According to the Wealth Report 2026 by Knight Frank, $1 million now buys significantly less real estate in Mumbai, with the area declining from 106 sqm (1,140.97 sq ft) in Q4 2020 to 96 sqm (1,033.33 sq ft) in Q4 2025. This trend contrasts with Delhi and Bengaluru, where the purchasable area has increased slightly. Factors contributing to Mumbai's declining affordability include limited land availability and high demand from global investors. Despite this, Mumbai remains the wealth hub of India, housing 35.4% of the country’s ultra-wealthy population. The report also highlights a 63% increase in individuals with wealth exceeding $30 million, positioning India as the sixth-largest ultra high net worth individual market globally. Knight Frank anticipates a further 27% increase in this population by 2031, reflecting a shift towards lifestyle-driven real estate acquisitions among the wealthy.