Only 66 percent of millionaires in India are happy with their personal and professional lives as compared to 72 percent in the previous year, according to Hurun India Wealth Report 2021.
According to Hurun India’s latest report and its luxury brand survey, the number of Dollar-millionaire households in the country has increased by 11 percent to 4,58,000 households in the last year with Mumbai being India’s millionaire capital 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 by Hurun India, leading research, luxury publishing, and events group, the number of Indian dollar-millionaire households is expected to increase by 30 percent in 2026 to 6,00,000 households.
“India is home to one of the fastest-growing affluent households in the world and hence, the next decade presents a meaningful opportunity for luxury brands and service providers to enter/ further strengthen presence in India. It is interesting to note that some of the most favored brands of the survey respondents do not have physical presence in India,” said MD and Chief Researcher, Hurun India, Anas Rahman Junaid in a statement.
The report also talks about the trading behaviour of Indian millionaires, who have switched to using e-wallets or UPI as their preferred payment method which is 36 percent of millionaires of the 350 surveyed, as compared to only 18 percent the previous year.
High Net-worth Individuals (HNI), with a wealth of INR 100 crore, have also adopted risk aversive behaviours, during the pandemic, with investments in stock markets and real-estate being the preferred choice of the surveyed millionaires.
According to the Luxury consumer survey, 70 percent of millionaires prefer sending their kids abroad for education with the USA (29%), UK (19%), New Zealand (12%) and Germany (11%) being the preferred choices for education overseas.
Of luxury hobbies, 63 percent of HNIs own at least four luxury watches with Rolex being the most preferred luxury watch brand, followed by Cartier and Audemars Piguet.
At least one-third of the 12 percent of the super-rich 12 percent millionaires (HNIs) change their cars in less than three years with Mercedes-Benz being the most preferred choice followed by Rolls-Royce and Range Rover. However, Lamborghini is the favourite choice among luxury sports car brands
Brands like Tanishq for jewellery, Louis Vuitton, Gucci, and Burberry are retail brands preferred by the rich.
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