Mumbai Emerges as India’s Millionaire Capital With 1.42 Lakh Rich Families

Maharashtra has firmly established itself as the country's leading hub for wealth creation. The state ranks first in wealth with 178,600 millionaire families. The state has recorded a 194% increase in wealth since 2021, according to the Mercedes-Benz Hurun India Wealth Report 2025.

According to the report, the state's prosperity was further strengthened by a 55% growth in gross state domestic product (GSDP) since 2020-21. Mumbai alone is home to 142,000 millionaire families, making it the millionaire capital of India. Across India, there are now 871,700 millionaire families with a wealth of ₹85 million or more. Despite this nationwide surge in wealth, wealth remains concentrated in a few regions, with the top 10 states collectively accounting for over 79% of all millionaire families.

Among cities, Mumbai has the highest number of millionaire families, with 142,000, followed by Delhi (68,200) and Bengaluru (31,600). These three metropolises are the biggest drivers of wealth creation in India. Anas Rahman Junaid, founder and chief researcher at Hurun India, says, "In less than a decade, the number of Indian families with wealth exceeding US$1 million has increased by a staggering 445%. This surge demonstrates how wealth creation is reaching a broad base of our society." He called this the democratization of prosperity, meaning opportunities are now accessible to more people. However, he also noted that only 5% of millionaires in 2017 became high-net-worth super-rich, and a mere 0.01% achieved billionaire status. This means that wealth is spreading, but it is still confined to certain regions.