Millionaire Households in India Up by 11% in 2021, Says New Study

Mumbai has the highest number of millionaire households in the country, followed by Delhi and Kolkata.

The Hurun India Wealth Report of 2021, the findings of which were published on Friday, 18 February, said that the number of dollar-millionaire households had gone up by 11% in the last year.

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The number of millionaire households in India increased by 11% in 2021 compared to 2020, according to the Hurun India Wealth Report of 2021, the findings of which were published on Friday, 18 February.

The Hurun India Wealth report, filed annually, compiles its statistics by quizzing the rich of the country on several aspects of their everyday lives.

The 2021 report said that the number of millionaire households are expected to increase by over 30% in the coming five years to a figure of six lakh by 2026.

Mumbai, according to the report, consisted of most such millionaire households, earning the distinction of being 'India's Millionaire Capital,' followed by Delhi and Kolkata.

The report stated an increase in the number of Indian millionaires using e-wallets, with the percentage increasing to 36 percent from 18 percent last year.

Stock Markets and Real Estate continue to be the dominant regions of investment for the rich as per the report.

The Happiness Index, however, the report said, had fallen from 72% in 2020 to 66%.

A large proportion of the respondents, close to 70%, were in favour of sending their kids abroad for education, with the USA being the preferred choice for the most.

Amongst the preferred consumer brands for different purposes, Rolex, Tanishq, and Louis Vitton came out as the favourites in watches, jewellery, and luxury goods category, respectively.

Taj, the report said, was preferred over Oberoi and Leela when it came to the hospitality services.