India added 31,033 new millionaires in 2025, more than double China’s count: UBS

India added 31,033 new US-dollar millionaires in 2025, more than twice mainland China’s 14,079, according to the UBS Global Wealth Report 2026. India’s millionaire count rose 3.4% during the year against China’s 0.3%, though China continues to work off a far larger base.

China still holds a much bigger overall millionaire population. UBS estimates more than 5.3 million dollar millionaires in China, against India’s roughly 944,000, with the United States in a league of its own at more than 23.6 million. But in 2025, India minted more new dollar millionaires than China, Russia, South Korea, Germany and Italy combined with any of those individually.

The shift marks a sharp change from the previous cycle, though UBS cautions against reading too much into the comparison since its methodology has changed. In 2024, the US added 379,000 dollar millionaires, more than 1,000 a day, while mainland China added 141,000, over 386 a day, and India added around 39,000 for the year.

A second measure tells a similar story. The Mercedes-Benz Hurun India Wealth Report 2025 estimated the number of millionaire families in India at 871,700, up from 458,000 in 2021 and 159,900 in 2017, with Mumbai alone accounting for 142,000, followed by New Delhi at 68,200 and Bengaluru at 31,600.

Even as Indians get richer, though, they still don’t store their wealth the way the West does. UBS defines wealth as financial assets plus real assets, principally housing, minus debt, and by that measure only 25.8% of India’s gross personal wealth sits in financial assets, against 78.9% in the US, 68.9% in Japan and 51.9% in mainland China — placing India near the bottom of that table.

UBS also notes that India is among the few markets where median wealth has climbed roughly 20% since 2020, while many other countries saw it fall over the same period.