India has 8.71 lakh millionaire households, up 90% from 2021: Mercedes-Benz Hurun India Wealth Report 2025

In a show of resilience of India’s wealth creation—which is rising in tandem with GDP growth, gains made by Sensex, and new billionaire entrants—in the face of global headwinds, India now has 8,71,700 millionaire households (with a net worth of ₹8.7 crore and more), the 2025 Mercedes-Benz Hurun India Wealth Report—along with the inaugural Mercedes-Benz India Hurun India Index—released on Thursday, shows.

“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,” said Santosh Iyer, MD and CEO, Mercedes-Benz India, in a statement. The Mercedes-Benz Hurun India Wealth Report reflects the pulse of India’s wealth creation and luxury consumption patterns, representing the sentiments of the affluent in India.

The millionaire households now represent 0.31% of all households. Displaying upward mobility, between 2017 and 2025, the dollar millionaire households grew by a staggering 445%, the report finds. While households with $1.2 million net worth and more grew by 202%, only 5% crossed into the ultra-high net worth individuals (UNHI)—with a net worth of $12 million and more—and only 0.01% became dollar billionaires.

The inaugural Mercedes-Benz Hurun India Index (MBHX), which was launched with the report, grew by nearly 200%, indicating the rise of wealth creation by the high-net-worth individuals (HNI). 

Geographically, Maharashtra leads with 1,78,600 millionaire households—a 194% growth since 2021—with Mumbai alone being home to 1.42 lakh millionaires. This figure, according to the report, is underpinned by a 55% growth of Maharashtra’s state GDP to ₹40.5 lakh crore, or $480 billion. The top ten states, including Delhi and Tamil Nadu, highlight robust wealth creation and concentration.

Mumbai is followed by New Delhi, which has 68,200 millionaire households and Bengaluru, which has 31,600 millionaire households. The three cities, according to the report, form the largest concentration of affluent families in the country, driven by strong economic momentum and business formalisation across technology, finance, and industrial sectors.

“I am struck by the extraordinary upward mobility we’re witnessing in India. In less than a decade, the number of Indian households worth over $1 million has skyrocketed by 445%: a surge that underlines how wealth creation is reaching a broader base of our society. This democratisation of prosperity speaks to the resilience of our economy, with opportunity spreading to millions of new wealth creators,” said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.

Junaid adds that with the economy set to double, India’s millionaires could double to around 1.7 to 2 million households in the next decade. “As of today, India counts roughly 8.7 lakh millionaire households – still modest next to China’s nearly 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.”

The Mercedes-Benz Hurun India Luxury Consumer Survey also accompanies the report. The findings of the survey show that stocks, real estate, and gold remain the top asset choices of the affluent. 51% of the survey respondents expect the real estate market to grow this year, whereas 38% believe that it will remain stable.

Mumbai is the most important global city, according to 31% of the respondents of the survey. It also shows sustained optimism in the economic sentiment, with 83% of the respondents confident or very confident in India’s economic growth over the next three years.

29% of the surveyed affluents manage their investments, but only 17% are risk-takers, 15% are passive investors, and 31% remain cautious, signalling a shift towards conservative financial planning. The United States remain the top global destination for investment by the affluent, followed by the United Arab Emirates, with several respondents of the survey opting for a diversified international portfolio.