Blitz Bureau
NEW DELHI: The latest Wealth Report by Hurun India, sponsored by Mercedes Benz, shows that in the past four years, the number of dollar millionaire households in the country has doubled to 8,71,700. The highest number of such wealthy households are in Maharashtra, shows the report which was released on September 19.
Mumbai, Delhi and Bengaluru have consolidated their positions as wealth capitals while cities such as Hyderabad, Pune, Ahmedabad and Chennai are emerging wealth hubs. Of the total number of households in India, 0.31 per cent are now dollar millionaires, with a net worth equal to or more than ₹8.5 crore each.
At 1,78,600, Maharashtra tops the distribution of millionaire households, among states and Union Territories. National capital Delhi sits below at number 2, with almost a lakh households less at 79,800. Tamil Nadu (72,600), Karnataka (68,800) and Gujarat (68,300) make up the top five.
More than 8.5 lakh Indian households are now dollar billionaires – double than in 2021
India added nearly 80,000 new millionaires in a year. The number of millionaire households increased by 10 per cent from last year’s 7,90,000 dollar-millionaire households and by 90 per cent from 4,58,000 (about 0.17 per cent of all households) in 2021, in the middle of the Covid-19 pandemic.
This marks a steady growth in the number of affluent families, which in turn reflects India’s expanding economy, stock market boom, and entrepreneurial ecosystem. The report suggests that India is transitioning from being a country of wealth accumulation to one of wealth expression and experience. With rising disposable incomes, India’s wealthy are reshaping consumption, luxury, and philanthropy while driving global recognition of the country’s economic rise.
The number of millionaire households increased by 10 per cent from last year’s 7,90,000 dollar-millionaire households and by 90 per cent from 4,58,000 (about 0.17 per cent of all households) in 2021, in the middle of the Covid-19 pandemic.
The report suggests that India is transitioning from being a country of wealth accumulation to one of wealth expression and experience. With rising disposable incomes, India’s wealthy is reshaping consumption, luxury, and philanthropy while driving global recognition of the country’s economic rise.
A significant portion of new wealth is tied to start-ups, unicorns and tech-driven businesses. The majority of India’s millionaires are first-generation entrepreneurs in sectors like IT, financial services, manufacturing, and real-estate. The New-Gen of wealthy Indians are drawn towards philanthropy, impact investing and sustainability.
Booming cities
Cities like Mumbai, Delhi and Bengaluru have emerged as top centres of millionaire households as they have the combination of opportunity, infrastructure, and culture. Mumbai and Delhi feature corporate offices, stock markets, trade, and real estate to draw wealth.
In Bengaluru, it is technological startups, biotech, and self-made entrepreneurs who are on the rise. Industrial and entrepreneurial hubs that support family industries, manufacturing, textiles, and the automobile industries in places like Pune, Ahmedabad and Surat are driving wealth creation. Trading and traditional industries have remained the bane of legacy wealth.
Top 10 cities with highest number of millionaire households are listed here:
Mumbai — 1,42,000 millionaire homes
Mumbai is the financial hub of India. Top investment sectors considered by millionaires are finance, stock markets, real estate, Hindi film industry and retail. Top millionaires in Mumbai are Mukesh Ambani (Reliance Industries), Kumar Mangalam Birla (Aditya Birla Group), Radhakishan Damani (DMart) and Uday Kotak (Kotak Mahindra Bank).
New Delhi — 68,200 millionaire homes
The capital city has real estate, telecom, healthcare, retail and technology as top industry sectors. Its top millionaires are Shiv Nadar (HCL Technologies), Sunil Bharti Mittal (Bharti Enterprises) and Sameer Gehlaut (Indiabulls).
Bengaluru — 31,600 millionaire homes
IT exports, startups, and venture capital can be seen as major reasons behind the prosperity of millionaires in India’s Silicon Valley. Top investment sectors considered by millionaires are information technology, biotechnology and fintech. Top millionaires in the city are Nandan Nilekani (Infosys), Kiran Mazumdar-Shaw (Biocon), Sachin Bansal (Navi, Flipkart), and Binny Bansal (Flipkart).
Ahmedabad — 26,800 millionaire homes
Textiles, chemicals, infrastructure, energy and pharmaceutical are the top industry sectors in Ahmedabad. The city’s top millionaires are Gautam Adani (Adani Group), Pankaj Patel (Zydus Lifesciences), Samir Mehta (Torrent Group) and Sanjay Lalbhai (Arvind Limited).
Kolkata — 26,600 millionaire homes
Trading, steel, jute, tea and real estate are top investment sectors in Kolkata. The city’s top millionaires are Sanjiv Goenka (RP-Sanjiv Goenka Group), Harsh Vardhan Goenka (RPG Enterprises), Benu Gopal Bangur (Shree Cement) and Harsh Neotia (Ambuja Neotia Group).
Chennai — 22,800 millionaire homes
Chennai is the automobile center of India. It is also strong in IT service, healthcare, and shipping. Its ports drive global trade. Top millionaires in the city are Mallika Srinivasan (Tractors and Farm Equipment), Venu Srinivasan (TVS Group), Kalanithi Maran (Sun Group) and N. Murugappa family (Murugappa Group).
Pune — 22,500 millionaire homes
The prosperity in Pune relies on the production of automobiles, tertiary schools and colleges, information technology services, and the emergence of more startups. Top millionaires in Pune are Cyrus Poonawala (Serum Institute of India), Baba Kalyani (Bharat Forge ), Rahul Bajaj (Bajaj Auto) and Ashok Kataria (Ashoka Buildcon).
Hyderabad —19,800 millionaire households
Hyderabad has become one of the main centers of pharma, IT, and biotech. Top investment sectors considered by millionaires are pharmaceuticals, information technology, real estate and biotech. Top millionaires of Hyderabad are Murali Divi (Divi with Laboratories), G V Prasad (Dr. Reddy’s Laboratories), BVR Mohan Reddy (Cyient) and Mahima Datla (Biological E).
Gurugram —10,100 millionaires housholds
The fast urbanisation of Gurugram has made it a corporate city with the best MNCs, IT services, and a flourishing real estate market. Top millionaires of Gurugram are Rajiv Singh (DLF) and Ajay Bijli (PVR Cinemas), Analjit Singh (Max Group) and Rohit Kapoor (Oyo Leadership).
Surat — 5,700 millionaire households
Top investment sectors in Surat are diamond, textiles and real estate. The city is known worldwide for the polishing of diamonds and textile exports. Its top millionaires are Savji Dholakia (Hari Krishna Exports), Govind Dholakia (SRK Exports), Laljibhai Patel (Dharmanandan Diamonds) and Mahesh Savani (Savani Group).
Healthy wealthy
More than 60 per cent wealthy rate themselves 8-plus on a 10-point happiness scale. Hobbies of the ultra-rich include travel (45 per cent), followed by reading and cooking, while yoga (27 per cent) is the most preferred fitness activity. Social media (36 per cent) has overtaken traditional media as the leading news source for the wealthy.
Unlike before, younger HNIs value global experiences over asset accumulation. While 27 per cent quoted ₹50 crore as “enough” for financial freedom, 25 per cent cited ₹10 crore and 20 per cent set the benchmark at ₹200 crore.
Happiness that only money can buy
Stocks, real-estate and gold remain top investments while UPI dominates digital payments.
The Mercedes-Benz Hurun India Luxury Consumer Survey 2025, sampling 150 Indian millionaires, highlights lifestyle choices and brand affinities. Luxury cars (SUVs and EVs; Mercedes-Benz, BMW and Audi) remained top aspirations, followed by real-estate (luxury farmhouses and holiday villas), global experiential travel (to Europe and Southeast Asia), and fashion & lifestyle (high-end watches such as Rolex, Gucci and Louis Vuitton; apparel, jewellery) and technology & investments (Crypto art).
In jewellery, 75 per cent prefer natural diamonds, with Tanishq leading in the domestic market, Tiffany & Co. globally, and CaratLane among online platforms. Watches are the most gifted item for men (43 per cent), jewellery for women (50 per cent), toys for children (51 per cent) and health products for the elderly.
Over half of India’s millionaires own more than one car, with many upgrading within three to six years. Around 40 per cent keep their car for more than six years.
Spending behaviour indicate moderate consumption with 60 per cent report annual household consumptions under Rs 1 crore. Top spends include tourism at 32 per cent, followed by education (27 per cent) and entertainment (22 per cent).
The report forecasts estimate that in the next five years, there will be double-digit growth in wealthy households and that will push India closer to being among the top global wealth-creation hubs.