The number of millionaires in India has reached a new high, and Mumbai is leading the list with the highest number of millionaires. According to the Mercedes-Benz Hurun India Wealth Report 2025, the number of millionaires in India grew 90 per cent in the last 4 years, reaching a total of 8,71,700, and Mumbai is the ‘millionaire capital’ of the country, home to 1,42,000 of them.
Furthermore, as per the report, Mumbai has topped the list of the most important global cities for the next decade, with 31 per cent of respondents underscoring its rising global significance.
Mumbai driving Maharashtra’s rising contribution
The report shows that Mumbai drives Maharashtra‘s wealth, accounting for 80 per cent of the state’s total millionaires. This dominance reflects Maharashtra’s 55 per cent GSDP growth and the city’s role as the hub for finance, trade, and major corporations. As the city houses the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, and the SEBI, headquartered there, Mumbai’s financial ecosystem remains unrivalled.
India’s millionaire boom
The Mercedes-Benz Hurun India Wealth Report shows that between 2017 and 2025, the millionaire households grew 445 per cent. The report estimates that millionaire households comprise about 0.31 per cent of all Indian households and are projected to keep rising, driven by strong economic momentum.
“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,” said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.
Investment and luxury trends among millionaires
According to the report, stocks, real estate, and gold remain the top asset choices of the Indian millionaires. Fifty-one per cent of survey respondents expect Indian real estate to grow in the next two years, while 38 per cent believe it will remain stable.
Rolex is the top choice for most Indian millionaires
When it comes to investment, 29 millionaires actively manage their investments; only 17 per cent are risk-takers, 15 per cent millionaires are passive investors, and 31 per cent remain cautious, indicating a shift toward conservative financial planning.
The report shows that Rolex remains the first preference in luxury watches among the Indian millionaires, and Gucci and Louis Vuitton top the list in accessories.