Crorepati kaun? India, China's wealthy household race hots up

Asia’s two biggest economies, India and China, are always in a race-- be it population, economy or even the crorepati count. But this time, the gap is thinner than before, with India fast catching up in the wealthy household league.

India is rapidly emerging as one of the world’s fastest-growing wealth hubs, but China still has a lead in the number of wealthy households, according to the Mercedes-Benz Hurun India Wealth Report 2025 and Hurun China Wealth Report 2024.

China today has a much larger base of rich families across all categories— often 3 to 6 times higher than India. For example, China has 5.1 million affluent households with wealth above $0.84 million, compared to 872,000 households in India with over $1 million. At the ultra-rich level, China counts 130,500 households with wealth above $14 million, while India has 66,800 households above USD 12 million.

India’s big wealth catch-up
The gap reflects China’s earlier economic take-off. But with India’s GDP projected to double in the next decade, wealth creation is expected to accelerate across all segments:

• Affluent households (USD 1Mn+) could rise from 872,000 to 1.7–2 million.
  
  
• HNIs (USD 1.2–1.4Mn+) may grow from 590,000 to over 1.2 million, powered by formalisation of savings and rising stock market participation.
  
  
• UHNWIs (USD 12–14Mn+) could double to 130,000, almost matching China’s current numbers.
  
  
• Global UHNWIs (USD 24–30Mn+) are likely to cross 30,000 households, boosting India’s global wealth footprint.
  
  

India’s millionaire boom

India is witnessing an extraordinary surge in wealth creation, with the number of millionaire households on a strong upward trajectory. From a base of 1,59,900 in 2017, the millionaire population has grown consistently, weathering global economic shifts and reaffirming India’s resilience.

The momentum has only accelerated in recent years. Between 2021 and 2025, the number of millionaire households is projected to nearly double—from 4,58,000 in 2021 to an estimated 8,71,700 by 2025.

This sharp rise reflects the strength of India’s economic expansion and the deepening prosperity of its people. It also positions India as a key global hub for wealth and affluence, showcasing the country’s ability to generate wealth at an unprecedented pace.

What drives India’s wealth boom
Unlike China’s rise through rapid industrialisation and urbanisation, India’s wealth story is being driven by technology, services, entrepreneurship, manufacturing expansion, and global capital inflows. A young population and growing middle class give India a strong demographic edge.

As per the Hurun Report, this surge is expected to create a multi-trillion-dollar wealth opportunity, transforming demand for wealth management, private banking, luxury goods, healthcare, education, real estate, and cross-border investments.

India vs China: Wealthy household comparison

Source: Hurun Research Institute