India is witnessing a dramatic rise in affluence, with the number of millionaire households surging by 90% to 8.71 lakh in 2025 from 4.58 lakh in 2021, as per a recent report published by the Mercedes-Benz Hurun India Wealth Report.
The Mercedes-Benz Hurun India Index and the Luxury Consumer Survey 2025 highlighted Mumbai as the country’s millionaire capital with 1.42 lakh wealthy households, followed by Delhi with 68,200 and Bengaluru with 31,600. Maharashtra leads the states with 1.78 lakh millionaire families, backed by a 55% jump in GSDP.
The MBHX, a composite measure of Mercedes-Benz sales, new billionaire entrants, Sensex performance, and GDP, has surged nearly 200%, signaling resilient wealth creation despite global uncertainties.
Concentration of Wealth in Urban Areas
The report reveals that Indian wealth remains heavily concentrated in its leading urban centres, with Mumbai, New Delhi, and Bengaluru emerging as the top three hubs of prosperity. As per the report, Tier 2 cities are also emerging among the top 10 millionaire makers.
In the report, seven Tier 2 cities are among the top 10 with the highest number of millionaire households: Ahmedabad, Surat, Jaipur, Vadodara, Nagpur, Visakhapatnam, and Lucknow. The report further points out that the Tier 2 cities also contribute to the expanding footprint of millionaires, reflecting the broader economic vibrancy of the country’s cities.
No. of Millionaire Households
Maharashtra leads India with 1,78,600 millionaire households, largely driven by Mumbai’s 1,42,000, earning it the title of India’s “Millionaire Capital.” The state saw a 194% increase in millionaire households since 2021, alongside a 55% rise in its GSDP to ₹40.5 lakh crore ($480 billion).
Delhi and Tamil Nadu also showed significant growth, with New Delhi housing 68,200 millionaire families and Bengaluru 31,600. The top 10 states now account for 79% of the country’s millionaires, driven by gains in tech, finance, industry, and strong markets.
According to the 2025 World’s Wealthiest Cities Report, Bengaluru ranked 3rd globally with 120% millionaire growth in the past decade, while Delhi and Mumbai ranked 14th and 18th with 82% and 69% growth, respectively.
| Rank | City | No. of Millionaire Households (2025) |
|---|---|---|
| 1 | Mumbai | 1,42,000 |
| 2 | New Delhi | 68,200 |
| 3 | Bengaluru | 31,600 |
| 4 | Ahmedabad | 26,800 |
| 5 | Kolkata | 26,600 |
| 6 | Chennai | 22,800 |
| 7 | Pune | 22,500 |
| 8 | Hyderabad | 19,800 |
| 9 | Gurugram | 10,100 |
| 10 | Surat | 5,700 |
| 11 | Jaipur | 4,800 |
| 12 | Vadodara | 4,600 |
| 13 | Nagpur | 3,700 |
| 14 | Visakhapatnam | 2,900 |
| 14 | Lucknow | 2,900 |
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