India's millionaire class — average age 35

19 February 2022
Mumbai skyline

Mumbai is the dollar millionaire capital of India / Vyacheslav Argenberg, Wikimedia Commons

The Hurun India Wealth Report 2021 was released yesterday. This report is the second annual birds-eye view of India’s wealth landscape.

The Hurun Research Institute surveyed 350 dollar-millionaires. Their average wealth was US$ 6.7 million with 12 percent of them worth more than US $ 13,3 million; their average age is 35 years, one year older than last year; 20% of them are women.

Some highlights

  • The number of dollar-millionaire households in India has increased by 11% to 458 000 households compared to last year.
  • The number of dollar-millionaire households is estimated to increase by 30% over the next five years to reach 600 000 households by 2026.
  • With 20 300 dollar-millionaire households, Mumbai is India’s millionaire capital, followed by Delhi (17 400 )and Kolkata (10 500)
  • While there are more millionaires, their happiness levels are down. 66% of respondents indicated that they are happy with both personal and professional life, down from 72% in 2020.
  • Most of these prefer sending their kids abroad for education (70% of respondents) . The USA (29%), UK (19%), New Zealand (12%) and Germany (11%) are the most preferred destinations.
  • Watch collecting is a thing — 63% of them own at least four watches
  • One out of four 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.
  • 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
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