Mumbai: Mercedes-Benz and Hurun India have unveiled the inaugural Mercedes-Benz Hurun India Index (MBHX), alongside the Mercedes-Benz Hurun India Wealth Report 2025 and the Mercedes-Benz Hurun India Luxury Consumer Survey 2025. Together, the reports provide a comprehensive picture of India’s wealth creation, millionaire households, and the evolving lifestyle and consumption preferences of the country’s affluent class.
According to the Mercedes-Benz Hurun India Wealth Report 2025, India is now home to 8,71,700 millionaire households (net worth ≥ INR 8.5 crore / US$1 million), marking a 90% jump from 4,58,000 households in 2021. These families account for 0.31% of all Indian households and are projected to grow further, fueled by strong economic momentum.
The Luxury Consumer Survey 2025, based on responses from 150 Indian millionaires with an average age of 32, highlights trends across investments, luxury brands, travel, digital payments, and lifestyle choices. Mumbai leads as the country’s “Millionaire Capital” with 1,42,000 millionaire households, followed by New Delhi (68,200) and Bengaluru (31,600).
Commenting on the launch, Santosh Iyer, MD & CEO, Mercedes-Benz India, said, “India’s growth story underscores the resilience and transformation of the economy, driven by a burgeoning domestic market and soaring aspiration of today’s young generation. Mercedes-Benz, with strong roots in India, remains a symbol of social prestige, financial affluence and unmatched desirability. The Mercedes-Benz Hurun India Index reflects the pulse of India’s wealth creation and luxury consumption patterns, representing the sentiment of India’s affluents. Mercedes-Benz remains optimistic about India’s economic resilience and social progress, and our strategic patience defines our long-term positive market outlook and exuberance for India.”
Adding perspective on the findings, Anas Rahman Junaid, Founder & Chief Researcher, Hurun India, said, “I believe our inaugural Mercedes-Benz Hurun India Index (MBHX) truly captures the spirit of India’s economic rise. For the first time, we have an index that uniquely blends multiple indicators – from luxury car sales and billionaire growth to stock market performance and GDP – into a single yardstick of wealth creation. The index’s near-200% surge in recent years shows me that India’s wealth creation is real and resilient, rising in tandem with our broader economic progress. This index is more than a statistic; it’s a celebration of how far India has come and a benchmark for the journey ahead.”
He further noted, “I am struck by the extraordinary upward mobility we’re witnessing in India. In less than a decade, the number of Indian households worth over US$1Mn has skyrocketed by 445% – a surge that underlines how wealth creation is reaching a broader base of our society. This democratisation of prosperity speaks to the resilience of our economy, with opportunity spreading to millions of new wealth creators. Yet it’s also telling that only about 5% of 2017’s millionaires have become ultra-high-net-worth individuals and a mere 0.01% made it to billionaire status. It shows that while affluence is spreading, the climb to the very top remains steep. Overall, I see a nation where wealth aspirations are more attainable than ever, fueling a confident, upwardly mobile India.”
On India’s comparative global standing, Junaid added, “As of today, India counts roughly 8.7 lakh (871,700) millionaire households – still modest next to China’s ~51 lakh (5.1 million), and a far cry from the even larger base in the United States. I don’t view this gap as a disadvantage; I see it as our runway. It underscores the immense growth potential of India’s wealth story. In fact, with the economy set to double, we project India’s millionaires could double to around 1.7 to 2 million households in the next decade. Powered by our young demographic, technology and entrepreneurial spirit, India is poised to become the world’s fastest-growing wealth hub – gradually closing the gap with the leading economies. The best is yet to come.”
Highlighting the changing dynamics of luxury in India, he said, “One of the most exciting aspects of India’s wealth boom is the rise of the luxury market. Our latest survey reveals that India’s millionaires are actively shaping the future of luxury consumption, influencing trends at home and abroad. We chose to shine a spotlight on the luxury segment because luxury in India today is far more than indulgence – it represents aspiration, innovation, and the confidence of a new India. As wealth grows, so does demand for premium experiences, and the next decade presents a meaningful opportunity for global luxury brands to deepen their presence in India. By honoring this segment, we acknowledge that the story of India’s wealth creators is also a story of evolving tastes and world-class aspirations.”
On the collaboration, Junaid concluded, “I would like to sincerely thank Mercedes-Benz for partnering with us on this report. This collaboration marries Mercedes-Benz’s legacy as a symbol of aspiration for India’s wealthy with Hurun’s expertise in chronicling wealth creation. Together, we have combined our credibility and insights to present a holistic picture of India’s wealth landscape. I believe this partnership sets a new benchmark – it’s a testament to our shared vision to celebrate India’s wealth creators and the luxury ecosystem that inspires them. We are proud of what we’ve achieved together, and I look forward to our continued journey in highlighting India’s success stories.”
