India had 4.12 lakh dollar-millionaire households in 2020: Report

A household having an annual income of more than $1 million is considered a dollar-millionaire household.
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With 56,000 dollar-millionaire households, Maharashtra leads the country in wealth creation followed by Uttar Pradesh, Tamil Nadu, Karnataka, and Gujarat, says Hurun India Wealth report.

These states together account for 46 percent of the 4.12-lakh millionaire households in the country.

According to a wealth report by Hurun India, known for its annual rich list, there were 4.12 lakh dollar-millionaire households last year in the country, which has been one of the fastest wealth-creating economies producing the third-highest number of billionaires annually.

A household having an annual income of more than $1 million is considered a dollar-millionaire household.

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Maharashtra — which has the highest GSDP among all the states, contributing around 16 percent of national GDP — had 56,000 dollar-millionaire households last year. Between FY13 and FY19, the economy has been growing annually at 6.9 percent and the state is also home to 247 richest individuals.

Uttar Pradesh has the second-largest number of millionaire households at 36,000. Its economy has been annually growing at 10.6 percent in the past one decade.

At the third spot is Tamil Nadu with 35,000 dollar-millionaire households. In the past five financial years, its economy has grown at 12.2 percent annually. The state is also home to 65 of the richest Indians.

Karnataka is ranked fourth with 33,000 households having an annual income of over $1 million. The state has been growing almost 10 percent for many years now, and its per capita income jumped 11 times in the last two decades. The state is home to 72 of the richest individuals in the country, as per the report.

Gujarat is home to 29,000 dollar-millionaire households and is placed at the fifth position. The state has 60 of the richest Indians.

Other states in the top ten list of dollar-millionaire households are West Bengal (24,000), Rajasthan (21,000), and Andhra Pradesh (20,000). Madhya Pradesh and Telegana each have 18,000 millionaire households.

When it comes to cities, Mumbai — which generates 6.2 percent of the national GDP — leads with 16,933 millionaire households, followed by Delhi with 15,861 millionaire households. The national capital contributes 4.94 percent of the country's GDP.

Kolkata is home to nearly 42 percent of the 24,000 millionaires households in the state. Bengaluru comes fourth with around 7,582 millionaire households.

With 4,685 millionaire households and home to 37 of the richest Indians, Chennai is at the fifth position.

Edited by Kanishk Singh