Mumbai, Delhi and Kolkata home to India’s most millionaire households: Survey

Mumbai is home to the largest number of dollar millionaires or individuals possessing a personal wealth of more than ₹7 lakh in India, at 20,300 households, according to a survey. It is followed Delhi at 17,400 households and Kolkata at 10,500.The Hurun Report findings showed that dollar millionaires in India witnessed a spike 11 per cent to 4.58 lakh households in India at the end of the Covid-19-affected 2021.The survey of 350 such dollar millionaires also indicated that the number of those who classify themselves as happy in personal and professional lives slipped to 66 per cent in 2021, down from 72 per cent in the previous year.The Hurun Report findings come at a time when there is rising concern about the growing inequality in the country with a population of over 130 crore.A recently released report non-profit Oxfam pegged the wealth of top 100 richest Indians at USD 775 billion, and added that India accounted for 4.6 crore or half of the overall people on the planet falling into extreme poverty in 2021.The report estimated the number of Indian dollar millionaires to increase 30 per cent to touch 6 lakh households 2026.At a time when calls for taxing the super-rich are growing – Oxfam advocated higher taxation to save lives – less than a third among those surveyed felt paying taxes is a determinant of social responsibility, the report Hurun said.Similarly, when calls for greater help through philanthropy are growing, only 19 per cent of the millionaires surveyed Hurun said they believe in giving back to society.Over two-thirds of those surveyed said they will prefer sending their kids abroad for education, with the US emerging the favourite destination followed the UK, New Zealand and Germany.The survey also focused on consumption, and found that a fourth of those in the l change their cars every three years with the German carmaker Mercedes Benz emerging as the most preferred.Watch collection is a favourite hob among the millionaires and nearly two-thirds of those surveyed said they own four time pieces, the survey said, adding that Rolex is the most preferred brand.Indian Hotels’ Taj emerged as the most preferred hospitality brand, while Tanishq, also owned the Tata Group, emerged as the favourite jewellery retailer.Louis Vuitton was the most preferred luxury goods brand while Gulfstream was the most preferred private jet brand, the survey said.“…The next decade presents a meaningful opportunity for luxury brands and service providers to enter/ further strengthen presence in India,” Anas Rahman Junaid, managing director and chief researcher for Hurun India, said.The number of dollar millionaires using UPI for payments has doubled to 36 per cent, while nearly a third of them said they are currently avoiding risks in their investments.