Mumbai holds 35% of India’s ultra-wealthy: Report

Property consultancy Knight Frank on Thursday said Mumbai accounts for 35.4% of India’s ultra-high-net-worth (UHNW) population, reinforcing its position as the country’s wealth hub, according to its Wealth Report 2026.

The report noted that India’s wealth creation has accelerated alongside a 38% expansion in GDP over the past five years, driven by sectors such as technology, industry and capital markets.

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India’s UHNW population — individuals with wealth exceeding $30 million — rose 63% between 2021 and 2026 to 19,877, placing the country as the sixth-largest UHNW market globally. The number is projected to grow a further 27% to 25,217 by 2031, the report said.

Mumbai continues to dominate luxury real estate demand, supported by limited land availability, coastal constraints and global investor interest. In 2025, the city recorded 56 transactions in the $5 million-plus residential segment.

Demand for ultra-luxury housing is increasingly being driven by domestic buyers seeking larger homes and lifestyle-focused developments, prompting higher developer activity in premium segments.

“Mumbai’s continued dominance… reflects a deeper structural shift in the country’s wealth creation cycle,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India, adding that demand is moving from investment-led purchases to lifestyle-driven acquisitions.

Despite rising prices, Mumbai remains relatively more spacious than global luxury markets. In 2025, $1 million could buy about 96 square metres of prime residential space in the city, down 3% from a year earlier, indicating price appreciation.

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Globally, markets such as Monaco, Hong Kong and Geneva remain far more expensive, while Indian cities like Delhi and Bengaluru offer significantly larger spaces for the same value.

According to Knight Frank’s Prime International Residential Index (PIRI 100), global prime residential prices rose 3.2% in 2025. Mumbai saw an 8.7% increase in prime property prices, climbing to the 10th position globally from 21st a year ago.