Home/ Money / Personal Finance/  India's millionaire households rose 11% in 2021. But are they happy?

India's millionaire (USD) households increased by 11% to 4.58 lakh in 2021, but the happiness index has fallen when compared with the previous year, according to a report by Hurun India.

These households have a net worth of at least 7 crore. The Hurun India Wealth Report 2021 estimates that Indian dollar-millionaire households is set to rise by 30% over the next five years to reach 6,00,000 households by 2026.

However, the survey of 350 millionaires noted that happiness index (the number of those who classify themselves as happy in personal and professional lives) fell to 66% in 2021 as against 72% in the previous year.

The Hurun Report findings on the dollar millionaires come at a time when there is rising concern about the growing inequality in the country with a population of over 130 crore.

A recently released report by non-profit Oxfam pegged the wealth of top 100 richest Indians at $775 billion, and added that India accounted for 4.6 crore or half of the overall people on the planet falling into extreme poverty in 2021.

The survey of 350 such dollar millionaires also indicated that the number of those who classify themselves as happy in personal and professional lives slipped to 66 per cent in 2021, down from 72 per cent in the previous year.

Mumbai topped the list of cities with most millionaires at 20,300, followed by Delhi and Kolkata with 17,400 and 10,500 millionaire households respectively.

The survey has also shed some light of the Indian millionaire brand preferences, consumption habits and lifestyle trends. According to it, 70% of the respondents prefer sending their kids abroad for education.

For India's millionaires, watch collecting is the preferred hobby and, 63% of HNIs own at least four watches. Apart from that, 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.

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Updated: 18 Feb 2022, 05:06 PM IST
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