News Desk
MUMBAI — As the golden hues of dawn kiss the tarmac of Mumbai’s Chhatrapati Shivaji Maharaj International Airport, a sharply dressed entrepreneur strides confidently toward a gleaming private jet, briefcase in hand. The image, shared widely on social media this week, has become a symbol of India’s astonishing economic ascent. According to the latest Mercedes-Benz Hurun India Wealth Report 2025, released on September 18, the country is witnessing a millionaire household being created every 30 minutes, a testament to a burgeoning wealth explosion that is reshaping the nation’s economic landscape.
India’s millionaire households—defined as those with a net worth of at least $1 million (approximately ₹8.5 crore)—have nearly doubled in just four years, soaring from 458,000 in 2021 to 871,000 in 2025, a 90% jump. This growth, fueled by robust stock market gains, a thriving real estate sector, and a surge in entrepreneurship, underscores a remarkable democratization of prosperity. Maharashtra, India’s financial powerhouse, leads the charge with 178,000 millionaire households, a 194% increase since 2021, while Mumbai alone boasts 142,000 such households, cementing its status as the nation’s “millionaire capital.” The report provides a detailed ranking of cities by millionaire households, with Mumbai topping the list at 142,000, followed by New Delhi at 68,200, Bengaluru at 31,600, Ahmedabad at 26,800, and Kolkata at 26,600. Other notable cities include Chennai (22,800), Pune (22,500), Hyderabad (19,800), Gurugram (10,100), and Surat (5,700), with emerging hubs like Jaipur (4,800), Vadodara (4,600), Nagpur (3,700), and Visakhapatnam (2,900) rounding out the top 14, as per the Mercedes-Benz Hurun India Wealth Report 2025.
The report’s findings come on the heels of a strong 7.4% GDP growth in the January-March quarter of 2025, as reported by the Reserve Bank of India, positioning India as the world’s fastest-growing major economy despite global uncertainties. Analysts attribute this momentum to government initiatives like income tax cuts in the 2025 federal budget, an anticipated above-normal monsoon, and a resilient domestic market. “In less than a decade, India’s millionaire households have surged by 445% since 2017,” said Anas Rahman Junaid, Founder and Chief Researcher of Hurun India. “This is a sign that the best is yet to come.”
Beyond the numbers, the wealth boom is reshaping India’s social fabric. Cities like Ahmedabad and Surat in Gujarat are emerging as new wealth hubs, with 26,800 and 5,700 millionaire households respectively, buoyed by the state’s industrial prowess and entrepreneurial spirit. Tier-II cities such as Pune (22,500) and Hyderabad (19,800) are also gaining ground, signaling a broader geographic spread of affluence. This trend is further supported by a 200% surge in the Mercedes-Benz Hurun India Index since 2017, a composite measure of wealth creation that tracks GDP growth, stock market performance, and luxury car sales.
Yet, this prosperity story is not without its broader context. The 2025 report projects that India’s millionaire households could reach 1.7 to 2 million by 2035, as the nation’s GDP is expected to double over the next decade. This optimism is echoed by the successful debut of Urban Company, a home-services startup, which saw its shares soar 74% on the National Stock Exchange this month, valuing the company at $3 billion and highlighting investor confidence in India’s burgeoning startup ecosystem. With the country’s IPO market poised to raise a record sum in 2025, surpassing the $7.78 billion of 2024, India is cementing its status as the world’s second-largest IPO market.
Still, the wealth explosion is not evenly distributed. A 2024 World Inequality Lab study noted that India’s richest 1% now hold 40.1% of the nation’s wealth, a level not seen since 1961, raising questions about income inequality. Rural areas, where 65% of the population resides, continue to lag, with agricultural growth struggling to match urban gains. Yet, government programs like direct cash transfers and subsidized grain distribution, alongside increased spending on education and health, are seen as steps toward balancing this disparity.
As India navigates this dual narrative of growth and challenge, the millionaire boom offers a glimpse of a future where economic power is increasingly homegrown. With its young population—over 600 million under 25—and a projected GDP growth rate of 6% for 2025-26, the nation is poised to redefine global prosperity.
