In September 2025, Hurun India in partnership with Mercedes-Benz released its latest ‘Mercedes-Benz Hurun India Wealth Report and Luxury Consumer Survey 2025’. As per the Mercedes-Benz Hurun India Report 2025, Maharashtra has consolidated its position as India’s richest state with 1.78 lakh millionaire households, witnessing an increase of 194% since 2021.
- The report noted that Maharashtra’s growth has been primarily driven by a 55% rise in its Gross State Domestic Product (GSDP), which reached Rs 40.50 lakh crore since 2020-21.
- It is followed by Delhi (79,800); Tamil Nadu, TN (72,600); Karnataka (68,800); and Gujarat (68,300) ranked at 2nd, 3rd, 4th and 5th position, respectively.
Exam Hints:
- What? Release of ‘Mercedes-Benz Hurun India Wealth Report and Luxury Consumer Survey 2025’
- Released by: Hurun India and Mercedes-Benz
- Most Wealthiest State: Maharashtra (with 1.78 lakh millionaire households)
- Millionaire Capital: Mumbai (with 1.42 lakh millionaire households)
- Top 10 State Account: More than 79% of millionaire families
- Millionaire Families (2025): 871,700 (+90% compared to 2021)
About Mercedes-Benz Hurun India Index (MBHX):
Inaugural Edition: The 1st edition of Mercedes-Benz Hurun India Index (MBHX) was also released with India Wealth Report.
Key Parameters: The index has used Gross Domestic Product (GDP) growth, Sensex performance, billionaire additions, and Mercedes-Benz sales to measure composite wealth creation
Key Finding: The index has increased by approximately 200% since 2018, reflecting the increase of wealth creation by the High-Net-Worth-Individuals (HNIs).
Key Findings:
Top 10 States Representation: Cumulatively, the top 10 states in India account for over 79% of the millionaire families, attributed mainly by increasing GSDP and business formalization across technology, finance, and industrial sectors.
Millionaire Capital: Among Indian Cities, Mumbai(Maharashtra) (known as the financial capital of India), has emerged as the ‘Millionaire Capital’ with 1.42 lakh millionaire households, followed by New Delhi, Delhi (68,200) and Bengaluru, Karnataka (31,600) ranked at 2nd and 3rd position, respectively.
Millionaire Families: The report has projected that India is expected to have 871,700 millionaire families by 2025, each with a net worth of minimum Rs 8.5 crore (USD 1 million), marking an increase of 90% compared to 4.58 lakh millionaire families in 2021.
- The report revealed that millionaire households now represent 0.31% of all households (over 0.17% in 2021) and are projected to grow, supported by robust economic momentum.
Gap Between India’s Millionaires and Billionaires: The report noted that between 2017 and 2025, the number of households with wealth above USD 1 million has increased exponentially by 445%.
- While households with net worth USD 1.2 million and above increased by over 200%.
- But, Only 5% could move into the Ultra-High Net Worth Individuals (UHNWIs) (with a net worth above USD 12 million) i.e. only 0.01% became billionaires.
Top 5 Indian States with the highest number of millionaire households in 2025
| Rank | Name of the State | Number of Millionaire Households (2025) |
|---|---|---|
| 1 | Maharashtra | 1,78,600 |
| 2 | Delhi | 79,800 |
| 3 | Tamil Nadu (TN) | 72,600 |
| 4 | Karnataka | 68,800 |
| 5 | Gujarat | 68,300 |
Other Top 10 States: Uttar Pradesh (UP) (57,700, ranked at 6th spot); Telangana (51,700, ranked at 7th spot); West Bengal, WB (50,400, ranked at 8th spot); Rajasthan (33,100, ranked at 9th spot); and Haryana (30,500, ranked at 10th spot).
Top 5 Indian Cities with the highest number of millionaire households in 2025:
| Rank | Name of the City | Number of Millionaire Households (2025) |
|---|---|---|
| 1 | Mumbai, Maharashtra | 1,42,000 |
| 2 | New Delhi, Delhi | 68,200 |
| 3 | Bengaluru, Karnataka | 31,600 |
| 4 | Ahmedabad, Gujarat | 26,600 |
| 5 | Kolkata, West Bengal (WB) | 26,600 |
Other Top 10 Cities: Other top 10 Indian cities with highest number of millionaire households: Ahmedabad, Gujarat (26,800, ranked at 4th spot); Kolkata, WB (26,600 ranked at 5th spot); Chennai, TN (22,800 ranked at 6th spot); Pune, Maharashtra (22,500 ranked at 7th spot); Hyderabad, Telangana(19,800 ranked at 9th spot) and Surat, Gujarat (5,700, ranked at 10th spot).
Luxury Consumer Survey 2025:
Asset Choices: The survey showed that stocks (22%), real estate (21%), and gold (18%) continue to be the top asset choices of wealthy people in India.
Banking Preferences: As per the latest survey conducted among 150 India millionaires, HDFC Bank Limited emerged as the most preferred Indian private bank and Citibank was voted as the top international private bank.
Payment Preferences: The Unified Payments Interface (UPI) emerged as the most preferred mode for payments, accounting 35% of payment transactions, followed by Cash (18%) and Cards (14%).
Top 3 Overseas Destinations: The United States of America (USA) (19%) continue to be the top destination for overseas investment, followed by the United Arab Emirates (UAE) (18%) and Singapore (14%).
Lifestyle, Hobbies and Spending Habits: The survey showed that travel (45%) was voted as the top hobby for wealthy people, followed by reading (19%), and cooking (19%)
- Most Preferred Fitness Activities: Yoga (27%), Swimming (20%) and Cycling (14%).
- Most Spending Habits: Tourism (32%), Education (27%), and Entertainment (22%).
Brand Choices: In terms of jewellery, 75% of the respondents preferred natural diamonds over lab-grown diamonds. Tanishq emerged as the most preferred domestic jewellery retailer and Tiffany & Co. as the most preferred global jewellery brand.
- While, Rolex leads among the luxury watch brands, and Gucci and Louis Vuitton (LV) lead the list in accessories.
About Hurun Report Inc. (Hurun Report):
It is a leading research, luxury publishing and events group established in 1998. Hurun India was established in 2012.
Chief Executive Officer (CEO) – Rupert Hoogewerf
Headquarters – London, the United Kingdom (UK)
