends: As revealed in the Mercedes-Benz Hurun India Luxury Consumer Survey 2025, watches are the most popular gift for men (43%), and jewellery for women (50%). Toys (51%) are preferred for children, while health products dominate gifting for the elderly—highlighting thoughtful and practical choices.

Car Ownership: The Mercedes-Benz Hurun India Luxury Consumer Survey 2025 reports that 55% of respondents own more than one car, with around 40% upgrading every 3–6 years, and around 40% holding for longer than six years, showing a preference for both value and utility.

Hobbies & Lifestyle: According to the Mercedes-Benz Hurun India Luxury Consumer Survey 2025, travel (45%) is the top hobby, followed by reading and cooking. These hobbies reflect a lifestyle driven by experiences and enrichment. Yoga (27%) is the most preferred fitness activity.

Digital Influence: The Mercedes-Benz Hurun India Luxury Consumer Survey 2025 highlights that social media (36%) has overtaken traditional media as the leading news source, indicating the growing impact of digital platforms among the wealthy.

Happiness & Well-being: More than 60% of respondents rate themselves 8 or higher on a 10-point happiness scale in the Mercedes-Benz Hurun India Luxury Consumer Survey 2025, reflecting intense personal and professional satisfaction.

Financial Freedom: When asked what amount is “enough” to feel financially free, the Mercedes-Benz Hurun India Luxury Consumer Survey 2025 found 27% citing Rs 50Cr, 25% saying Rs 10Cr, and 20% setting the benchmark at  Rs 200Cr—showcasing diverse aspirations among respondents.

Spending Behaviour: The Mercedes-Benz Hurun India Luxury Consumer Survey 2025 reveals that 60% report annual household consumption under INR1Cr, indicating relatively moderate consumption patterns. Tourism (32%), education (27%), and entertainment (22%) emerge as the top spending categories.

Social Responsibility: According to the Mercedes-Benz Hurun India Luxury Consumer Survey 2025, paying taxes (30%) is viewed as the most responsible act, followed by supporting environmental causes (20%) and engaging in charity (17%).

Luxury Cruises: Oceania Cruises (19%) ranks highest among international luxury cruise lines, as per the Mercedes-Benz Hurun India Luxury Consumer Survey 2025.

Education Abroad: The Mercedes-Benz Hurun India Luxury Consumer Survey 2025 finds that the USA (19%) is the most preferred destination for overseas education, followed by the UK (14%). However, 42% of respondents stated they do not plan to send their children abroad.

Between 2017 and 2025, the number of Indians surpassing the symbolic $1 million mark (Rs 8.5Cr) grew by 445%, while those exceeding Rs 10 crore (US$1.17Mn) rose by over 200%. This surge reflects India’s rapidly expanding affluent base, driven by strong equity markets, entrepreneurship, and urban economic growth.

At the same time, upward mobility into the ultra-high-net-worth (UHNW) brackets was more selective. Roughly 5% of 2017 millionaires crossed into the INR100Cr (US$12Mn) bracket, while only 1.3% reached Rs 200Cr (US$24Mn). Beyond this point, the pyramid narrows dramatically: just 0.07% of millionaires progressed to Rs 1,000Cr (US$120Mn) and a mere 0.01% became billionaires (US$1Bn+).

 

"These findings underline a dual narrative: India produces millions of new millionaires, yet billionaire status remains extraordinarily rare, achievable only by a select few through global-scale enterprises, IPOs, or multi-generational wealth consolidation," noted the report.