Mumbai, Delhi or Bangalore: Which is India’s millionaire capital?
- Millionaire households in India increased by 11% to 4,58,000 from a year ago
Millionaire (USD) households in India increased by 11% to 4,58,000 from a year ago, with Mumbai leading the way, according to a report that compiled India's richest list and their behavioural patterns.
These households have a net worth of at least ₹7 crore, according to Hurun India Wealth Report 2021.
Mumbai, touted to be India's financial capital, is also the country's millionaire capital with 20,300 millionaire households, said the report. Meanwhile, Delhi and Kolkata followed the list with 17,400 and 10,500 millionaire households respectively.
Hurun India, which released the second edition of 2021 report today, compiles the list of India's richest. The second edition of the report delved into India's millionaire households based on their investible assets. The report investigated the quantity and geographical distribution of millionaires, high-net-worth, super-high-net-worth and ultra-high-net-worth families in India.
The report further noted that number of Indian dollar-millionaire households is estimated to increase by 30% over the next five years to reach 6,00,000 households by 2026.
Hurun India also released a luxury consumer survey 2021 that gives insights on Indian millionaire brand preferences, consumption habits and lifestyle trends. According to it, 36% of Indian millionaires use e-wallets or UPI as their preferred payment method as compared to the 18% last year.
Indian HNIs (High net-worth individuals) were more risk-aversive during the pandemic year, the report said, adding that nearly one-third of HNIs 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.
Other highlights from the report
- 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.
- Watch collecting is the preferred hobby for India's millionaires 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.
- Tanishq is the most preferred Indian jewellery retail brand
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Business NewsEconomyMumbai, Delhi or Bangalore: Which is India’s millionaire capital?
First Published:18 Feb 2022, 04:17 PM IST
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