The Millionaire Club

India is minting dollar millionaires; one every half hour. It’s a powerful testament to the nation’s growth that even as we faced turbulent headwinds created by Covid-19, global warfare, and the Trump factor; we have continued to build and create wealth. Our economic convictions have borne rich dividends, so much so that 8.71 lakh Indians have entered the ‘Millionaire Club’ between 2021 and 2025; almost double in four years. As per the recently released 2025 Mercedes-Benz Hurun India Wealth Report, along with the inaugural Mercedes-Benz Hurun India Index, 8,71,700 households in India each have a net worth of Rs 8.5 crores or more.

Currently, 0.31 per cent of all households in India are millionaire households, posting a whopping 445 per cent growth between 2017 and 2025. Most new-gen ‘Richie Richs’ came from Maharashtra (1.78 lakh), followed by Delhi (79,800), Tamil Nadu (72,600), and Karnataka (68,800). Seven Tier II cities — Ahmedabad, Surat, Jaipur, Vadodara, Nagpur, Visakhapatnam, and Lucknow — are also shining with affluence. More households became millionaires with a USD 1.2 million net worth, growing at a rate of 202 per cent. Only 5 per cent transitioned into being ultra-high net worth individuals (UNHI) worth USD 12 million and above. But while India is producing new millionaires, crossing over into the billionaire club is rare (0.01 per cent), possible only through global-scale businesses, IPOs, or multigenerational wealth.

Wealth creation has indeed advanced, a trend that’s reflected even in the Hurun Rich List, where a growing number of self-made entrepreneurs have stormed the erstwhile monopoly of family wealth. But we also hear of the elite exodus — as per reports, 3,500 millionaires are predicted to migrate overseas in 2025. Increased tax burden, greater business opportunities, and improved standards of living have been strong factors driving the migration. And here’s where we need to pause. Let’s hope India keeps producing more and more millionaires so that we can be at par or even overtake China’s 51 lakh. But none of it will matter if the rich flee Indian shores. We will need a social, economic, and civic environment that fosters and encourages growth and stability in order to retain the nouveau riche. In an unstable world, India can be that haven of predictable and stable policy regulations, not just for the foreign capital that we are out to attract but also to our homegrown entrepreneurs who need succour in this tough market.

It’s also positive that the new millionaires are not overspenders, with the report indicating moderate annual consumption of under Rs 1 crore for 60 per cent households. They spent most on tourism (32 per cent), followed by education (27 per cent) and entertainment (22 per cent). The Mercedes-Benz Hurun India Luxury Consumer Survey 2025 also showed how the rich are now spending their money. Luxury and electric vehicles find favour with Mercedes-Benz, BMW, and Audi remaining top picks. Real estate with luxury farmhouses and holiday homes, global experiential travel to Europe and Southeast Asia, high-end fashion accessories and apparel from brands such as Rolex, Gucci, and Louis Vuitton, along with investment in crypto art and technology, remain favourites.

You must also remember that as you continue to create prosperity for yourselves, the onus is upon you to spread the impact and generate opportunities for others. The Wealth Report notes the US and UAE as chosen investment destinations for the new millionaires and aspirants. And while investment returns dictate deployment, India will need more domestic capital. Just this week, we learnt that India’s unemployment rate has touched 5.2 per cent in September, with female joblessness hitting a three-month high. We need our new millionaires to repose trust in India, pumping money into desi ventures led by dynamic entrepreneurs who can then go on to create hundreds of jobs. Not being big spenders means that you’re saving and investing. Dear millionaires, may you become billionaires soon, but do learn to give back. The spirit of philanthropy is still tepid, and being charitable or committed to a cause is largely missing. If you adopt even one social project, just wait and see the difference you make!

Views expressed are personal. The writer is an author and media entrepreneur