Indian millionaires consider themselves happy, value experiences over luxury goods
The Mercedes-Benz Hurun India Wealth Report 2025 indicates a decisive shift from conspicuous consumption to meaningful experiences among India's affluent.
Indian millionaires seem to be a happy lot, and what's making them happy are not luxury cars or jewellery—but travel, fitness, and other experiences.
According to the Mercedes-Benz Hurun India Wealth Report 2025, more than 60% of Indian millionaires rate their happiness at 8 or above on a 10-point scale, despite modest consumption compared to wealthy individuals in developed markets.
The survey of 150 millionaires across the country shows changing consumption patterns among India's affluent.
According to the survey, travel tops spending preferences, with it being the most popular hobby among 45% of respondents, followed by reading and cooking. In discretionary spending, tourism accounts for 32%, followed by education at 27%, and entertainment at 22%.
Interestingly, these categories rank higher than traditional status symbols such as luxury cars, diamonds, and watches. This indicates a decisive shift from conspicuous consumption to meaningful experiences among India's affluent.
Fitness also shows increased importance, with 27% of respondents choosing yoga as their preferred form of exercise.
The report reveals that India's millionaire households have increased 90% from 2021 to reach 8.71 lakh, and a whopping 445% increase since 2017.
Despite an increase in wealth, most Indian millionaires report an annual household consumption of under ₹1 crore. Many respondents identified ₹50 crore or more as the threshold for financial freedom, demonstrating that wealth targets have moved beyond entry-level millionaire status (Rs 8.5 crore).
Education attracts 42% of total donations from wealthy Indians, compared to healthcare at 7% and environmental causes at 5%. Thirty per cent of respondents identified paying taxes as their primary civic responsibility, followed by environmental issues and charity.
The report also suggests that financial security rather than high consumption contributes to greater well-being among India's wealthy.
Ultra-high wealth, an elusive club
While current trends indicate that millionaire households will continue to expand in the country in the coming years, the utra-high wealth category remains an elusive club.
Roughly only 5% of millionaires progressed to the ultra-high net worth status (above $12 million) from 2017, while only 0.01% became billionaires. India currently has 360 billionaire households.
Edited by Swetha Kannan