Mumbai Emerges as India’s Millionaire Capital With 1.42 Lakh Rich Families
Report: There are now a total of 871,700 millionaire families across India, with a wealth of ₹8.5 crore or more. Despite this nationwide surge in wealth, wealth remains concentrated in a few regions, and the top 10 states collectively account for over 79% of all millionaire 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.
On India's wealth map, Delhi ranks second with 79,800 millionaire families. Tamil Nadu ranks third with 72,600 millionaire families, followed by Karnataka with 68,800 millionaire families, and Gujarat with 68,300 millionaire families. Uttar Pradesh ranks sixth with 57,700 millionaire families, followed by Telangana with 51,700 millionaire families. West Bengal with 50,400 families, Rajasthan with 33,100 families, and Haryana with 30,500 millionaire families round out the top 10. Together, these states represent major centers of economic prosperity shaping India's wealth map.
