HURUN INDIA WEALTH REPORT 2020 AND HURUN LUXURY CONSUMER SURVEY

INDIA IS HOME TO 4,12,000 MILLIONAIRE HOUSEHOLDS

WITH 17,000 MILLIONAIRE (USD) HOUSE HOLDS, MUMBAI IS INDIA’S MILLIONAIRE CAPITAL, FOLLOWED BY DELHI AND KOLKATA WITH 16,000 AND 10,000 MILLIONAIRE HOUSE HOLDS RESPECTIVELY

Hurun Report, the world’s largest rich list compiler, launches the first edition of Hurun India Wealth Report, a macro research on India’s wealth landscape and the second edition of Hurun Indian Luxury Consumer Survey, giving a sneak peek on millionaire spending habits 

Key Highlights

• Maharashtra, Uttar Pradesh, Tamil Nadu, Karnataka, and Gujarat account for 46% of Millionaire Households.
• Happiness index at 7.2/10. 72% of the survey respondents indicated that they are happy with both personal and professional life, compared to 85%  in 2019.
• Real estate and stock markets continues to be the preferred choice of investments for the surveyed millionaires.
• UK is the most preferred overseas travel destination followed by Switzerland and USA
• Majority of the respondents believe that Mumbai and New York will be the most important global city in 10 years
• USA is the most preferred investment destination followed by Singapore and UAE. USA is also the preferred choice for the children’s overseas education.
• Art is the most preferred collection hobby.
• Car: The most preferred luxury car brand is Mercedes, followed by BMW and Jaguar. Lamborghini is the most preferred luxury sports car brand.
• Taj is the most preferred hospitality brand followed by Marriott.

(16 March 2021, Mumbai) The Hurun Research Institute today released the Hurun Best of the Best Awards 2020, based on the results of the Hurun Report Indian Luxury Consumer Survey 2020. This is the second consecutive year Hurun Research has revealed the brand preferences, consumption habits and lifestyle trends of India’s wealthiest individuals. The ILCS has endeavors to become a benchmark for the luxury sector.

The Hurun Research Institute surveyed 449 Indian ‘millionaires’, defined as individuals with a personal wealth of USD 1 million (equivalent to INR 7 Crore). Amongst them were 62 super-rich (12%), defined as individuals with wealth of INR 100 Crore. Their average wealth was USD 6.7 million; the average age was 38 years, one year older than last year; the ratio of men to women surveyed was 6:4.

Anas Rahman Junaid, MD & Chief Researcher, Hurun India said, “For the Indian wealth creation story to catapult a moon-shot, the GDP per capita needs to increase from the current levels of USD 1876 to USD 3000 in real terms. The wealth and prosperity of the general populace would have a significant impact on the economy, which will be evident at all levels, including the grassroots level as well. In that scenario, one would see the potential of a highly competitive market of super-luxury brands across the cities in India.” 

The Hurun India Luxury Consumer Survey 2020 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 449 millionaires.

We identified five classes of millionaire households (business owner, real estate owner, 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, 19% of millionaire individuals are currently embracing the philosophy of avoiding risks. When we asked our survey respondents about their wealth allocation preferences, around 36% of them were inclined towards making investments in public equity, while an equal number of them preferred real estate. Start-up investments are seen setting a foot in the investment spectrum of the wealthy.

Other insights in the report

How Much Is Enough? The report also addresses the question of “How Much is Enough?” in the context of higher levels of wealth creation and its “utility”.

Hurun Best of the Best Brand Awards:   One of the most authentic surveys 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 2020 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 the 1 January 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 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 Hurun India:

“Promoting Entrepreneurship Through Lists and Research”

Hurun India commenced operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since, felicitating them at a bouquet of Hurun events hosted Pan-India.

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 2020, a ranking of the 2,816 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world, and the ninth India Rich List which ranks the 827 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.

The Hurun India Philanthropy List ranks the most generous individuals in India and is now on its 5^th anniversary. Indians give much more generously than many have previously understood. 

The Hurun Real Estate Rich List ranks the top real estate developers in the country and is now on the 4^th anniversary.

In 2018, Hurun Report launched the Hurun India Women Rich List, aimed at celebrating the success stories of some of the most amazing women wealth creators and inheritors. 

In 2019, 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. This we believe is a watershed moment in the art history of India, where we expect more entrepreneurs to start collecting. 

In 2019, Hurun Luxury Consumer Survey was debuted to understand and speak about the spending habits of ultra-high net worth individuals. 

In 2020, Hurun India Unicorn Index was debuted to track and speak about the top young wealth creators of the country.

For the full details, please refer to www.hurunindia.net.

For media inquiries, please contact:

Vineeth Chandrababu

Hurun Report India

+91 99950 61106

vineeth@hurunindia.net