Overview

• Millionaire households (net worth ≥ ₹8.5 crore) rose to 871,700 in 2025, up 90% since 2021 and 445% since 2017, now comprising about 0.31% of all households.
• Maharashtra tops with 178,600 millionaire households, driven by Mumbai’s 142,000; New Delhi counts 68,200 and Bengaluru 31,600, with the top 10 states holding over 79% of the total.
• Affluent portfolios remain conservative: equities 22%, property 21% and gold 18%, with 29% actively managing wealth and only 17% describing themselves as risk‑takers.
• Luxury spending and banking preferences are shifting, with UPI handling 35% of transactions, HDFC Bank named top domestic private bank, Citibank favored internationally, and Rolex, Gucci, Louis Vuitton and Tanishq leading brand choices.
• Hurun notes limited ascent into ultra‑rich tiers (about 5% to ₹100 crore and roughly 0.01% to billionaire status) while projecting millionaire households could double in the next decade as its new MBHX index shows near‑200% growth.