The second edition of the Hurun India Wealth Report reveals some fascinating insights about India’s wealthiest.
After surveying 350 Indian millionaires that included 42 High Net worth Individuals (HNIs), the report used 50 data points to offer insights into the preferences of wealthy Indians. The report defines millionaires as individuals having a personal wealth of at least ₹7 Crore, roughly $1 million. The 42 HNIs have a personal wealth of ₹100 crore.
Based on its research, here is what we know about India’s millionaires.
According to the Hurun India Wealth Report 2021, India has seen a jump pf 11 per cent in the number of dollar-millionaire households from last year to this year. These are households that have a collective wealth of at least ₹7 Crore. Hurun puts the number of such households at 4,58,000. The report also suggests that over the next five years that number is estimated to reach 6,00,000. Which is to say that by 2026 the number of millionaire households in India will have gone up by 30 per cent.
The report also reveals a sharp rise in the number of millionaires using e-wallets and UPI. Last year only 18 per cent of the respondents said they used e-wallets/UPI as their preferred mode of payment. This year that number doubled to 36 per cent.
Apparently, not if you believe the Hurun India Wealth Report. Despite being a pandemic year, 72 per cent HNIs responded that they were happy with their personal and professional lives in 2020. That number fell to 66 per cent in ’21.
Blame the HNIs if you’ve been seeing too many ads for foreign universities on your Instagram. 70 per cent of those surveyed admitted they’d rather send their children to study overseas. USA, UK, New Zealand, and Germany remain the preferred destinations