Mumbai, Delhi and Bengaluru consolidate their position as wealth capitals as do cities such as Hyderabad and Pune are emerging wealth hubs, according to the Mercedes-Benz Hurun India Wealth Report 2025, released on Thursday (September 19, 2025). Ahmedabad and Chennai are new entrants as emerging wealth hubs as India is now home to 8,71,700 dollar-millionaire households (0.31% of all households), with a net worth equal to or more than ₹8.5 crore each.
At 1,78,600, Maharashtra tops the distribution of millionaire households, among States and Union Territories. National capital Delhi sits below at No. 2, with almost a lakh households less at 79,800. Tamil Nadu (72,600), Karnataka (68,800) and Gujarat (68,300) make up the top five.
The New-Gen rich
India added nearly 80,000 new millionaires in a year. The number of millionaire households increased by 10% from last year’s 7,90,000 dollar-millionaire households and by 90% from 4,58,000 (about 0.17% of all households) in 2021, in the middle of the COVID-19 pandemic.
This marks a steady growth in the number of affluent families, which in turn reflects India’s expanding economy, stock market boom, and entrepreneurial ecosystem. The report suggests that India is transitioning from being a country of wealth accumulation to one of wealth expression and experience. With rising disposable incomes, India’s wealthy is reshaping consumption, luxury, and philanthropy while driving global recognition of the country’s economic rise.
More than 60% wealthy rate themselves 8-plus on a 10-point happiness scale. Hobbies of the ultra-rich include travel (45%), followed by reading and cooking, while yoga (27%) is the most preferred fitness activity. Social media (36%) has overtaken traditional media as the leading news source for the wealthy.
A significant portion of new wealth is tied to start-ups, unicorns and tech-driven businesses. The majority of India’s millionaires are first-generation entrepreneurs in sectors like IT, financial services, manufacturing, and real-estate. The New-Gen of wealthy Indians are drawn towards philanthropy, impact investing and sustainability.
At ₹3,680 crore, Shiv Nadar and family are the top donors in the education sector, followed by ₹626 crore by Mukesh Ambani and family towards healthcare.
Unlike before, younger HNIs value global experiences over asset accumulation. While 27% quoted ₹50 crore as “enough” for financial freedom, 25% cited ₹10 crore and 20% set the benchmark at ₹200 crore.
What’s India’s rich spending on?
Stocks, real-estate and gold remain top investments while UPI dominates digital payments.
The Mercedes-Benz Hurun India Luxury Consumer Survey 2025, sampling 150 Indian millionaires, highlights lifestyle choices and brand affinities. Luxury cars (SUVs and EVs; Mercedes-Benz, BMW and Audi) remained top aspirations, followed by real-estate (luxury farmhouses and holiday villas), global experiential travel (to Europe and Southeast Asia), and fashion & lifestyle (high-end watches such as Rolex, Gucci and Louis Vuitton; apparel, jewellery) and technology & investments (Crypto art).
In jewellery, 75% prefer natural diamonds, with Tanishq leading in the domestic market, Tiffany & Co. globally, and CaratLaneamong online platforms. Watches are the most gifted item for men (43%), jewellery for women (50%), toys for children (51%) and health products for the elderly.
Over half of India’s millionaires own more than one car, with many upgrading within three to six years. Around 40% keep their car for more than six years.
Spending behaviour indicate moderate consumption with 60% report annual household consumptions under Rs 1 crore. Top spends include tourism at 32%, followed by education (27%) and entertainment (22%).
The report forecasts estimate that in the next five years, there will be double-digit growth in wealthy households and that will push India closer to being among the top global wealth-creation hubs.
Published – September 19, 2025 04:39 pm IST
