India's multi-crorepatis: Wealth piles up at the base

India's wealth story is happening at the base and not at the top. India is minting millionaires or multi-crorepatis at a much faster pace than billionaires and ultra high net worth individuals (UHNIs). As per the Mercedes-Benz Hurun India Wealth Report 2025, India now has 8,71,700 millionaire households (net worth = Rs 8.5 crore/$1 million), up 90% from 2021’s 4,58,000, representing 0.31% of all households.

However, upward mobility slows down drastically as the wealth level goes up. Between 2017 and 2025, $1 million+ households grew 445%, $1.2 million+ households rose 202%, but only 5% crossed into UHNI (US$12Mn) and 0.01% became billionaires ($1 billion+).

"I am struck by the extraordinary upward mobility we’re witnessing in India," said Anas Rahman Junaid, Founder & Chief Researcher, Hurun India. "In less than a decade, the number of Indian households worth over US$1 mn 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."

Also read: These 7 Tier II cities mint most millionaires

With the economy set to double, the report projects India’s millionaires could double to around 1.7 to 2 million households in the next decade.

The report says a new analysis of India’s millionaire households highlights the distribution of wealth across varying net-worth tiers, underscoring the growing concentration of assets at the top. The data present a clear wealth pyramid, where households rise sharply as the wealth brackets decline.

At the very apex stand 360 billionaire households, each with a net worth exceeding Rs 8,500 crore ($1 billion), collectively commanding an extraordinary Rs 185 lakh crore. Below them, the affluent base expands significantly: 66,800 households hold wealth above Rs 100 crore, while the count of millionaire households (net worth above Rs 8.5 crore/$1 million) reaches 8,71,700.

India added millions of new millionaires and crorepatis between 2017 and 2025, yet only a fraction has ascended into the ultra-rich and billionaire tiers, highlighting broad-based affluence but steep selectivity at the top.

Between 2017 and 2025, the number of Indians surpassing the symbolic $1 million mark (Rs 8.5 crore) grew by 445%, while those exceeding Rs 10 crore ($1.17 million) rose by over 200%. This surge reflects India’s rapidly expanding affluent base, driven by strong equity markets, entrepreneurship and urban economic growth.

The report says India's wealth mobility story reflects both the democratisation of prosperity and the concentration of extreme wealth, offering critical insights for policymakers, investors and luxury brands