Mumbai Leads India in Ultra-Wealthy Individuals, Knight Frank Reports
Mumbai has solidified its position as India's wealth hub, accounting for 35.4% of the nation's ultra-high-net-worth (UHNW) population, according to Knight Frank's Wealth Report 2026.
India's UHNW Population Sees Significant Growth
- India's UHNW population has grown by 63% between 2021 and 2026, reaching 19,877 individuals.
- The number is projected to grow a further 27% to 25,217 by 2031.
- India is now the sixth-largest UHNW market globally.
Mumbai's Luxury Real Estate Market Sees Strong Demand
Mumbai continues to dominate luxury real estate demand, driven by limited land availability, coastal constraints, and global investor interest.
- In 2025, the city recorded 56 transactions in the $5 million-plus residential segment.
- Demand for ultra-luxury housing is increasingly being driven by domestic buyers seeking larger homes and lifestyle-focused developments.
- Developer activity in premium segments is on the rise.
Price Appreciation and Global Comparison
Despite rising prices, Mumbai remains relatively more spacious than global luxury markets.
- In 2025, $1 million could buy about 96 square meters of prime residential space in the city, down 3% from a year earlier.
- Global markets such as Monaco, Hong Kong, and Geneva remain far more expensive.
- Indian cities like Delhi and Bengaluru offer significantly larger spaces for the same value.
Global Prime Residential Index
Knight Frank's Prime International Residential Index (PIRI 100) shows global prime residential prices rose 3.2% in 2025.
- Mumbai saw an 8.7% increase in prime property prices, climbing to the 10th position globally from 21st a year ago.
Also Read: India's luxury housing surges, $1 million stretch shrinks across metros and Delhi-NCR, Bengaluru office rentals cross Rs 100/sq ft/month milestone: Knight Frank.
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