Mumbai leads as the millionaire capital with 1.42 lakh families; Among investments, 22% prefer stocks, 21% real estate
Almost 51% of surveyed millionaires expect the real estate market to grow over the next two years. Looking ahead, 22% plan to boost investments in real estate
India is witnessing a sharp rise in wealth, with the number of millionaire households expected to grow by 90% to 871,700 by 2025, according to the Mercedes-Benz Hurun India Wealth Report 2025. Mumbai tops the list as the country’s Millionaire Capital with 1.42 lakh such families, followed by New Delhi (68,200) and Bengaluru (31,600), forming the core of India’s growing affluent class.
The Mercedes-Benz Hurun India Wealth Report 2025 estimates that India is home to 8,71,700 dollar- millionaire households (net worth ₹8.5 crore each), up from 4,58,000 in 2021 – a 90% increase in four years. These millionaire families represent about 0.31% of all households in India (up from 0.17% in 2021) and are projected to continue growing in number on the back of strong economic momentum.
Meanwhile, the Mercedes-Benz Hurun India Luxury Consumer Survey 2025, based on responses from 150 Indian millionaires (average age 32 years), sheds light on their brand preferences, investment attitudes, and lifestyle trends, ranging from digital payment adoption to favourite luxury brands.
The findings of the Survey showed that when it comes to investment preferences, stocks (22%), real estate (21%), and gold (18%) remain the top choices among India’s wealthy.
51% millionaires expect the real estate market to grow over the next two years
More than half (51%) of surveyed millionaires expect the real estate market to grow over the next two years, while 38% anticipate it will remain stable. Looking ahead, 22% plan to boost investments in real estate, 20% in gold, and 13% in startups within the next three years.
Mumbai is seen as the leading global city for the coming decade by 31% of respondents, ahead of New York (10%), London (9%), and Delhi (8%), highlighting its growing international importance.
Among millionaires, 64% own residences exceeding 100,000 square feet, with many living in expansive homes ranging from 100,000 to over 500,000 square feet, it showed.
As per the Mercedes-Benz Hurun India Wealth Report 2025, 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.
Maharashtra, as detailed in the Mercedes-Benz Hurun India Wealth Report 2025, 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.
Mercedes-Benz Hurun India Index (MBHX) grew by almost 200%, indicating the rise of HNI wealth creation. The index shows India’s wealth creation is real and resilient, rising in tandem with GDP growth, Sensex gains, new billionaire entrants, and Mercedes-Benz car sales, it noted.
Commenting on the launch, Santosh Iyer, MD and CEO, Mercedes-Benz India, said, “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. Mercedes-Benz, with strong roots in India, remains a symbol of social prestige, financial affluence and unmatched desirability. The Mercedes-Benz Hurun India Index reflects the pulse of India’s wealth creation and luxury consumption patterns, representing the sentiment of India’s affluence.”
Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said, “I believe our inaugural Mercedes-Benz Hurun India Index (MBHX) truly captures the spirit of India’s economic rise. 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.”
As of today, India counts 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, he said, “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.”
