India is a home to 4.58 lakh individuals with net worth of at least Rs.7 crore, shows Hurun Wealth Report.
The report says that the number of dollar-millionaire households in India i.e. individuals with networth of Rs.7 crore has increased by 11% to 4.58 lakh households compared to last year.
Further, the report estimates that the number of Indian dollar-millionaire households to increase by 30% over the next five years to reach 6 lakh households by 2026.
Here are other key findings of the report:
- With 20,300 millionaires (USD) households, Mumbai is India’s millionaire capital, followed by Delhi and Kolkata with 17,400 and 10,500 millionaire households respectively
- There has been rise of e-wallets and UPI among Indian millionaire class at the expense of NEFT/RTGS. Currently, 36% of Indian millionaires use e-wallets or UPI as their preferred payment method as compared to 18% last year
- Indian HNIs are more risk-aversive during the pandemic year. Nearly one-third of HNIs who participated in the survey follow risk-averse investment philosophy during the pandemic compared to 18% last year. Stock markets and the real estate continue to be the preferred choice of investments for the surveyed millionaires
- Around 35% of surveyed individuals were inclined towards making investments in public equity
- 66% of the survey respondents indicated that they are happy with both personal and professional life compared to 72% in 2020
- 31% of survey respondents believe that paying tax is a determinant of social responsibility. 19% of the target population believe in philanthropy and in being a good employer as a contribution to social responsibility
- 70% of the survey respondents prefer sending their kids abroad for education. The USA (29%), UK (19%), New Zealand (12%) and Germany (11%) are the most preferred destinations by the millionaire community when it comes to their children’s education in an overseas location
- Watch collecting is the preferred hobby and 63% of HNIs own at least four watches
- One-fourth of respondents change their cars in less than three years. The most preferred luxury car brand is Mercedes-Benz followed by Rolls-Royce and Range Rover. Lamborghini is the most preferred luxury sports car brand.
- Taj is the most preferred hospitality brand, followed by Oberoi and Leela
- Rolex is the most preferred luxury watch brand followed by Cartier and Audemars Piguet
- Louis Vuitton is the most preferred luxury goods brand, followed by Gucci and Burberry
- Gulfstream is the most preferred private jet brand followed by Boeing and Airbus
Anas Rahman Junaid, MD & Chief Researcher, Hurun India said, “India is home to one of the fastest growing affluent households in the world and hence, the next decade presents a meaningful opportunity for luxury brands and service providers to further strengthen presence in India.”
