This year we have witnessed some great traction in the economy. Not just the economy; even the country’s population is growing at a healthy rate. India has witnessed a massive growth in the count of millionaires in the last 4 years. The rise in millionaires is a great economic indicator showing where the country is heading.
According to the recent highlights of a report released, India’s millionaire clubs have expanded by over 8.7 lakh, which is almost double what it was 4 years back. The report we are diving into today is the Mercedes-Benz Hurun India Wealth Report 2025. This report gives us multiple insights about the country, so first let’s discuss that and what it means for the startup ecosystem.
So, there are some sets of big numbers that we need to talk about. Let’s first discuss the numbers and then get into the effects of it. As mentioned earlier, now India has nearly 8.71 lakh millionaire households, and their net worth is now more than 8.5 crore. And if we go location-specific, like which state has seen massive growth in millionaires, Maharashtra tops the list. Nearly 178,600 millionaire households are in the state now, and interestingly, 142,000 are only in Mumbai. Meaning the wealth is more concentrated in Mumbai itself.
India today presents a fascinating wealth story. On one hand, the country now has 360 billionaire households, together commanding ₹185 lakh crore, showing the immense concentration of capital at the very top. On the other, wealth creation is spreading fast, with millionaire households (₹8.5 crore+) growing by 445% between 2017 and 2025, and those above ₹10 crores rising by over 200%. But still, only 5% of 2017’s millionaires managed to break into the ₹100 crore+ club, and just 1.3% reached beyond ₹200 crore.
The report has also shown an interesting fact here. Narayana Murthy’s grandson is India’s youngest millionaire. A few months back Narayana Murthy, who is the founder of Infosys, gifted shares worth INR 240 crore to his 4-month-old grandson. These kinds of trends we have seen in the last few years. Well, there are some more points that we need to discuss.
Now you might think, only urban cities, especially cities like Mumbai, Hyderabad, Bangalore, and Delhi, have seen this growth, right? It’s absolutely incorrect. This time it is different. Nearly seven Tier II cities, such as Ahmedabad, Surat, Jaipur, Vadodara, Nagpur, Visakhapatnam, and Lucknow, feature among the top cities with the highest number of millionaire households. This underlines a powerful trend: wealth creation in India is no longer confined to metros but is increasingly flowing into emerging urban centers.
The rise of millionaires in these Tier II cities reflects the broader economic vibrancy and diversification of India’s growth story. Industries like manufacturing, IT services, pharma, textiles, logistics, and even real estate in these regions are producing new-age wealth creators.
Now let’s shift our focus to where they are spending the money. Luxury consumption patterns among India’s wealthy reveal fascinating insights. In jewellery, natural diamonds continue to hold dominance, with 75% preferring them, with Tanishq emerging as the top choice in India and Tiffany & Co. leading globally. Among digital-first platforms, CaratLane stands out as the leader in online jewellery shopping.
When it comes to gifting, watches remain the most popular choice for men (43%), jewellery tops for women (50%), and toys lead for children (51%), while health products are most preferred by elders. In the luxury watch space, Rolex remains unmatched, while Gucci and Louis Vuitton lead the way in accessories. Emirates continues to be the airline of choice, and Taj Hotels sets the benchmark for luxury hospitality in India.
Automobile preferences also highlight India’s growing affluence; over half of the country’s millionaires own more than one car, with many upgrading within three to six years. At the same time, 40% prefer holding on to their cars for more than six years, reflecting a blend of aspirational upgrades and long-term value orientation.
When we look at all these numbers, one thing that we can witness is the lack of presence of Indian startups in the top categories. There is still a huge opportunity to serve these affluent communities who handle the majority of wealth in India. There are some startups that target this set of audience.
Millionaires are spending on jewellery, watches, cars, travel, and hotels. This means there’s huge room for startups to create new brands, platforms, and services in luxury and lifestyle. Wealth management is a goldmine. With more millionaires and even children becoming millionaires through inheritance, there’s a big need for smart wealth-tech platforms, family office services, and tools that help manage, grow, and pass on wealth.
Startups should look beyond metros and build for these fast-growing cities where aspirations are high but options are limited. So, at the end, this wealth report tells startups exactly where opportunities lie. The rich in India are growing in number, spreading across new cities, and looking for better services. Startups that can understand their lifestyle, solve their needs, and give them world-class experiences will win big.
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