Mumbai, 18 February 2022: Hurun Report, the world’s largest rich list compiler, released the second edition of Hurun India Wealth Report 2021, a macro research on India’s wealth landscape, today. Hurun Report also released the second edition of Hurun Indian Luxury Consumer Survey 2021 that gives insights on Indian millionaire brand preferences, consumption habits and lifestyle trends. The Hurun Research Institute surveyed 350 Indian ‘millionaires’, defined as individuals with a personal wealth of USD 1 million (equivalent to INR 7 crore). Amongst them were 42 super-rich (12%), defined as individuals with wealth of INR 100 crore. Their average wealth was USD 6.7 million; the average age was 35 years, one year older than last year; the ratio of men to women surveyed was 8:2.
- According to the Hurun India Wealth Report 2021, the number of dollar-millionaire households in India has increased by 11% to 4,58,000 households compared to last year. These households have a net worth of at least INR 7 crore.
- The 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.
- With 20,300 millionaires (USD) households, Mumbai is India’s millionaire capital, followed by Delhi and Kolkata with 17,400 and 10,500 millionaire households respectively
- Rise of e-wallets and UPI among Indian millionaire class at the expense of NEFT/RTGS. According to Hurun Indian Luxury Consumer Survey 2021, 36% of Indian millionaires use e-wallets or UPI as their preferred payment method as compared to the 18% last year.
- Indian HNIs are more risk-aversive during the pandemic year. Nearly one-third of HNIs participated in Hurun Indian Luxury Consumer Survey 202, 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.
- Falling Happiness Index. 66% of the survey respondents indicated that they are happy with both personal and professional life, compared to 72% in 2020.
- 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.
- 70% of the survey respondents prefer sending their kids abroad for education. The USA (29%), UK (19%), New Zealand (12%) and Germany (11%) are the most preferred destinations by the millionaire community when it comes to their children’s education in an overseas location.
- Watch collecting is the preferred hobby 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
- Louis Vuitton is the most preferred luxury goods brand, followed by Gucci and Burberry
- Gulfstream is the most preferred private jet brand, followed by Boeing and Airbus
Anas Rahman Junaid, MD & Chief Researcher, Hurun India said, “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.”
The Hurun India Luxury Consumer Survey 2021 provides readers with some millionaire-specific insights, like the data on changing patterns and preferences of lifestyle, consumption habits, investment decisions, and brand awareness amongst the major wealth creators of the country. This survey was conducted amongst 350 millionaires.
We identified five classes of millionaire households (business owners, real estate owners, golden collar – salary driven class, stock market king, and the new middle class) based on their investible assets, which are further dependent on their primary source of income.
In terms of investment philosophy, 30% of millionaire individuals are currently embracing the philosophy of avoiding risks. When we asked our survey respondents about their wealth allocation preferences, around 35% of them were inclined towards making investments in public equity. Start-up investments are seen as setting foot in the investment spectrum of the wealthy.
Other insights in the report
Hurun Best of the Best Brand Awards: One of the most authentic surveys where we gave the opportunity for millionaires in the Hurun network to vote for their preferred luxury brands across categories.
The Hurun India Wealth Report 2021 investigates the quantity and geographical distribution of Millionaires, High-Net-Worth, Super-High-Net-Worth and Ultra-High-Net-Worth Families in India. The report details the geographical distribution by state and city, based on the long-term residence of millionaires. The basis of the data is calculated up to 31st December 2021.
The report takes into account both fixed assets and current assets of the survey respondents. Fixed assets include self-owned listed or unlisted stock rights, owner-occupied real estate, and investment real estate. Current assets consist of shares, funds, debenture shares, deposits and insurance.
The Hurun Report compiled this report using the ‘bottom-up’ and ‘top-down’ research approach. The ‘bottom-up’ research approach takes into account the quantity of high-end real estate across the regions, the sales volume of luxury cars in the past three years, individual income tax returns, the registered capital of enterprises, and other high-end consumer indicators. In addition to all of the above, the report analyzed around 5,000 private enterprises with paid-up capital of INR 50 lakhs (INR 5,000,000) or more. The ‘top-down’ research approach is based on indicators such as GDP, GDSP, National Statistical Office, combined with a Lorenz curve model to create a macro statistical analysis.