According to Hurun India, known for its annual rich list, there were 4.12 lakh dollar-millionaire households last year in the country. At the other end of the spectrum is the ‘Indian middle class that has earnings of over Rs 2.5-lakh per annum and a net worth of less than Rs 7 crore. “It is estimated that around 56400,000 families in India fall under this category,” findings of the Hurun India Wealth Report 2020 suggest. A household having an annual income of more than $1 million is considered a dollar-millionaire household.
The Hurun report classifies two broad segments of the wealthy households in India. The first is the “lower part” which comprises the households having the work compensation income, fixed deposits, real estate, and equity investments as the primary source of income. The second segment is the “Upper Part” which comprises inherited wealth, primary business earnings, real estate possessions, and an equity investment portfolio as their sources of income. While the report did not talk about households that fall below the poverty line, it did note that the country needs to uplift its GDP per capita, which is one of the lowest among major developing nations.
Hurun India Wealth Report 2020 released Tuesday has identified a novel household category in India – the ‘New Middle Class’ – with an average savings of Rs 20-lakh per annum. These households, the report says, have a major allocation towards physical assets such as primary residential property and automobiles. Hurun India pegs the total number of such cumulative households in India at 633,000. Region-wise, the top 10 states are home to 70.3 percent of millionaire households in the country. The lists of the cities are:
|Ranking||State Name||Millionaire Households||No. of Richest Indians|
States like Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, and Gujarat together account for 46 percent of the 4.12 lakh millionaire households in India. Moreover, the Hurun India Wealth Report 2020 says that India retains 3rd place in the lists of billionaires in the country. India now has 177 billionaires living in the country.
When it comes to cities, Mumbai — which generates 6.2 percent of the national GDP — leads with 16,933 millionaire households, followed by Delhi with 15,861 millionaire households. The national capital contributes 4.94 percent of the country’s GDP. Kolkata is home to nearly 42 percent of the 24,000 millionaire households in the state. Bengaluru comes fourth with around 7,582 millionaire households. With 4,685 millionaire households and home to 37 of the richest Indians, Chennai is in the fifth position.
In another list, in its second edition of Hurun Indian Luxury Consumer Survey, the rich-list compiler said that Indian millionaires mostly opted for Mercedes as their luxury car brand, followed by BMW and Jaguar, while Lamborghini is the most preferred luxury sports car followed by Porsche and Aston Martin. Rolex was the most preferred watch, Tanishq topped the charts in jewelry brand (Tiffany & Co most-loved global brand), while Taj is the preferred hospitality brand followed by Marriott.
Most millionaires preferred Emirates as the airline to travel in business or first class, followed by Singapore Air and Etihad Airways, while HDFC Bank was the most preferred private lender followed by ICICI Bank. For the rich, Life Insurance Corporation of India was the preferred life insurer and Johnny Walker Blue Label favored imported spirits and Dom Perignon among preferred champagne.