Rising Fortunes: India Adds a Millionaire Household Every 30 Minutes from 2021-25

India has witnessed a remarkable rise in millionaire households, doubling from 4.58 lakh in 2021 to 8.71 lakh in 2025, with one added every 30 minutes. Maharashtra leads with 1,78,600 households, followed by Delhi and Bengaluru. Key drivers include robust equity markets, surging gold prices, and luxury consumption. Despite this growth, wealth remains concentrated, with ultra-rich status elusive. India is poised to become the fastest-growing wealth hub globally.

India’s economic progress over the last four years has been nothing short of remarkable, with an extraordinary surge in the creation of millionaire households. According to the latest Hurun India Wealth Report 2025, the country now boasts 8.71 lakh millionaire households—defined as families with a minimum wealth of ₹8.5 crore. This figure has nearly doubled from 4.58 lakh in 2021, signifying that a new millionaire household emerges every 30 minutes.

While these numbers underscore India’s growing affluence, they also highlight the widening income inequality that has been a persistent issue over the past decade. Millionaire households currently represent just 0.31% of all households in the country, a stark reminder of the wealth concentration at the top.

Maharashtra Leads the Wealth Boom

Maharashtra, India’s largest state economy, has firmly established itself as the epicenter of this wealth boom. The state now has 1,78,600 millionaire households, a staggering 194% increase since 2021. Mumbai alone accounts for a significant portion, hosting 1,42,000 of these households. This growth is supported by the state’s economic expansion, which saw its GDP soar by 55% to ₹40.5 trillion ($480 billion) in 2025.

Delhi ranks second with 79,800 millionaire households, followed by Bengaluru in third place with 31,600 households. Bengaluru’s IT and startup ecosystem continues to fuel wealth creation in the city. Other cities playing a significant role in this economic transformation include Ahmedabad, Kolkata, Chennai, Pune, and Hyderabad, reflecting a wider distribution of wealth across both traditional and emerging business hubs.

Wealth Creation and Luxury Consumption

The report, co-produced with Mercedes-Benz India, highlights the link between rising affluence and luxury consumption. Santosh Iyer, CEO of Mercedes-Benz India, noted that the findings capture the sentiment of the growing affluent population, reflecting their evolving consumption patterns.

Anas Rahman Junaid, founder and chief researcher of Hurun India, emphasized the resilience of India’s wealth creation story. “The near-doubling of millionaire households is a testament to the robustness of the economy,” he said.

Key drivers of this wealth surge include robust equity markets, a meteoric rise in gold prices, and increasing luxury spending. The Nifty index has climbed nearly 70% between 2021 and 2025, while gold prices have more than doubled, surpassing ₹1.14 lakh per 10 grams.

Challenges on the Path to Ultra-Wealth

Despite the sharp rise in millionaire households, the journey to ultra-high-net-worth status remains challenging. The report reveals that only 5% of millionaires in 2017 managed to transition to the ₹100 crore wealth bracket, and just 0.01% reached billionaire status. This dual trend reflects a broad-based growth in affluence alongside concentrated wealth at the very top.

India’s Global Standing and Future Growth

India’s millionaire population, while growing rapidly, remains modest compared to China, which has 5.1 million millionaire households. However, the report predicts that India could double its millionaire households to nearly 2 million within the next decade, establishing itself as the world’s fastest-growing wealth hub.

While the country’s affluent class is expanding at an unprecedented pace, the steep climb to billionaire status underscores the selective nature of wealth accumulation. This juxtaposition of opportunity and exclusivity paints a complex picture of India’s economic landscape—a nation surging forward while navigating the challenges of equitable growth.

India’s wealth creation story is undoubtedly one of resilience and dynamism, but it also serves as a reminder of the importance of addressing income disparities as the country continues to evolve as a global economic powerhouse.