India is quickly becoming a global wealth hub, with the number of millionaire families rising sharply. According to the Mercedes-Benz Hurun India Wealth Report 2025, Indian millionaires are now creating wealth mainly through investments, especially in stocks, real estate and gold, showing a major shift in how wealth is built in the country.
The report revealed that Investment is the main source of their wealth, followed by wages and bonuses. Inheritance comes third, and rental income is fourth.
The spread of wealth in India is evident in the rapid rise of millionaire households, these households in India are set to rise by 90%, from 4.58 lakh in 2021 to about 8.71 lakh in 2025, each with a net worth of at least Rs 8.5 crore. This growth is mainly driven by strong economic growth, booming stock markets and expanding businesses, rather than inheritance or regular income.
How Indian millionaires invest
Indian millionaires prefer safe and familiar options. Stocks are the most popular, with many actively trading in the market. Real estate comes next, followed by gold and fixed-income assets, according to the report.
The report also shows that 51% of millionaires expect Indian real estate to grow in the next two years, while 38% think it will stay stable. Only 17% are willing to take high risks. About 29% actively manage their investments, 15% take a hands-off approach, and 31% prefer to play it safe, showing a trend toward careful financial planning.
Top countries preferred by Indian millionaires to invest
Indian millionaires are also looking beyond India. The United States (US) is the top choice for overseas investments, followed by the United Arab Emirates (UAE), Singapore, the United Kingdom (UK) and Switzerland.
Many are building diversified portfolios to balance domestic growth with global opportunities.
Top Indian states for investment
Maharashtra leads the list of states preferred by millionaires to invest their money, followed by Gujarat, Karnataka and Delhi NCR. These regions benefit from strong economic growth, urbanisation and business-friendly policies.
The report also notes that the combined Gross State Domestic Product (GSDP) of all Indian states and union territories grew by 51% between 2020-21 and 2023-24. This growth has helped create more millionaire households across the country.
Some of India’s biggest state economies are even comparable to the GDP of entire countries, showing the enormous economic power within India. This highlights how state-level growth drives the nation’s overall prosperity.