New Delhi: The number of millionaire households in India has nearly doubled in just four years, surging to 8,71,700 in 2025 in a dramatic expansion of the country's affluent base. 

This represents a 90% increase from 458,000 in 2021, according to the Mercedes-Benz Hurun India Wealth Report 2025. 

Driven by a robust stock market, strong urban economic growth, and a new wave of entrepreneurship, this millionaire class, defined as households with a net worth of ₹8.5 crore ($1 million) or more, now controls assets worth ₹40.5 lakh crore ($480 billion).

Confidence in the economy remains high, with 83% of affluent individuals expressing optimism about India’s growth over the next three years.

Mumbai leads as nation’s ‘millionaire capital’

The concentration of this new wealth is heavily skewed towards major urban centres. Mumbai has cemented its status as India’s "Millionaire Capital," home to 142,000 such households. It is followed by New Delhi with 68,200 and the tech hub of Bengaluru with 31,600.

At the state level, Maharashtra leads the nation with 178,600 millionaire households, a staggering 194% growth since 2021, powered by a 55% rise in its state GDP. The top ten cities collectively account for over 79% of the country’s millionaire families.

The steep climb to billionaire status

However, the report highlights a dual narrative: while the entry gates to millionaire status have widened, the path to becoming ultra-wealthy remains exceptionally narrow.

An analysis of wealth mobility since 2017 shows that while India is creating millionaires at a record pace, very few ascend to the highest echelons. Only 5% of those who were millionaires in 2017 managed to reach the ₹100 crore ($12 million) club.

The pyramid narrows dramatically from there:

• Just 1.3% reached the ₹200 crore ($24 million) mark.
• A mere 0.07% crossed the ₹1,000 crore ($120 million) threshold.
• Only a minuscule 0.01% achieved billionaire ($1 billion) status.

This data reveals that while prosperity is spreading, billionaire status remains the exclusive preserve of a select few who build global-scale enterprises or benefit from multi-generational wealth.

How India’s wealthy invest and spend

The surge in affluence has also reshaped consumption and lifestyle patterns, with a blend of traditional values and modern aspirations.

First, investments and finance. Stocks, real estate, and gold remain the preferred asset classes. A conservative shift is evident, with 31% of investors describing themselves as "cautious." HDFC is the most preferred domestic private bank, while the USA remains the top destination for overseas investment. In daily transactions, UPI has overtaken cards and cash as the dominant payment method.

Second, luxury and travel. Rolex continues its reign as the most desired luxury watch brand, with Gucci and Louis Vuitton leading in accessories. For travel, Emirates is the airline of choice and Taj is the top hotel brand. Travel itself ranks as the number one hobby for 45% of respondents.

Third, personal values and lifestyle. When asked what it takes to feel "financially free," answers varied widely, from ₹10 crore to ₹200 crore. Reflecting a degree of moderation, 60% of households spend under ₹1 crore annually. Paying taxes (30%) is viewed as their foremost social responsibility, ahead of charity.

Despite the growing popularity of overseas education in the US and UK, 42% of affluent parents prefer to educate their children within India. Overall, more than 60% rate their happiness and well-being at 8 out of 10 or higher.

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