18% jump in UPI & e-wallet use among Indian HNIs in 2021: Hurun Report
Hurun India Wealth Report 2021 reveals the number of dollar-millionaire households in India has increased to 4,58,000, up by 11 percent from 2020.
Friday February 25, 2022,
2 min Read
Earlier last week, list compiler Hurun Report released the second edition of Hurun India Wealth Report 2021, a macro research on India’s wealth landscape.
According to the report, the number of dollar-millionaire households in India has increased to 4,58,000, up by 11 percent from last year. Further, the net worth of these households was a minimum of Rs 7 crore.
After surveying 350 Indian millionaires (individuals with personal wealth of $1 million or Rs 7 crore); Hurun reported:
- 12 percent or 42 individuals were 'super-rich', with personal wealth of Rs 100 crore
- The average wealth was $6.7 million, with an average age of 35-years, a year older than last year
- The ratio of men to women was 8:2
Hurun further reported that the number of dollar-millionaire households in India is expected to increase by 30 percent by 2026, to reach six lakh households by then.
Highlights from the report further suggest:
- Mumbai is the millionaire capital in India, housing about 20,300 millionaire households
- Second in the race is Delhi, with 17,400 millionaire households
- Kolkata recorded 10,500 millionaire households, thus, becoming the city with the third-most millionaire households in the country.
- In 2021, the rise of e-wallets or UPI as a preferred payment method went up to 36 percent, compared to 18 percent in 2020.
- As far as the happiness index is concerned, there has been a dip of about six percent. Earlier in 2020, 72 percent of the respondents said that they were 'happy' with their personal and professional lives. In 2021, the number dipped to 66 percent.
- Stock markets and real estate continues to remain the preferred choice of investment. Additionally, 31 percent of the survey respondents are of the opinion that paying taxes is a determinant of social responsibility. 19 percent believe in philanthropy.
To know about the highlights of last year's report, click here.
Edited by Saheli Sen Gupta