Mumbai tops the Hurun India Wealth Report 2021.
new Delhi:
The number of dollar-millionaire households in India has increased by 11 percent over the previous year Hurun India Wealth Report 2021, The report compiles a list of India’s richest people along with their behavior patterns from the Luxury Consumer Survey. According to the latest edition of Hurun Report, Mumbai has the largest number of millionaire families in the country, followed by Delhi and Kolkata.
The Hurun report defines millionaire families as having net worth of $1 million (equivalent to Rs 7 crore). The report was released today. It said that this year the number of such families has reached 4.58 lakh, which is 11 percent more than last year.
It further said that the number of dollar-millionaire households in India is projected to grow by 30 percent over the next five years to reach six lakh households by 2026.
Talking about the city-wise distribution of millionaire families, the Hurun report states that Mumbai has 20,300 such households, while Delhi has 17,400 and Kolkata 10,500.
When it comes to behavior patterns, the Hurun report states that 36 per cent of Indian millionaires use e-wallets or UPI as their preferred payment method, compared to 18 per cent last year.
Nearly a third of high net worth individuals (HNIs) who participated in this year’s Hurun Indian Luxury Consumer Survey 2021 said they followed a risk-averse investment philosophy during the coronavirus pandemic, the report said. Having said. This is up from 18 per cent last year.
The report further said that the stock market and real estate continue to be the preferred investment options for the millionaires surveyed.
Although the country’s happiness index has fallen, the Hurun report noted that 66 percent of survey respondents indicated they are happy with both personal and professional life, compared to 72 percent in 2020.
At least 70 percent of HNIs who took part in the Hurun survey said they prefer to send their children abroad for education, the report said. Among destinations, the United States remains the most preferred (29 percent), followed by the UK (19 percent), New Zealand (12 percent) and Germany (11 percent).
The report also includes some interesting points about the habits of HNIs in India. It said watch collecting is a favorite hobby and Rolex is the most preferred luxury watch brand. The Hurun report states that 63 percent of HNIs have at least four watches.
It further said that a quarter of the respondents said they replace their car in less than three years and Mercedes-Benz is the most preferred luxury car brand, followed by Rolls Royce.
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