India home to 8.7 lakh millionaires, 360 billionaires in 2025: Hurun India report

India’s affluent class is expanding at a record pace, with the number of millionaire households, net worth equal to or above Rs 8.5 crore, surging 90% since 2021 to reach 8,71,700 in 2025, according to the Mercedes-Benz Hurun India Wealth Report 2025. This accounts for 0.31% of Indian households, up from 0.17% in 2021.

Moreover, India is home to 360 billionaire households, each with net worth above Rs 8,500 crore ($1 billion)--collectively commanding Rs 185 lakh crore.

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Between 2017 and 2025, the number of Indian households crossing the millionaire mark ($1 million or Rs 8.5 crore) grew 445%, while those exceeding Rs 10 crore wealth rose over 200%. Yet, upward mobility into the ultra-high-net-worth (UHNW) bracket remained selective—only 5% of 2017 millionaires moved into the Rs 100 crore tier, and just 1.3% crossed the Rs 200 crore threshold.

'Wealthy states'

Maharashtra emerged as the undisputed wealth capital with 1,78,600 millionaire households, a 194% jump since 2021. Mumbai alone accounted for 1,42,000 of these, making it India’s “Millionaire Capital.” The state’s rise has been fueled by a 55% increase in GSDP between 2020–21 and 2023–24, surpassing Rs 40 lakh crore, and the presence of 471 individuals on the Hurun India Rich List 2024.

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The National Capital Territory of Delhi ranked second with 79,800 millionaire households, reflecting 90% growth since 2021 and a 50% rise in Gross State Domestic Product (GSDP) between 2021 and 2024. Tamil Nadu followed with 72,600 millionaire households (up 75%), while Karnataka secured fourth place with 68,800 millionaire households (up 88%), buoyed by its tech-led economy. Gujarat rounded off the top five with 68,300 millionaire households.

Collectively, the top 10 states contribute over 79% of India’s millionaire households, with growth driven by rising state GDPs, entrepreneurship, and formalisation across finance, tech, and industrial sectors.

Broad-Based Affluence, Selective Super Rich

The report underlined that while India has added millions of new millionaires and crorepatis in recent years, only a fraction transition into the Ultra High Net Worth and billionaire segments, highlighting a steep selectivity of wealth concentration at the very top.

The findings were based on a survey of 150 Indian millionaires conducted by the Hurun Research Institute.