These 7 Tier II Cities Mint Most Millionaires

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.

Hurun India Wealth Report 2025: Key Highlights

According to the report,

• India now has 8.71 lakh millionaire households, defined as those with a net worth of ₹8.5 crore (roughly USD 1 million) or more.
• This represents a massive 90% increase from 2021.
• Millionaire households now form approximately 0.31% of India’s total households.
• Top 10 states host over 79% of all millionaire households, underlining regional concentration of wealth.

Yet, Tier II cities are rapidly catching up, with seven now among the top 10 millionaire-making cities.

The Seven Tier II Cities Creating the Most Millionaires

For the first time, the following seven Tier II cities feature among India’s top 10 cities with the most millionaire households,

1. Ahmedabad
2. Surat
3. Jaipur
4. Vadodara
5. Nagpur
6. Visakhapatnam
7. Lucknow

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.

Why Are Millionaires Rising in Tier II Cities?

1. Rise of MSMEs and Entrepreneurship

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.

2. Real Estate Appreciation

Property values have surged in these cities due to urban expansion, smart city projects, and infrastructure development, contributing to household wealth growth.

3. Access to Financial Markets

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.

4. Improved Connectivity

Development of airports, highways, and digital infrastructure has connected these cities to national and global markets, boosting local economies and enabling business scalability.

5. Diversified Investment Culture

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.

Key Facts to Remember

• Report name: Mercedes-Benz Hurun India Wealth Report 2025
• Top Tier II cities with most millionaires: Ahmedabad, Surat, Jaipur, Vadodara, Nagpur, Visakhapatnam, Lucknow
• Definition of millionaire household: Net worth of ₹7 crore and above
• Top Tier I cities: Mumbai, Delhi, Bengaluru
• States hosting most millionaires: Top 10 states account for over 79%