India is witnessing a rapid rise in millionaire households. According to the Mercedes-Benz Hurun India Wealth Report 2025, the country now has 8.71 lakh millionaire households, nearly double the 4.58 lakh in 2021. Maharashtra leads the way, with Mumbai alone accounting for 1.42 lakh, making it India’s “Millionaire Capital.” Delhi follows with 79,800 households, while Tamil Nadu, Karnataka, and Gujarat round out the top five.

These new millionaires are investing in stocks, real estate, and gold, while also spending on luxury watches, cars, and travel. Digital payments, especially UPI, are becoming their preferred mode for even high-end purchases. Despite this surge, only a tiny fraction move into billionaire status, highlighting the gap between affluence and extreme wealth.

With economic hubs like Mumbai, Delhi, and Bengaluru concentrating most of India’s wealth, the report signals both opportunity and challenges in wealth creation. As prosperity spreads, the question remains: how will India’s rising millionaires shape the future economy?