Maharashtra: The Epicenter of India's Wealth Boom

Maharashtra has emerged as a powerhouse in wealth creation, boasting 1,78,600 millionaire households and topping the nation, according to the Mercedes-Benz Hurun India Wealth Report 2025. The state has seen a 194% rise in millionaire households since 2021, driven by a 55% growth in its Gross State Domestic Product (GSDP) since the fiscal year 2020-21. Of these households, Mumbai accounts for 1,42,000, earning its title as India's 'Millionaire Capital'. The broader Indian landscape now features 8,71,700 millionaire households, marking a 90% jump from 2021 figures. However, wealth continues to be concentrated, with the top 10 states hosting over 79% of these affluent households.

Delhi ranks second with 79,800 millionaire homes, followed by Tamil Nadu's 72,600, Karnataka's 68,800, and Gujarat with 68,300. Uttar Pradesh, at 57,700, and Telangana, with 51,700, also figure prominently. Others in the top 10 include West Bengal (50,400), Rajasthan (33,100), and Haryana (30,500). These states play a crucial role in shaping India's economic prosperity.

In urban terms, Mumbai is cemented as the 'Millionaire Capital' with 1,42,000 wealthy households, trailed by New Delhi with 68,200 and Bengaluru with 31,600. These metropolitan hubs have become central to the wealth narrative in India. Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, notes a staggering 445% rise in Indian households worth over USD 1 million within a decade. While wealth is more widespread, only a fraction of 2017's millionaires have reached ultra-high-net-worth status, highlighting the ongoing challenges in wealth ascension.

Despite the accelerated pace of wealth creation nationwide, it remains predominantly concentrated in select regions. This pattern highlights the critical role of key economic centers in driving India's wealth distribution and overall prosperity.

(With inputs from agencies.)