India has 871,700 millionaire households with a net worth of 40.5 lakh crore, or $480 billion. 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.
The top 10 cities, including Ahmedabad (at No. 4) and Kolkata (at No. 5), contribute over 79% of the country’s millionaire households, with growth fueled by rising gross state domestic product (GSDP) and business formalisation across tech, finance, and industrial sectors.
How many of these millionaires were able to become UNHWs
That said, upward mobility into the ultra-high-net-worth (UHNW) brackets was more selective. Roughly 5% of 2017 millionaires progressed to the 100 crore ($12 million) club, while only 1.3% reached200 crore ($24 million). Beyond this point, the pyramid narrowed significantly: just 0.07% of the millionaires crossed to the `1,000 crore ($120 million) bracket and a minuscule 08.5 crore ($1 million) or above, up 90% from 458,000 in 2021, according to the Mercedes-Benz Hurun India Wealth Report 2025.
The surge reflects India’s rapidly expanding affluent base, driven by strong equity markets, entrepreneurship, and urban economic growth, said the report. The period between 2017 and 2025 has been transformative, with the number of Indian households worth over $1 million surging 445% and those with a net worth of $1.2 million-plus rising 202%. “This democratization of prosperity speaks to the resilience of our economy, with opportunity spreading to millions of new wealth creators,” said Anas Rahman Junaid, founder & chief researcher, Hurun India.
India’s set to overcome China to become the world’s fastest-growing wealth hub
Drawing comparisons, the report stated that while China had a much larger base of wealthy households than India — often 3 to 6 times higher across comparable categories — with its demographic advantage, India is well placed to become the world’s fastest-growing wealth hub, gradually closing the gap with its bigger neighbor. Maharashtra led the race with 170,000 millionaire households — a 194% growth since 2021 — with Mumbai alone being home to 142,000 millionaires. According to the report, the surge is largely thanks to a 55% growth in Maharashtra’s state GDP to .01% became billionaires ($1 billion-plus).
These findings highlight a layered narrative — while India produces millions of new millionaires, the billionaire status remains the exclusive preserve of a select few that achieve the milestone via global-scale enterprises, IPOs, or multi-generational wealth consolidation.