Mumbai Tops the List as India’s Millionaire Capital with 1.42 Lakh Families

September 19, 2025

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India’s Millionaire Class Expands Rapidly

India’s millionaire households have grown sharply to 871,700 in 2025, each with a net worth of at least ₹8.5 crore (US$1 million). This marks a 90% jump since 2021, when there were about 4.6 lakh such households. Despite the surge, they still account for only 0.31% of India’s total households, highlighting both the pace of wealth creation and its concentrated nature.

Mumbai Leads, Tier II Cities Rising

Geographically, wealth remains concentrated in major urban centers. Maharashtra tops the list with 178,600 millionaire households, followed by Delhi, Tamil Nadu, Karnataka, and Gujarat. Among cities, Mumbai is the “Millionaire Capital” with 142,000 households, trailed by Delhi (68,200) and Bengaluru (31,600). While metros dominate, Tier II cities are now contributing significantly to wealth creation, reflecting the spread of economic opportunities beyond traditional hubs.

Investments Focus on Stocks, Real Estate, Gold

In terms of wealth management, millionaires continue to favour stocks, real estate, and gold as their primary asset classes. About 51% expect real estate to grow in the next two years, showing renewed optimism in property markets. A smaller but growing segment is investing in startups and alternative assets, though overall risk appetite remains cautious.

Experiences Outweigh Possessions in Spending

Spending patterns reveal a cultural shift. Most millionaire households keep annual consumption under ₹1 crore, but instead of focusing on traditional luxury goods, they increasingly spend on travel, education, and entertainment. Brands still matter: Rolex dominates luxury watches, Tanishq leads in jewellery, and airlines like Emirates and hotel chains like Taj Hotels are favoured for premium travel.

Yet, experiences and lifestyle improvements are seen as stronger investments than accumulating status symbols.

Happiness and the Idea of “Enough”

Crucially, wealth is translating into high levels of life satisfaction. Over 60% of respondents rated their happiness at 8 or above on a 10-point scale, suggesting that the wealthy class associates their lifestyle choices with personal well-being. When asked about financial freedom, 27% said ₹50 crore was enough, 25% said ₹10 crore, and 20% aspired to ₹200 crore, revealing varied definitions of “enough wealth” within India’s elite.

Lifestyle, Payments, and the Digital Edge

The report also shows behavioural changes. Luxury consumption is increasingly digital, with UPI and online payments replacing cash and cards, even for high-end purchases. Though millionaires are wealthier than ever, many describe themselves as conservative investors rather than aggressive risk-takers, reflecting both global uncertainty and a preference for stability.

[Credits for header image: The Economist
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