India’s millionaire households grew by 11% in 2021. But are they happy?

The net worth of these families is at least 7 crores. The Hurun India Wealth Report 2021 estimates that Indian dollar-millionaire households are projected to grow by 30% over the next five years to reach 6,00,000 households by 2026.

However, the survey of 350 millionaires said that the happiness index (the number of people who find themselves happy in personal and professional life) fell to 66% in 2021 from 72% in the previous year.

The findings of the Hurun Report on Dollar Millionaires come at a time when there is growing concern about growing inequality in a country with a population of more than 130 million.

A recently released report by non-profit Oxfam pegs the wealth of the top 100 richest Indians at $775 billion, and states that India had 46 million or half of the total people on the planet falling into extreme poverty in 2021 .

The survey of such $350 millionaires also indicated that the number of people who find themselves happy in personal and professional life declined to 66 percent in 2021, down from 72 percent the previous year.

Mumbai tops the list of most millionaire cities with 20,300, followed by Delhi and Kolkata with 17,400 and 10,500 millionaire families respectively.

The survey has also shed light on Indian millionaire brand preferences, consumption habits and lifestyle trends. According to this, 70% of the respondents prefer to send their children abroad for education.

For India’s millionaires, watch collecting is the favorite hobby and 63% of HNIs own at least four watches. In addition, a quarter of respondents replaced 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.