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Mercedes-Benz and Hurun India have launched the Mercedes-Benz Hurun India Index (MBHX) and Mercedes-Benz Hurun India Wealth Report 2025, revealing that India now hosts 871,700 dollar millionaire households – a 90% increase from 458,000 in 2021. The report, accompanied by a luxury consumer survey of 150 Indian millionaires, provides insights into the country’s wealth landscape and luxury consumption patterns.
The millionaire households, each with a net worth of INR 8.5 crore or more, now represent 0.31% of all Indian households, up from 0.17% in 2021. The Mercedes-Benz Hurun India Luxury Consumer Survey 2025 examined preferences and investment attitudes of millionaires with an average age of 32 years.
The newly introduced Mercedes-Benz Hurun India Index combines multiple indicators including luxury car sales, billionaire growth, stock market performance, and GDP to measure wealth creation. According to the report, the index has surged nearly 200% in recent years.
“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,” said Santosh Iyer, MD & CEO, Mercedes-Benz India. “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.”
Anas Rahman Junaid, Founder & Chief Researcher, Hurun India, described the wealth creation as “real and resilient.” He 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.”
The report highlighted significant upward mobility, with Indian households worth over US$1 million increasing by 445% in less than a decade. However, only 5% of 2017’s millionaires have become ultra-high-net-worth individuals, and 0.01% achieved billionaire status.
“I am struck by the extraordinary upward mobility we’re witnessing in India,” Junaid noted. “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.”
India’s millionaire household count remains below China’s 5.1 million and the United States’ larger base. The report projects India’s millionaires could double to 1.7-2 million households within the next decade as the economy expands.
“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,” Junaid explained. “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.”
The report identified growth in luxury consumption as a key trend among Indian millionaires, with implications for global luxury brands seeking to expand their presence in the Indian market.
“One of the most exciting aspects of India’s wealth boom is the rise of the luxury market,” Junaid said. “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 spotlight 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.”
The partnership between Mercedes-Benz and Hurun India represents the first collaboration of its kind to comprehensively map India’s wealth creation and luxury market dynamics.
“I sincerely thank Mercedes-Benz for partnering with us on this report,” Junaid concluded. “This collaboration marries Mercedes-Benz’s legacy as a symbol of aspiration for India’s wealthy with Hurun’s expertise in chronicling wealth creation. 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.”
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