India’s wealthiest populations are growing rapidly, with major cities like Mumbai, Delhi, and Bengaluru solidifying their status as prime wealth centers. Interestingly, newer cities such as Hyderabad, Pune, Ahmedabad, and Chennai are now emerging as significant hubs for the affluent. According to the Mercedes-Benz Hurun India Wealth Report 2025, India now boasts 871,700 dollar-millionaire households, each with a net worth of ₹8.5 crore or more, representing 0.31% of all households.
Leading the pack, Maharashtra accounts for 178,600 millionaire households, making it the state with the highest concentration of wealth. Delhi follows at a close second with 79,800 affluent households. Rounding out the top five states are Tamil Nadu (72,600), Karnataka (68,800), and Gujarat (68,300).
The Rise of India’s New Wealth
India’s millionaire population saw a substantial increase, with nearly 80,000 new millionaires joining the ranks in just one year. This represents a 10% rise from the 790,000 dollar-millionaire households reported last year, and a remarkable 90% surge since the 458,000 households recorded in 2021, amidst the COVID-19 pandemic.
This consistent growth in affluent families underscores India’s booming economy, thriving stock market, and vibrant entrepreneurial spirit. The report highlights a significant shift: India is moving beyond merely accumulating wealth to actively expressing and experiencing it. As disposable incomes climb, India’s rich are redefining trends in consumption, luxury, and philanthropy, further cementing the nation’s rising economic prominence on the global stage.
Interestingly, over 60% of these affluent individuals rate their happiness at eight or higher on a ten-point scale. Their leisure pursuits often include travel (45%), reading, and cooking, with yoga (27%) being their top fitness choice. When it comes to staying informed, social media (36%) has surpassed traditional news outlets as the primary source for the wealthy.
Much of this newly generated wealth originates from successful startups, unicorn companies, and other technology-driven ventures. A large number of India’s millionaires are first-generation entrepreneurs, predominantly from sectors such as IT, financial services, manufacturing, and real estate. This new generation of wealthy Indians also shows a strong inclination towards philanthropy, impact investing, and sustainable practices.
Notable philanthropic efforts include Shiv Nadar and his family, who are the leading donors in education with ₹3,680 crore, followed by Mukesh Ambani and his family, who contributed ₹626 crore to healthcare initiatives.
In a shift from previous generations, younger high-net-worth individuals (HNIs) prioritize global experiences over simply accumulating assets. When asked about the amount needed for financial freedom, 27% cited ₹50 crore as sufficient, while 25% believed ₹10 crore was enough, and another 20% set the bar much higher at ₹200 crore.
How India’s Wealthy Spend Their Money
Stocks, real estate, and gold continue to be the preferred investment avenues for India’s rich, while the Unified Payments Interface (UPI) stands out as their dominant choice for digital transactions.
The Mercedes-Benz Hurun India Luxury Consumer Survey 2025, which polled 150 Indian millionaires, provides fascinating insights into their lifestyle choices and brand preferences. Luxury cars, particularly SUVs and EVs from brands like Mercedes-Benz, BMW, and Audi, remain at the pinnacle of their aspirations. This is closely followed by investments in luxury real estate, such as farmhouses and holiday villas, and extensive global experiential travel, especially to Europe and Southeast Asia. Their fashion and lifestyle choices lean towards high-end watches like Rolex, alongside brands like Gucci and Louis Vuitton for apparel and jewelry. Interestingly, technology and investments also extend to emerging areas like crypto art.
Within the jewelry sector, a significant 75% of the wealthy prefer natural diamonds. Tanishq dominates the domestic market, while Tiffany & Co. is the global favorite, and CaratLane leads among online platforms. When it comes to gifting, watches are the top choice for men (43%), jewelry for women (50%), toys for children (51%), and health products for the elderly.
More than half of India’s millionaires own multiple cars, with a common trend of upgrading their vehicles every three to six years. However, about 40% choose to retain their cars for longer, typically exceeding six years.
Despite their wealth, spending habits suggest a degree of moderation, with 60% of millionaire households reporting annual consumption below ₹1 crore. Their primary expenditures are on tourism (32%), followed by education (27%), and entertainment (22%).
Looking ahead, the report projects a double-digit growth in wealthy households over the next five years. This anticipated surge is expected to propel India further towards becoming one of the world’s leading centers for wealth creation.