Maharashtra tops India’s wealth map with 1.78 lakh millionaire households: Report

NEW DELHI: Maharashtra has firmly established itself as the nation’s leading hub of wealth creation, ranking first with 1,78,600 millionaire households, a 194 per cent growth since 2021.

According to the Mercedes-Benz Hurun India Wealth Report 2025, Maharashtra’s rise is strongly supported by a 55 per cent surge in its Gross State Domestic Product (GSDP) since 2020-21, with Mumbai alone accounting for 1,42,000 of these households, making it the ‘millionaire capital’ of India.

India as a whole now has 8,71,700 millionaire households, defined as those with a net worth of INR 8.5 crore or more. This represents a 90 per cent jump compared to 2021, signaling robust growth in household wealth across the country. Despite this nationwide surge, wealth remains concentrated in a few regions, with the top 10 states collectively accounting for more than 79 per cent of the total millionaire households.

Delhi stands second on the list with 79,800 millionaire households residing within its boundaries. Tamil Nadu secures the third position at the state level, with 72,600 millionaire households, followed by Karnataka with 68,800 and Gujarat with 68,300.

India’s wealth and luxury landscape is evolving rapidly. Presenting the Mercedes-Benz-Hurun India Wealth Report & Luxury Consumer Survey 2025 — ranking India’s richest individuals, emerging wealth creators, and the trends shaping the nation’s economic and luxury sectors. pic.twitter.com/1PrI6pdgXu

— HURUN INDIA (@HurunReportInd) September 18, 2025

Beyond these, Uttar Pradesh ranks sixth with 57,700 millionaire households, while Telangana is close behind with 51,700. West Bengal contributes 50,400 households, Rajasthan has 33,100, and Haryana completes the top 10 with 30,500 millionaire households. Together, these states represent the dominant hubs of economic prosperity shaping India’s wealth map.

Within cities, the report highlights Mumbai as the unrivalled ‘millionaire capital” with 1,42,000 millionaire households, followed by New Delhi at 68,200 and Bengaluru at 31,600. These three urban centres form the largest concentration of affluent families in the country, underscoring the importance of metropolitan regions in India’s wealth creation story.

Anas Rahman Junaid, founder & chief researcher, Hurun India, said, “In less than a decade, the number of Indian households worth over $1 million has skyrocketed by 445 per cent — a surge that underlines how wealth creation is reaching a broader base of our society. This democratisation of prosperity speaks to the resilience of our economy, with opportunity spreading to millions of new wealth creators”.

“Yet, it’s also telling that only about 5 per cent of 2017’s millionaires have become ultra-high-net-worth individuals, and a mere 0.01 per cent made it to billionaire status. It shows that while affluence is spreading, the climb to the very top remains steep”, he said.

The report also notes that while wealth creation is accelerating nationwide, it remains highly concentrated in a handful of regions. This pattern underscores the pivotal role played by leading economic hubs in shaping India’s prosperity and wealth distribution. (ANI)