These 7 Tier II Cities Mint Most Millionaires (1)
The Mercedes-Benz Hurun India Wealth Report 2025 has revealed a remarkable trend in India’s economic landscape. While metropolitan cities like Mumbai, New Delhi, and Bengaluru still dominate the millionaire map, a silent revolution is brewing in Tier II cities. The report finds that seven Tier II cities have now entered the top 10 list of Indian cities with the highest number of millionaire households, indicating the democratization of wealth and a significant change in India’s financial geography.
According to the report,
Yet, Tier II cities are rapidly catching up, with seven now among the top 10 millionaire-making cities.
For the first time, the following seven Tier II cities feature among India’s top 10 cities with the most millionaire households,
These cities have surpassed or are closing in on traditional Tier I cities in terms of wealth creation. Their inclusion signals economic decentralization and greater opportunities beyond metros.
Many Tier II cities are hubs for manufacturing, textiles, gems, chemicals, and engineering, which have seen robust growth in recent years. For instance, Surat is a global leader in diamond polishing, while Ahmedabad and Vadodara are known for industrial clusters.
Property values have surged in these cities due to urban expansion, smart city projects, and infrastructure development, contributing to household wealth growth.
With digital banking and online trading platforms, residents of smaller cities now have better access to investments, mutual funds, equity markets, and wealth advisory services.
Development of airports, highways, and digital infrastructure has connected these cities to national and global markets, boosting local economies and enabling business scalability.
Increasing financial literacy and internet penetration have led to more diversified investments beyond traditional assets like gold and land, including start-ups, stock markets, and global portfolios.
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