India’s rich families have grown by 11 per cent in 2021 with as many as 4,58,000 dollar-millionaire households recording a net worth of at least Rs 7 crore, as per Hurun India’s Wealth Report 2021.
The report comes a month after Oxfam, in its inequality report titled ‘Inequality Kills: India Supplement 2022’, reported that since 2015, more and more of India’s wealth has gone to its richest 1 per cent.
The Hurun report expects the number of dollar-millionaire households to rise by 30 per cent to 6,00,000 in the next five years.
Currently, Mumbai leads the list of cities with the highest number of dollar-millionaire households with 20,300, followed by Delhi with 17,400 and then Kolkata with 10,500 such households.
The percentage of Indian millionaires using e-wallets or UPI as their preferred payment method doubled to 36 per cent this year, as per Hurun’s Luxury Consumer Survey 2021.
The report also revealed that around 33 per cent of High Net-worth Individuals (HNI) have been following risk-averse investment philosophy against the 18 per cent last year. The survey also indicated a fall in the happiness index with 66 per cent indicating that they are happy with their personal and professional life, compared to 72 per cent in 2020.
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