Hurun Wealth Report 2025: Top 10 Indian States with Most Millionaire Families
India is witnessing a rapid rise in millionaires, with 871,700 millionaire families in 2025, according to the Mercedes-Benz Hurun India Wealth Report 2025. Maharashtra leads as the wealthiest state with 178,600 millionaire households, while Mumbai remains the "Millionaire Capital" of India. Explore the top states and cities with the most millionaire families.
Despite economic challenges, India is rapidly becoming a global center of wealth. There is a steady increase in the number of high-net-worth individuals (HNIs) and millionaires in the country.
According to the most recent Mercedes-Benz Hurun India Wealth Report 2025, 871,700 millionaire families with net worths of at least Rs 8.5 crore (US$1 million) are expected to exist in the nation by this year.
Rising Millionaire Families in India
Compared to 159,900 in 2017 and 458,000 in 2021, this is a significant growth of almost 90% over the course of four years.
Approximately 0.31% of Indians are now members of millionaire families. The research does demonstrate that wealth creation is still highly concentrated, though.
Richest State in India
With 178,600 millionaire families, Maharashtra has strengthened its status as the wealthiest state in the country, a 194% increase since 2021.
In Mumbai alone, there are 142,000 of these, solidifying Mumbai's standing as the "Millionaire Capital" of India.
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Top 10 Indian states with Most Millionaire Families
More than 79% of millionaire families reside in the top 10 states in India. The growth of this group is mostly due to rising GSDP and a tendency toward corporate formalization, especially in the industrial, financial, and technology sectors.
| Rank | State | No. of Millionaire Households (2025) |
| 1 | Maharashtra | 1,78,600 |
| 2 | Delhi | 79,800 |
| 3 | Tamil Nadu | 72,600 |
| 4 | Karnataka | 68,800 |
| 5 | Gujarat | 68,300 |
| 6 | Uttar Pradesh | 57,700 |
| 7 | Telangana | 51,700 |
| 8 | West Bengal | 50,400 |
| 9 | Rajasthan | 33,100 |
| 10 | Haryana | 30,500 |
Top 10 Indian Cities with Most Millionaire Families
The majority of the Millionaires of the country reside in the following 10 cities:
| Rank | City | No. of Millionaire Households (2025) |
| 1 | Mumbai | 1,42,000 |
| 2 | New Delhi | 68,200 |
| 3 | Bengaluru | 31,600 |
| 4 | Ahmedabad | 26,800 |
| 5 | Kolkata | 26,600 |
| 6 | Chennai | 22,800 |
| 7 | Pune | 22,500 |
| 8 | Hyderabad | 19,800 |
| 9 | Gurugram | 10,100 |
| 10 | Surat | 5,700 |
Source: Hurun Research Institute; Mercedes-Benz Hurun India Wealth Report 2025
With more rich families appearing in various states and cities each year, India is seeing an unprecedented increase in wealth. While states like Tamil Nadu and Maharashtra continue to solidify their status as centers of wealth, cities like Bengaluru, Delhi, and Mumbai are spearheading this expansion. The study's general trend indicates that India is emerging as one of the major contributors to global wealth, even though money is still concentrated in a few places.
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