Mumbai #1 City In Creating Dollar Millionaires; India Now Has 4.12 Lakh Millionaire Households
India has been identified to have 412,000 households with a minimum annual income of $ 1 million or Rs 7 crore, according to a report by Hurun called the Hurun Rich List.
There are 3,000 Billionaire-Dollar households or those with a networth of Rs 1,000 crore.
Mumbai tops the list in terms of harboring the highest number of these millionaire households followed by New Delhi.
Wealth creation has been attributed to real estate and stock market investments.
Mumbai hosts a whopping 16,933 millionaire households who contribute 6.16% of India’s total GDP.
It is followed by New Delhi which is home to 16,000 such households all contributing 4.94% of GDP.
Kolkata comes in number 3rd with 10,000 millionaire households.
Status of Indian Billionaires
India is currently home to 177 billionaires. This puts India in the 3rd position in terms of housing the most number of billionaires.
India is succeeded only by China and the US.
118 of the 177 claim to be self made billionaires.
Mukesh Ambani of Reliance is once again the richest Indian for the 10th year in a row. His net worth is Rs 6,05,900 crore making him the world’s 8th richest person.
Gautam Adani takes 2nd position behind Ambani with a net worth of $ 32 billion. However in total world rankings he is only the 48th richest.
Maharashtra has the highest number of millionaires in India at 56,000, followed by-
- Uttar Pradesh- 36,000
- Tamil Nadu- 35,000
- Karnataka- 33,000
- Gujarat- 29,000
These top 5 states and 5 others total contribute 70% of all millionaire households in India
60 billionaires call Mumbai home, followed by 40 in New Delhi and 22 in Bengaluru.
Billionaire Record Holders
Nikhil Kamath of Zerodha and Apoorva Mehta of Instacart have the honor of being the youngest Indian billionaires at the age of 34.
Kiran Mazumdar Shaw of Biocon with a net worth of $ 4.8 billion is the richest Indian woman among 12 others.
The Poor Billionaires
Acharya Balkrishna , Patanjali CEO, suffered a blow to his net worth during the pandemic, falling from $ 5.3 billion in 2020 to $ 3.6 billion in 2021. A fall of 32%, the highest loss percentage out of all Indian billionaires.
Binny Bansal and Sachin Bansal sat firmly on their $ 1 billion dollar valuation but fell down the ranks by 400 levels.
- OYO Rooms
Ritesh Aggarwal’s OYO rooms which is India’s first unicorn or company with a $ 1 billion valuation, took a massive blow to its net worth during the pandemic.
- Future Group
Kishore Biyani’s Future Retail was on track to become the fastest wealth creator in 2018. Now in 2021 the misfortunes keep piling up as the company is mired in debt and in a court case against Amazon.
All these led to Biyani being taken off the Hurun Rich List.
The New Middle Class
Rich list aggregator Hurun has acknowledged the emergence of a new economic class in India. These households have average savings of Rs 20 lakh annually.
There are 633,000 such households in India.
The traditional or old middle class consist of those with annual earnings of over Rs 2.5 lakh and a net worth of below Rs 7 crore.
There are 56,400,000 such households in India.
Luxury Brands of Choice
Mercedes is the luxury car of choice followed by BMW and Jaguar
Lamborghini is the top sports car of choice trailed by Porsche and Aston Martin
Rolex takes the numero uno position followed by the home brand Tanishq.
- Hotel and Hospitality
The Indian Taj chain of hotels takes the number one spot followed by Marriott.
Business or first class of Emirates is the top contender.
Singapore Air and Etihad Airways take up #2 and #3 spots.
- Bank/ Lender
HDFC Bank was the most trusted private lender followed by ICICI Bank.
LIC was the most popular life insurer company.
Johnny Walker Blue Label took top spot among imported spirits. Dom Perignon follows in champagne preferences.
How to Produce Future Millionaires and Billionaires?
Hurun India Managing Director and Chief Researcher, Anas Rahman Junaid says that GDP per capita needs to increase to at least $ 3,000 from the current $ 1,876 in order for India to witness wealth creation at unprecedented levels.
This increase in high net worth households would then lead to more luxury brands entering the Indian market.