Dollar millionaires in India rise 11% in pandemic-hit 2021: Survey

Dollar millionaires or those possessing a personal wealth of over Rs 7 crore rose by 11% to 4.58 lakh households in India at the end of the pandemic-hit 2021, says a survey.

Dollar millionaires or those possessing a personal wealth of over Rs 7 crore rose by 11 per cent to 4.58 lakh households in India at the end of the pandemic-hit 2021, as per a survey.

The survey of 350 such dollar millionaires also indicated that the number of those who classify themselves as happy in personal and professional lives slipped to 66 per cent in 2021, down from 72 per cent in the previous year.

The Hurun Report findings on the dollar millionaires come at a time when there is rising concern about the growing inequality in the country with a population of over 130 crore.

A recently released report by non-profit Oxfam pegged the wealth of top 100 richest Indians at USD 775 billion, and added that India accounted for 4.6 crore or half of the overall people on the planet falling into extreme poverty in 2021.

The report estimated the number of Indian dollar millionaires to increase by 30 per cent to touch 6 lakh households by 2026.

Mumbai is home to the largest number of dollar millionaires at 20,300 households, followed by Delhi at 17,400 and Kolkata with 10,500, it said.

At a time when calls for taxing the super-rich are growing Oxfam advocated higher taxation to save lives - less than a third among those surveyed felt paying taxes is a determinant of social responsibility, the report by Hurun said.

Similarly, when calls for greater help through philanthropy are growing, only 19 per cent of the millionaires surveyed by Hurun said they believe in giving back to society.

Over two-thirds of those surveyed said they will prefer sending their kids abroad for education, with the US emerging the favourite destination followed by the UK, New Zealand and Germany.

The survey also focused on consumption, and found that a fourth of those in the list change their cars every three years with the German carmaker Mercedes Benz emerging as the most preferred.

Watch collection is a favourite hobby among the millionaires and nearly two-thirds of those surveyed said they own four time pieces, the survey said, adding that Rolex is the most preferred brand.

Indian Hotels' Taj emerged as the most preferred hospitality brand, while Tanishq, also owned by the Tata Group, emerged as the favourite jewellery retailer.

Louis Vuitton was the most preferred luxury goods brand while Gulfstream was the most preferred private jet brand, the survey said.

The next decade presents a meaningful opportunity for luxury brands and service providers to enter/ further strengthen presence in India, Anas Rahman Junaid, managing director and chief researcher for Hurun India, said.

The number of dollar millionaires using UPI for payments has doubled to 36 per cent, while nearly a third of them said they are currently avoiding risks in their investments.