Recently, Hurun released the second edition of Hurun India Wealth Report 2021 which is macro research on India’s wealth landscape. It also released the second edition of Hurun Indian Luxury Consumer Survey 2021 which gives insights on Indian millionaire brand preferences, consumption habits, and lifestyle trends.
For the report, the Hurun Research Institute surveyed 350 Indian‘millionaires. These millionaires were defined as individuals with a personal wealth of USD 1 million (equivalent to INR 7 crore).
12% of the data pool which comes to 42 millionaires were individuals with a wealth of INR 100 crore. These millionaires were of an average age of 35 years and had an average wealth of USD 6.7 million. While 80% were men, 20% were women amongst them. Here are the key findings of the report.
Increase In dollar-millionaire households
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.
Mumbai Is India’s Millionaire Capital
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
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.
Falling Happiness Index
66% of the survey respondents indicated that they are happy with both personal and professional life, compared to 72% in 2020.
Education Abroad Is More Opt For
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 Collection Is All The Hype
Watch collecting is the preferred hobby and, 63% of HNIs own at least four watches.
Mercedes-Benz Is The Most Popular Car Amongst The Rich
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.
Other Findings:
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 jewelry 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.
