Mumbai alone has 142,000 millionaire families: Hurun report maps India’s wealth boom

The Mercedes-Benz Hurun India Wealth Report 2025 estimated the number of millionaire families in India at 871,700, up sharply from 458,000 in 2021 and 159,900 in 2017. Mumbai alone accounts for 142,000 of them, followed by New Delhi at 68,200 and Bengaluru at 31,600, showing the millionaire class is expanding fast but remains concentrated in a few cities.

The Hurun findings echo a separate measure from the UBS Global Wealth Report 2026, which found India added 31,033 new US-dollar millionaires in 2025, more than twice mainland China’s 14,079. India’s millionaire count rose 3.4% during the year against China’s 0.3%, though Hurun counts families while UBS counts individuals, so the two totals aren’t directly comparable even as the trends point in the same direction.

China still holds a much larger overall millionaire base, with UBS estimating more than 5.3 million dollar millionaires there against India’s roughly 944,000. But in 2025, India minted more new dollar millionaires than China, Russia, South Korea, Germany and Italy.

Even as India’s wealthy class grows, its wealth composition looks different from richer economies. UBS data shows only 25.8% of India’s gross personal wealth sits in financial assets, against 78.9% in the US and 51.9% in mainland China, with an RBI-linked household finance study finding the average Indian household held 77% of its assets in real estate and just 5% in financial assets.

UBS notes that India is among the few markets where median wealth has climbed roughly 20% since 2020, even as inequality remains high — UBS puts India’s wealth Gini at 0.74, close to the US’s 0.77 and well above mainland China’s 0.60, on a scale where 0 indicates perfect equality and 1 indicates extreme inequality.