Wealthy households in India experiences a 90% surge within a four-year period
India is poised to overtake China as the world's fastest-growing wealth hub, according to recent assessments. This shift is evident in the surge of ultra-high-net-worth individuals (UHNWIs) and millionaire households across the country.
As per the BMW Wealth Report, India now boasts 871,700 millionaire households with a combined net worth of 40.5 lakh crore, or $480 billion. The number of Indian households with a net worth of $1.2 million or more grew by around 202% during the years between 2017 and 2025.
The growth in wealth is attributed to a number of factors, including the rising gross state domestic product (GSDP) and business formalization across tech, finance, and industrial sectors. The state of Maharashtra, home to economic powerhouses like Mumbai and Pune, leads India with 170,000 millionaire households. The surge in the number of millionaire households in Maharashtra is attributed to a 55% growth in the state's GDP.
Mumbai, New Delhi, and Bengaluru are the three cities with the largest concentration of affluent families in India. Mumbai, being a part of Maharashtra, has 142,000 millionaire households, followed closely by New Delhi and Bengaluru with 68,200 each. Ahmedabad and Kolkata are among the top 10 cities with the most millionaire households.
The top 10 cities in India contribute over 79% of the country's millionaire households. This democratization of prosperity in India speaks to the resilience of the economy, as millions of new wealth creators continue to emerge.
While India produces millions of new millionaires, the billionaire status remains exclusive to a select few. However, the number of billionaires in India has increased due to global-scale enterprises, IPOs, or multi-generational wealth consolidation.
The Mercedes-Benz Hurun India Wealth Report 2025 states that only 0.07% of millionaires crossed the $120 million bracket, and the number of UHNW individuals worth $1 million or above increased by 90% from 458,000 in 2021.
In conclusion, India's rapid growth as a global wealth hub is a testament to its thriving economy and the increasing number of millionaire households. The country is well-positioned to close the gap with China in terms of the number of wealthy households, making it an attractive destination for global investors.
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