Mumbai has topped the Hurun India Wealth Report 2021.
The number of dollar-millionaire households in India increased by 11 per cent compared to last year, according to Hurun India Wealth Report 2021. The report compiles India's richest list and the accompanying Luxury Consumer Survey their behavioural patterns. According to the latest edition of the Hurun Report, Mumbai has the highest number of millionaire households in the country, followed by Delhi and Kolkata.
The Hurun Report defines millionaire households with a net worth of $1 million (equivalent to Rs 7 crore). The report was released today. It said that such households have reached 4.58 lakh this year, rising 11 per cent compared to the last year's number.
It further said that the number of dollar-millionaire households in India is estimated to increase by 30 per cent over the next five years to reach six lakh households by 2026.
Talking about the city-wise distribution of millionaire households, the Hurun Report said that Mumbai has 20,300 such households, while Delhi has 17,400 and Kolkata 10,500.
When it comes to behavioural patterns, the Hurun Report said that 36 per cent of Indian millionaires use e-wallets or UPI as their preferred payment method as compared to the 18 per cent last year.
Nearly one-third of the high networth individuals (HNIs), who participated in this year's Hurun Indian Luxury Consumer Survey 2021, said that they followed risk-averse investment philosophy during the coronavirus pandemic, the report said. This is up from 18 per cent last year.
Stock markets and the real estate continue to be the preferred choice of investments for the surveyed millionaires, the report further said.
However, the happiness index of the country has fallen, the Hurun Report said, adding that 66 per cent of the survey respondents indicated that they are happy with both personal and professional life, compared to 72 per cent in 2020.
At least 70 per cent of the HNIs, who participated in the Hurun survey, said they prefer to send their children abroad for education, the report said. Among the destinations, the United States remains the most preferred (29 per cent), followed by the UK (19 per cent), New Zealand (12 per cent) and Germany (11 per cent).
The report also contains some interesting points about the habits of the HNIs in India. It said that collecting watch is the preferred hobby and Rolex is the most preferred luxury watch brand. The Hurun Report said that 63 per cent of HNIs own at least four watches.
It further said that one-fourth of respondents said they change their cars in less than three years and Mercedes-Benz is the most preferred luxury car brand, followed by Rolls Royce.