Mumbai tops with 1.42 lakh millionaire homes as India’s wealthy rise to 8.7 lakh: Report

India has 8,71,700 millionaire households (net worth ≥ Rs 8.5 crore) up 90% from 2021, according to the Mercedes-Benz Hurun India Wealth Report 2025. 

Among top Indian 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 concentration of affluent families in the country.

As far as states are concerned, Maharashtra leads with 1,78,600 millionaire households, supported by a 55% surge in its GSDP since 2020–21, with Mumbai alone accounting for 1,42,000 of these.

The top 10 states contribute over 79% of the country’s millionaire households, with growth fuelled by rising Gross State Domestic Product (GSDP) and business formalisation across tech, finance, and industrial sectors.

For the first time, Mercedes-Benz and Hurun India have partnered to publish the Mercedes-Benz Hurun India Index (MBHX), Mercedes-Benz Hurun India Wealth Report 2025 alongside the Mercedes-Benz Hurun India Luxury Consumer Survey 2025, offering a comprehensive overview of the country’s economic rise, wealth landscape and the lifestyle preferences of its millionaire households.

“For the first time, we have an index that uniquely blends multiple indicators – from luxury car sales and billionaire growth to stock market performance and GDP – into a single yardstick of wealth creation. The index’s near-200% surge in recent years shows me that India’s wealth creation is real and resilient, rising in tandem with our broader economic progress. This index is more than a statistic; it’s a celebration of how far India has come and a benchmark for the journey ahead,” said Anas Rahman Junaid, Founder & Chief Researcher, Hurun India.

“India's growth story underscores the resilience and transformation of the economy, driven by a burgeoning domestic market and soaring aspiration of today’s young generation,” said Santosh Iyer, MD & CEO, Mercedes-Benz India.

“As of today, India’s count of  roughly 8.7 lakh (871,700) millionaire households – still modest next to China’s ~51 lakh (5.1 million), and a far cry from the even larger base in the United States. I don’t view this gap as a disadvantage; I see it as our runway. It underscores the immense growth potential of India’s wealth story. In fact, with the economy set to double, 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. The best is yet to come,” added Junaid.