4.12 lakh millionaire households in India, 3,000 with over Rs 1,000 crore

NEW DELHI: There are a whopping 4,12,000 dollar-millionaire (networth of at least Rs 7 crore) households in India while the number of households that boast a wealth of at least Rs 1,000 crore has been pegged at 3,000 by the Hurun India Wealth Report 2020.

Separately, Hurun has identified a novel household category in India the ‘New Middle Class’that has an average savings of Rs 20 lakh per annum. Hurun pegs the total number of such cumulative households at 633,000. As for the good old ‘Indian middle class’, the number is pegged at 56,400,000.

These are families, according to Hurun, that have earnings of over Rs 2.5 lakh per annum and a net worth of less than Rs 7 crore. While the report did not talk about households that fall below the poverty line, it did note that the country needs to uplift its GDP per capita, which is one of the lowest among major developing nations.

“For the Indian wealth creation story to catapult a moonshot, the GDP per capita should increase from the current levels of $1,876 to $3,000 in real terms. The wealth and prosperity of the general populace would also have a significant impact on the economy as well as the grass-roots level. In that scenario, one would see a highly-competitive penetration of super-luxury brands across the cities in India,” said Hurun India MD and Chief Researcher Anas Rahman Junaid.

Mumbai lead the list of places with the most number of millionaire-households at 16,933, closely followed by New Delhi (16,000), Kolkata (10,000), Bengaluru (7,582), and Chennai (4,685). State-wise, Maharashtra (56,000), Uttar Pradesh (36,000), Tamil Nadu (35,000), Karnataka (33,000), and Gujarat (29,000) account for 46 per cent of the overall millionaire household pie, the report said. When it comes to investment, millionaires prefer listed stocks and real estate over other types of assets.