Mumbai: India's millionaire count has reached a record high of 8,71,700, marking a 90% increase over four years with Mumbai leading as the 'millionaire capital' with 1,42,000 millionaires. The Mercedes-Benz Hurun India Wealth Report 2025 also indicates Mumbai's top ranking among the world's key cities for the next decade, emphasizing its global significance.
Additionally, according to the report, Mumbai has ranked first among the most vital global cities for the upcoming decade, with 31 percent of participants highlighting its growing international importance.
The report indicates that Mumbai fuels Maharashtra's prosperity, representing 80 percent of the state's overall millionaires. This prominence indicates Maharashtra’s 55 percent GSDP increase and the city’s function as the center for finance, commerce, and large companies. With the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, and SEBI based there, Mumbai’s financial landscape is unmatched.
The Mercedes-Benz Hurun India Wealth Report indicates that from 2017 to 2025, the number of millionaire households increased by 445 percent. The report suggests that millionaire households make up approximately 0.31 percent of all Indian households and are expected to continue increasing, fueled by robust economic growth.
The report indicates that Indian millionaires continue to prefer stocks, real estate, and gold as their primary asset selections. Fifty-one percent of those surveyed anticipate growth in Indian real estate over the next two years, whereas 38 percent think it will stay stable.
In the realm of investment, 29 millionaires oversee their portfolios; merely 17 percent are willing to take risks, 15 per cent are passive investors, while 31 percent exercise caution, reflecting a trend toward conservative financial strategies. The report indicates that Rolex is the leading choice for luxury watches among Indian millionaires, while Gucci and Louis Vuitton lead in accessories.
