More Than 6 Lakh ‘New Middle-Class’ Households in India: Report

These households have major physical assets, including automobiles and residential properties.

The report reveals that there are 3,000 households with a net worth of Rs 1,000 crore

(Photo: iStock)

A new report published by Hurun India Wealth 2020 on Tuesday, 16 March, has identified a new household category in India that accounts for a saving of Rs 20 lakh per annum.

These households are called ‘New Middle Class’. The report has suggested that these families have major physical assets, including automobiles and residential properties.

According to Hurun India, the total number of such households in India are 633,000. The report further reveals that there are 3,000 households with a net worth of Rs 1,000 crore.

However, the Indian middle class has earnings of over Rs 2.5 lakh per annum. “It is estimated that around 5,64,00,000 families in India fall under this category,” suggests the report published by Hurun India.

Meanwhile, Mumbai continues to be India’s richest city followed by national capital Delhi.

According to the report, there are 16,933 millionaire households in Mumbai which roughly contribute 6.16 percent to India's GDP. New Delhi has 16,000 millionaire families, Kolkata 10,000 , Bengaluru has about 7,582 millionaire households, followed by Chennai with 4,685 rich homes.

Region-wise top five states with the highest number of millionaires are Maharashtra (56,000), Uttar Pradesh (36,000), Tamil Nadu (35,000), Karnataka (33,000), and Gujarat (29,000). These account for 46 percent of the total millionaire households, said the report.

“For the Indian wealth creation story to catapult a moonshot, the GDP per capita should increase from the current levels of $1,876 to $3,000 in real terms. The wealth and prosperity of the general populace would also have a significant impact on the economy as well as the grassroots level. In that scenario, one would see a highly-competitive penetration of super-luxury brands across the cities in India,” said Anas Rahman Junaid, Hurun India Managing Director and Chief Researcher.