Mumbai: A budget of $1 million (approximately ₹9.4 crore) now buys less real estate in Mumbai compared to five years ago, underlining the city’s worsening affordability, even for the ultra-rich.
That’s not the case in India’s two other metropolises, Delhi and Bengaluru, where the real estate area purchasable for $1 million has increased in this period, even if marginally. These are the findings of the Wealth Report 2026, released by international property consultant Knight Frank on Thursday.
The report reveals that in Q4 2025, $1 million bought 96 sqm (1,033.33 sq ft) of real estate in Mumbai, down from 106 sqm (1,140.97 sq ft) in Q4 2020. This decrease in purchasing capability has been driven by limited land availability, coastal constraints and strong global investor appeal, the report said.
In contrast, affordability has improved in other metros. In Delhi, the area purchasable for $1 million increased marginally from 202 sq m (2,174.30 sq ft) in Q4 2020 to 205 sq m (2,206.60 sq ft) in Q4 2025. Bengaluru saw a similar trend, with purchasable area increasing from 351 sqm (3,778 sq ft) to 357 sqm (3,842 sq ft) over the same period.
Mumbai remains India’s wealth hub, accounting for 35.4% of the country’s ultra-wealthy population. A 38% expansion in India’s GDP over the past five years has accelerated wealth creation, particularly in technology, industry and capital markets, the report noted. In 2025 alone, the city recorded 56 new-build residential transactions in the over-$5 million segment.
Compared to other cities globally, though, Mumbai’s 9% drop in space purchasable for $1 million between 2020 and 2025 is far from the steepest. Data from the report shows that Dubai recorded the steepest fall at 66%, followed by Tokyo (41%) and Miami (40%). In contrast, London saw a 7% increase in purchasing power, while Melbourne posted a modest 4% gain and Hong Kong remained flat.
Ultra-rich population
Between 2020 and 2025, the population of individuals with wealth exceeding $30 million rose sharply by 63%, increasing from just over 12,000 to 19,877. This makes India the sixth-largest ultra high net worth individual (UHNWI) market globally. An ultra high net worth individual is someone who has at least $30 million in investable assets, excluding personal assets like primary residences and collectables.
Looking ahead, Knight Frank’s Wealth Sizing Model projects a further 27% increase in India’s UHNWI population, rising from 19,877 in early 2026 to 25,217 by 2031.
“Mumbai’s continued dominance in India’s UHNW landscape reflects a deeper structural shift in the country’s wealth creation cycle. Mumbai, in particular, benefits from its role as India’s financial nerve centre, where proximity to business, lifestyle ecosystems and premium real estate creates a powerful value proposition,” said Shishir Baijal, international partner, chairman and managing director, Knight Frank India.
“The steady rise in demand for ultra-luxury housing also signals a behavioural shift among India’s wealthy—from pure investment-led buying to lifestyle-driven acquisitions. This is evident in the growing appetite for larger homes, branded residences and amenity-rich developments,” he added.
