The Growth of Millionaire Households in India

Rise of millionaire households in India

Introduction

India has witnessed a remarkable surge in the number of millionaire households (families with assets worth ₹8.5 crore or more). According to the Hurun India Wealth Report 2025, millionaire households have nearly doubled from 4.58 lakh in 2021 to 8.71 lakh in 2025. This reflects rapid wealth creation, fueled by equity markets, gold prices, and growing luxury consumption.

Trends in Millionaire Households

Rapid Growth: Every 30 minutes, a new millionaire household is added in India. From 2017 to 2025, the number increased from 1.59 lakh to 8.71 lakh.

Geographic Distribution: Maharashtra leads with 1.78 lakh millionaire households, driven by Mumbai’s 1.42 lakh. New Delhi ranks second (68,800), followed by Bengaluru (31,600). Other emerging hubs include Ahmedabad, Kolkata, Chennai, Pune, Hyderabad, Gurugram, and Surat.

Economic Drivers: Stock market boom (Nifty rose 70% between 2021 and 2025), gold prices more than doubled (crossing ₹1.14 lakh per 10 grams), and the expansion of IT, start-ups, and luxury consumption trends all fueled the rise.

Significance

Indicator of Economic Growth: Wealth expansion shows resilience in India’s economy and confidence in financial markets.

Rising Inequalities: Millionaire households still make up only 0.31% of all households, highlighting widening income disparities.

Regional Wealth Hubs: Mumbai, Delhi, and Bengaluru dominate, reflecting both traditional industries and new-age sectors.

Luxury and Consumption Trends: Demand for premium housing, cars, and lifestyle goods shows shifts in urban consumption.

Policy Implications: While wealth creation is accelerating, the gap between rich and poor calls for inclusive policies in taxation, social spending, and financial literacy.

Synopsis

India’s millionaire households have doubled since 2021, reaching 8.71 lakh in 2025. Mumbai leads with the highest concentration, followed by Delhi and Bengaluru. This growth reflects booming equity markets, soaring gold prices, and rising luxury consumption. However, the fact that millionaires constitute only 0.31% of households highlights deepening income inequalities. The trend signals both India’s economic vibrancy and the urgent need for inclusive development policies.