India has witnessed a remarkable surge in wealth over the past four years, adding 4.1 lakh new millionaires since 2021. According to the Mercedes-Benz Hurun India Wealth Report 2025, leading the pack is Mumbai, which has now earned the title of the ‘Millionaire Capital’ of India, highlighting the city’s status as the country’s financial and commercial hub.
Mumbai: The Millionaire Capital Of India
As per the report, the number of millionaires in India grew dramatically by 90% in the last 4 years. The number of millionaire households (net worth of ₹8.5 crore and more) grew to 8.71 lakh in 2025 from 4.58 lakh in 2021. Mumbai also emerged as the ‘millionaire capital’ of the country by being home to 1,42,000 millionaires in India.
The report highlighted Mumbai as the “most important global cities for the next decade.” Around 31% of respondents emphasised the city’s growing significance on the global stage. The city was placed ahead of New York (10%), London (9%), and Delhi (8%).
Mumbai also accounts for 80% of Maharashtra‘s total millionaires (178,600), highlighting how India’s finance hub drives Maharashtra‘s wealth. The Financial Express further mentioned how the city has helped in Maharashtra’s 55% GSDP growth as well.
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Surge Noted In India
According to the Mercedes-Benz Hurun India Wealth Report, between 2017 and 2025, the millionaire households in India grew by a massive 445%. In fact, millionaire households comprise about 0.31% of all Indian households and are projected to keep rising, thanks to the strong economic momentum.
While Mumbai was India’s ‘Millionaire Capital’, with 1.42 lakh households, Delhi was placed in second place with 68,200 households. Bengaluru emerged third on the list with 31,600 families. State-wise, Maharashtra led with 1.78 lakh millionaire families.
Indian millionaires prefer stocks (22%), real estate (21%), and gold (18%) when it comes to investment choices. Brands like Rolex, Tanishq, Emirates, and HDFC Bank topped millionaires’ brand choices in India.
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Cover Image Courtesy: Canva Pro/Dmitry Rukhlenko
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