HURUN INDIA WEALTH REPORT 2021 AND HURUN LUXURY CONSUMER SURVEY
(18 February 2022, Mumbai) Hurun Report, the world’s largest rich list compiler, released the second edition of Hurun India Wealth Report 2021, a macro research on India’s wealth landscape, today. Hurun Report also released the second edition of Hurun Indian Luxury Consumer Survey 2021 (survey on more than 50 data points) that gives insights on Indian millionaire brand preferences, consumption habits and lifestyle trends. The Hurun Research Institute surveyed 350 Indian ‘millionaires’, defined as individuals with a personal wealth of USD 1 million (equivalent to INR 7 crore). Amongst them were 42 super-rich (12%), defined as individuals with wealth of INR 100 crore. Their average wealth was USD 6.7 million; the average age was 35 years, one year older than last year; the ratio of men to women surveyed was 8:2.
Key Highlights
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According to the Hurun India Wealth Report 2021, the number of dollar-millionaire households in India has increased by 11% to 4,58,000 households compared to last year. These households have a net worth of at least INR 7 crore.
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The number of Indian dollar-millionaire households is estimated to increase by 30% over the next five years to reach 6,00,000 households by 2026.
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With 20,300 millionaires (USD) households, Mumbai is India’s millionaire capital, followed by Delhi and Kolkata with 17,400 and 10,500 millionaire households respectively
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Rise of e-wallets and UPI among Indian millionaire class at the expense of NEFT/RTGS. According to Hurun Indian Luxury Consumer Survey 2021, 36% of Indian millionaires use e-wallets or UPI as their preferred payment method as compared to the 18% last year.
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Indian HNIs are more risk-aversive during the pandemic year. Nearly one-third of HNIs participated in Hurun Indian Luxury Consumer Survey 202, follow risk-averse investment philosophy during the pandemic compared to 18% last year. Stock markets and the Real estate continue to be the preferred choice of investments for the surveyed millionaires.
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Falling Happiness Index. 66% of the survey respondents indicated that they are happy with both personal and professional life, compared to 72% in 2020.
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31% of survey respondents believe that paying tax is a determinant of social responsibility. 19% of the target population believe in philanthropy and in being a good employer as a contribution to social responsibility.
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70% of the survey respondents prefer sending their kids abroad for education. The USA (29%), UK (19%), New Zealand (12%) and Germany (11%) are the most preferred destinations by the millionaire community when it comes to their children’s education in an overseas location.
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Watch collecting is the preferred hobby and, 63% of HNIs own at least four watches
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One-fourth of respondents change their cars in less than three years. The most preferred luxury car brand is Mercedes-Benz followed by Rolls-Royce and Range Rover. Lamborghini is the most preferred luxury sports car brand.
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Taj is the most preferred hospitality brand, followed by Oberoi and Leela
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Rolex is the most preferred luxury watch brand, followed by Cartier and Audemars Piguet.
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Tanishq is the most preferred Indian jewellery retail brand
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Louis Vuitton is the most preferred luxury goods brand, followed by Gucci and Burberry
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Gulfstream is the most preferred private jet brand, followed by Boeing and Airbus
Anas Rahman Junaid, MD & Chief Researcher, Hurun India said, “India is home to one of the fastest growing affluent households in the world and hence, the next decade presents a meaningful opportunity for luxury brands and service providers to enter/ further strengthen presence in India. It is interesting to note that some of the most favored brands of the survey respondents do not have physical presence in India.”
The Hurun India Luxury Consumer Survey 2021 provides readers with some millionaire-specific insights, like the data on changing patterns and preferences of lifestyle, consumption habits, investment decisions, and brand awareness amongst the major wealth creators of the country. This survey was conducted amongst 350 millionaires.
We identified five classes of millionaire households (business owners, real estate owners, golden collar - salary driven class, stock market king, and the new middle class) based on their investible assets, which are further dependent on their primary source of income.
In terms of investment philosophy, 30% of millionaire individuals are currently embracing the philosophy of avoiding risks. When we asked our survey respondents about their wealth allocation preferences, around 35% of them were inclined towards making investments in public equity. Start-up investments are seen as setting foot in the investment spectrum of the wealthy.
Other insights in the report
Hurun Best of the Best Brand Awards: One of the most authentic surveys (on 50+ data points) where we gave the opportunity for millionaires in the Hurun network to vote for their preferred luxury brands across categories.
Methodology
The Hurun India Wealth Report 2021 investigates the quantity and geographical distribution of Millionaires, High-Net-Worth, Super-High-Net-Worth and Ultra-High-Net-Worth Families in India. The report details the geographical distribution by state and city, based on the long-term residence of millionaires. The basis of the data is calculated up to 31st December 2021.
The report takes into account both fixed assets and current assets of the survey respondents. Fixed assets include self-owned listed or unlisted stock rights, owner-occupied real estate, and investment real estate. Current assets consist of shares, funds, debenture shares, deposits and insurance.
The Hurun Report compiled this report using the ‘bottom-up’ and ‘top-down’ research approach. The ‘bottom-up’ research approach takes into account the quantity of high-end real estate across the regions, the sales volume of luxury cars in the past three years, individual income tax returns, the registered capital of enterprises, and other high-end consumer indicators. In addition to all of the above, the report analyzed around 5,000 private enterprises with paid-up capital of INR 50 lakhs (INR 5,000,000) or more. The ‘top-down’ research approach is based on indicators such as GDP, GDSP, National Statistical Office, combined with a Lorenz curve model to create a macro statistical analysis.
About the Hurun Report
Hurun Report is a leading research, luxury publishing and events group established in London in 1998 with a presence in India, China, France, the UK, USA, Australia, Japan, Canada and Luxembourg. It is widely recognized world-over for its comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the largest compiler of the rich list globally.
Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Investments, a USD20m early-stage venture capital fund with investments into tech, media, retail and education.
About Hurun India
“Promoting Entrepreneurship Through Lists and Research”
Hurun India was launched in 2012, under the leadership of Anas Rahman Junaid, a graduate of the University of Oxford. Junaid met Rupert Hoogewerf, the founder of Hurun Global, through Oxford University and the duo thought it was the right time to speak about wealth creation in India as they saw India booming. Since then, Hurun India has been in the pursuit to celebrate the stories of India’s transparent wealth creation, innovation, and philanthropy.
The Five core pillars of Hurun India are:
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Wealth Creation - We celebrate transparent wealth creation by bringing to light the success stories of some of the most amazing entrepreneurs through Hurun Rich Lists.
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Hurun India Rich List is a ranking of individuals with a net worth of INR 1,000 Crore+ and has grown to become the most comprehensive rich list in India. Over the last decade, the list grew from 100 individuals from 10 cities to 1,007 richest Indians, from 76 cities.
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Hurun Leading Wealthy Women List is the ranking of the richest self-made women in India
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Hurun Real Estate Rich List ranks the most successful Real Estate entrepreneurs in the country.
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Hurun India Wealth Report is the most detailed Hurun study on wealth distribution land scape in India.
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Value Creation – Under this pillar, Hurun celebrates the success stories of some of the most respected Indian companies through Hurun India 500 - a ranking of most valuable non-state-controlled companies and emerging companies and investors that make the future look bright for India through the Hurun India Unicorn Index, Gazelle List, Cheetah List, and Top Investors List.
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Sustainability and Philanthropy - Hurun India Philanthropy List, which is on the 6th year anniversary, ranks India’s most generous entrepreneurs. Hurun India Impact 50 list ranks India’s most sustainable companies based on their alignment with UN Sustainability Development Goals.
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Art - In 2019, the Hurun India Art List was launched, aimed at tracking some of the most successful artists who are alive today by way of cumulative auction prices. Through the art list, our endeavor is to encourage individuals to collect Indian art.
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Lifestyle and Luxury -The Hurun Luxury Consumer Survey debuted in 2019 to help understand about lifestyle and brand preferences of ultra-high net worth individuals while curating a survey to help them explain their spending habits.
Globally, The Hurun brand registers an estimated 8 billion views, 50% YoY growth, on the back of lists and research reports.
Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2021, a ranking of 3,228 US dollar billionaires, the so-called ‘Nine-Zero Club’, currently in the world and the tenth India Rich List which ranks the 1,007 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur.
For the full details, please refer to www.hurunindia.net
For media inquiries, please contact:
Vineeth Chandrababu
Hurun Report India
+91 99950 61106
