Overview

• Households with net worth of at least ₹8.5 crore have nearly doubled since 2021 to 871,700, now representing 0.31% of all Indian households and up about 445% since 2017.
• Maharashtra leads with about 178,600 millionaire households, of which Mumbai accounts for 142,000, while the top 10 states together hold over 79% of India’s millionaires.
• Surveyed wealth holders keep most assets in stocks (22%), real estate (21%) and gold (18%), with 29% actively managing portfolios and only 17% identifying as risk‑takers.
• Luxury spending and lifestyle trends show a pivot toward experiences such as travel, growing use of UPI for high‑end transactions, and strong brand preferences across watches and accessories.
• Hurun projects 1.7–2.0 million millionaire households within a decade, even as movement into ultra‑high‑net‑worth tiers remains rare, with roughly 5% advancing past ₹100 crore and 0.01% becoming billionaires.