Gujarat among top 5 states with millionaires; Ahmedabad, Surat among top 10 cities: Hurun report
September 19, 2025
Ahmedabad: Gujarat has emerged as one of India’s leading wealth hubs, with the state securing the 5th spot in the Mercedes-Benz Hurun India Wealth Report 2025. According to the report, Gujarat is now home to 68,300 millionaire families, each with a net worth of at least ₹8.5 crore (US$1 million).
Furthermore, Ahmedabad, the financial capital of Gujarat, leads the state’s wealth map with 26,800 millionaire families, ranking 4th among Indian cities. Surat, India’s diamond city, follows with 5,700 millionaire families, placing it 10th among the top Indian cities.
Top 10 Indian States with the Most Millionaire Families in 2025
| Rank | State | No. of Millionaire Households (2025) |
|---|---|---|
| 1 | Maharashtra | 1,78,600 |
| 2 | Delhi | 79,800 |
| 3 | Tamil Nadu | 72,600 |
| 4 | Karnataka | 68,800 |
| 5 | Gujarat | 68,300 |
| 6 | Uttar Pradesh | 57,700 |
| 7 | Telangana | 51,700 |
| 8 | West Bengal | 50,400 |
| 9 | Rajasthan | 33,100 |
| 10 | Haryana | 30,500 |
Top 10 Indian Cities with the Most Millionaire Families in 2025
| Rank | City | No. of Millionaire Households (2025) |
|---|---|---|
| 1 | Mumbai | 1,42,000 |
| 2 | New Delhi | 68,200 |
| 3 | Bengaluru | 31,600 |
| 4 | Ahmedabad | 26,800 |
| 5 | Kolkata | 26,600 |
| 6 | Chennai | 22,800 |
| 7 | Pune | 22,500 |
| 8 | Hyderabad | 19,800 |
| 9 | Gurugram | 10,100 |
| 10 | Surat | 5,700 |
Source: Hurun Research Institute; Mercedes-Benz Hurun India Wealth Report 2025
The Hurun report projects that India will have 871,700 millionaire families by 2025, each with a net worth of at least ₹8.5 crore (US$1 million). This marks a significant rise from 159,900 in 2017 and 458,000 in 2021, reflecting nearly 90% growth over four years.
The report highlights that India’s wealth creation is largely concentrated in urban and industrialized regions, although the overall upward trend in millionaire households indicates a robust and evolving economic landscape.
Moreover, the report notes that the Unified Payments Interface (UPI) has emerged as the preferred payment method among India’s affluent, surpassing both cash and card usage. The survey found that 35% of respondents favored UPI for transactions, followed by cash at 18%, RTGS/NEFT transfers at 16%, and cards at 14%. DeshGujarat
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