India Wealth Report 2025: Maharashtra Leads With 1.78 Lakh Millionaire Households- Check Which City Is Crowned ‘Millionaire Capital’

India’s wealth creation story continues to accelerate, with Maharashtra emerging as the undisputed leader. According to the Mercedes-Benz Hurun India Wealth Report 2025, the state is now home to 1,78,600 millionaire households, marking an astonishing 194% growth since 2021. This surge is backed by a 55% rise in Gross State Domestic Product (GSDP) over the past four years.At the heart of this growth lies Mumbai, which alone accounts for 1,42,000 millionaire households, cementing its status as India’s ‘Millionaire Capital.’India’s Millionaire BoomNationally, India now boasts 8,71,700 millionaire households, each with a net worth of at least Rs 8.5 crore (USD 1 million). This marks a 90% jump compared to 2021, reflecting how wealth creation has

broadened across the country.Despite the surge, the report notes that wealth remains highly concentrated, with the top 10 states accounting for over 79% of all millionaire households.Top States by Millionaire Households

• Maharashtra – 1,78,600 households
• Delhi – 79,800 households
• Tamil Nadu – 72,600 households
• Karnataka – 68,800 households
• Gujarat – 68,300 households
• Uttar Pradesh – 57,700 households
• Telangana – 51,700 households
• West Bengal – 50,400 households
• Rajasthan – 33,100 households
• Haryana – 30,500 households

Together, these states form the backbone of India’s millionaire ecosystem.Top Cities Driving Wealth CreationMetropolitan hubs continue to be the engines of affluence:

• Mumbai – 1,42,000 millionaire households
• New Delhi – 68,200 households
• Bengaluru – 31,600 households

These three cities alone account for a lion’s share of India’s wealthy families, underscoring the dominance of metro economies.The Bigger Picture: Millionaires vs BillionairesAnas Rahman Junaid, founder and chief researcher at Hurun India, highlighted the dual reality of wealth growth:“In less than a decade, the number of Indian households worth over $1 million has skyrocketed by 445%. Yet, only about 5% of 2017’s millionaires have become ultra-high-net-worth individuals, and a mere 0.01% made it to billionaire status. This shows that while affluence is spreading, the climb to the very top remains steep.”

Key Takeaways From The Report

• Wealth is spreading wider – India has nearly doubled its millionaire households since 2021.
• Mumbai is the epicenter – Contributing nearly 80% of Maharashtra’s millionaires.
• Metro dominance persists – Mumbai, Delhi, and Bengaluru remain key wealth engines.
• Top-heavy distribution – The top 10 states hold nearly 80% of all millionaire households.
• The ultra-rich club is exclusive – The path from millionaire to billionaire remains steep and narrow.

India’s wealth distribution shows that while millionaire status is becoming more common, ultra-high wealth concentration remains limited to a select few. With economic hubs like Mumbai, Delhi, and Bengaluru driving the trend, experts believe the next decade will see a further democratization of affluence, but the climb to the billionaire tier will continue to be steep.