Mumbai, September 24 – The number of Indians earning an annual income of ₹1 crore or more has surged by nearly three times over the last six financial years, according to a survey released by research firm Hurun India on Wednesday.
The “Mercedes-Benz Hurun India Wealth, 2025” report reveals that the number of individuals earning over ₹1 crore annually stood at 81,000 in the financial year 2017-18, escalating significantly to 2.27 lakh in 2023-24.
The study indicates a strong preference for the stock market as the top investment choice for these high-net-worth individuals, followed by real estate and gold. Hurun India projects this upward trend to continue, further increasing the count of the wealthy.
Concentration of Wealth and Rapid Growth
The report identifies Mumbai as the city with the highest concentration of wealthy individuals.
In parallel findings, the Central Institutional Research indicates that the number of Indians earning ₹10 crore or more annually rose by 63% over the previous five years, reaching 31,800 in 2024. During the same period, the number of individuals with an annual income of ₹50 lakh increased by 25%.
More recent data reveals that the count of individuals earning ₹5 crore annually reached 58,200, marking a 49% increase. Notably, the income of those earning ₹10 crore annually saw a Compound Annual Growth Rate (CAGR) of 121% between 2019 and 2024.
Millionaire Households and Geographical Distribution
The Hurun India Wealth Report also noted a substantial increase in the number of households with a net worth equivalent to ₹8.5 crore. In 2021, this figure was 4.58 lakh, and it is projected to have grown to 8.71 lakh in 2025.
The report, which for the first time published the Mercedes-Benz Hurun India Index (MBHX) and the Luxury Consumer Survey 2025, crowned Mumbai as India’s ‘Millionaire Capital,’ home to 1.42 lakh affluent households. It is followed by Delhi with 68,200 households and Bengaluru with 31,600 households.
Among states, Maharashtra leads with 1.78 lakh millionaire households. The report attributes the state’s prosperity largely to a 55% growth in its Gross Domestic Product (GDP).
Consumer Trends and Investment Preferences
The survey highlighted a significant trend towards digital payments among the affluent, with 35% of the wealthy using UPI apps. Regarding investment, the order of preference remains consistent: stock market first, followed by real estate and gold. The most favored luxury brands among this demographic include Rolex, Tanishq, Emirates, and HDFC Bank.
