India’s richest people: Bengaluru, Delhi or Mumbai? Latest report reveals name of city that produces most millionaires

The Mercedes-Benz Hurun India Wealth Report 2025 is out. It highlights a major rise in India’s millionaire households, nearly 200%. Moreover, 83% of respondents remain confident about India’s growth over the next three years.

The massive growth shows strong wealth creation along with GDP growth, Sensex rise and new billionaires. India now has 8,71,700 millionaire households with net worth above ₹8.5 crore ($1 million), almost double the 2021 figure of 4,58,000. These represent 0.31% of all households.

From 2017–2025, million-dollar households grew 45%. But, only a small share moved into ultra-rich categories, according to the Mercedes-Benz Hurun India Wealth Report 2025.

The Nifty 50 index rose nearly 70% between 2021 and 2025 while gold prices almost doubled in the same period. HDFC Bank emerged as India’s most preferred private bank, and Citibank led internationally.

Stocks, real estate and gold remain the favourite investments. UPI apps have overtaken cards and cash in luxury transactions.

Investments show a conservative shift, according to the Mercedes-Benz Hurun India Wealth Report 2025. Around 29% actively manage it, but only 17% take risks while 31% stay cautious. The USA remains the top overseas investment choice, followed by the UAE.

Maharashtra leads with 1,78,600 millionaire households, driven by Mumbai’s 1,42,000. The state saw 194% growth since 2021, with its GSDP rising 55% to ₹40.5 lakh crore ($480 billion). Delhi and Tamil Nadu also recorded significant growth.

Mumbai has become India’s “Millionaire Capital” with 1,42,000 such families, followed by New Delhi with 68,200 and Bengaluru with 31,600.

Together, the top 10 states account for 79% of the nation’s millionaires. This growth has been fuelled by gains in tech, finance and industries, as well as strong markets.

According to the World’s Wealthiest Cities Report 2025, released in June, Bengaluru ranked 3rd with 120% millionaire growth over the past decade. Delhi and Mumbai also showed strong gains, with 82% and 69% growth, ranking 14th and 18th worldwide.

How wealthy Indians view money

The Mercedes-Benz Hurun India Luxury Consumer Survey 2025 also shows how wealthy Indians view money and spending. For financial freedom, 27% said ₹50 crore is enough, 25% chose ₹10 crore, and 20% set it at ₹200 crore.

Around 60% of households spend less than ₹1 crore a year, with most going to tourism, education and entertainment. On social responsibility, 30% see paying taxes as most important, followed by environmental causes (20%) and charity (17%).