Mumbai, Delhi and Kolkata house India’s most millionaire families

According to a survey, Mumbai has the most dollar millionaires or persons with a personal fortune of more than 7 lakh in India, with 20,300 families. It is followed by Delhi, which has 17,400 homes, and Kolkata, which has 10,500.

According to the Hurun Report results, the number of dollar millionaires in India increased by 11% to 4.58 lakh families by the end of the COVID-19 affected 2021.

According to the study of 350 such millionaires, the proportion of individuals who consider themselves to be happy in their personal and professional life has dropped to 66% in 2021, down from 72% in 2020.

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The Hurun Report results come at a time when there is growing concern about rising inequality in the country of over 130 million people.

According to a recent analysis by the non-profit Oxfam, the wealth of the top 100 richest Indians is worth USD 775 billion, and India would account for Rs 4.6 crores, or half of all people on the earth, slipping into severe poverty by 2021.

According to the analysis, the number of Indian dollar millionaires would rise by 30% to 6 lakh families by 2026.

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At a time when calls for taxing the super-rich are rising – Oxfam has campaigned for more taxation to save lives – the Hurun analysis found that fewer than a third of those surveyed believe paying taxes is a factor of social responsibility.

Similarly, even as requests for more support through charity rise, just 19% of millionaires polled by Hurun stated they believe in giving back to society.

Over two-thirds of those questioned indicated they would prefer to send their children overseas for study, with the United States topping the list, followed by the United Kingdom, New Zealand, and Germany.

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The survey also looked at consumption and discovered that one-fourth of those questioned replace their automobiles every three years, with Mercedes-Benz ranking as the most favoured brand.

According to the report, watch collecting is a popular hobby among billionaires, with over two-thirds of those surveyed owning four timepieces, with Rolex being the most popular brand.

Taj, owned by the Tata Group, was named the most chosen hospitality brand, while Tanishq, also owned by the Tata Group, was named the most preferred jewellery shop.

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According to the survey, Louis Vuitton was the most chosen luxury goods brand, while Gulfstream was the most favoured private jet brand.

“…The coming decade gives a significant potential for luxury brands and service providers to enter/reinforce their presence in India,” said Anas Rahman Junaid, managing director and principal researcher at Hurun India.

The percentage of dollar millionaires who use UPI for payments has more than quadrupled to 36%, with nearly a third saying they are presently minimising risks in their investments.