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Hurun India Wealth Report 2025: India is fast emerging as a global wealth hub, with the number of high-net-worth individuals (HNIs)/millionaires climbing steadily despite economic headwinds.
According to the latest Mercedes-Benz Hurun India Wealth Report 2025, the country is projected to have 871,700 millionaire families by 2025, each with a net worth of at least Rs 8.5 crore (US$1 million).
This marks a sharp jump from 159,900 in 2017 and 458,000 in 2021 — an increase of nearly 90 per cent over four years.
Millionaire families now represent about 0.31 per cent of India’s population. However, the report shows that wealth creation remains heavily concentrated.
Maharashtra has consolidated its position as the country’s richest state, home to 178,600 millionaire families — a 194 per cent rise since 2021.
Mumbai alone accounts for 142,000 of these, cementing its reputation as India’s “Millionaire Capital.”
Delhi, Tamil Nadu and Karnataka follow, with New Delhi ranked #2, Bengaluru #3, and Chennai #6 among the top urban wealth centres in 2025.
Overall, the top 10 states in India account for more than 79 per cent of the millionaire families, with growth in this demographic being primarily driven by increases in GSDP and a trend toward business formalisation, particularly in the technology, finance, and industrial sectors.
| Rank | State | No. of Millionaire Households (2025) |
| 1 | Maharashtra | 1,78,600 |
| 2 | Delhi | 79,800 |
| 3 | Tamil Nadu | 72,600 |
| 4 | Karnataka | 68,800 |
| 5 | Gujarat | 68,300 |
| 6 | Uttar Pradesh | 57,700 |
| 7 | Telangana | 51,700 |
| 8 | West Bengal | 50,400 |
| 9 | Rajasthan | 33,100 |
| 10 | Haryana | 30,500 |
| Rank | City | No. of Millionaire Households (2025) |
| 1 | Mumbai | 1,42,000 |
| 2 | New Delhi | 68,200 |
| 3 | Bengaluru | 31,600 |
| 4 | Ahmedabad | 26,800 |
| 5 | Kolkata | 26,600 |
| 6 | Chennai | 22,800 |
| 7 | Pune | 22,500 |
| 8 | Hyderabad | 19,800 |
| 9 | Gurugram | 10,100 |
| 10 | Surat | 5,700 |
Source: Hurun Research Institute; Mercedes-Benz Hurun India Wealth Report 2025
