Happiness Index of India’s Rich Falls by 13%, More than 6 Lakh New Middle Class Households Emerge: Report

Hurun’s earlier report had revealed that 40 Indians entered the billionaires’ club in the pandemic-stricken 2020 to take the number of those in the coveted list to 177.
Happiness Index
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The overall happiness index among India’s high net-worth individuals (HNI) fell to 7.23 points on 10 as compared to 8.5 points in 2019, a Hurun India Wealth Report 2020 released on Tuesday revealed.

Hurun surveyed 449 Indian millionaires, individuals with a personal wealth of Rs 7 crore, of which 62 were super-rich (Rs 100 crore wealth).

The report also revealed that 6,33,000 new middle-class households with an average savings of Rs 20-lakh per annum have emerged in the country. These households are those the report says who have major allocation towards physical assets such as primary residential property and automobiles. The report added that there are 3,000 households in India with a networth of Rs 1,000 crore.

Meanwhile, Mumbai continued to be India’s richest city closely followed by Delhi. There are 16,933 millionaire households in Mumbai, which contributes about 6.16 per cent to the country’s GDP, with New Delhi in close pursuit with 16,000 (4.94 per cent contribution to GDP), followed by 10,000 in Kolkata, according to the report.

Bengaluru has about 7,582 millionaire households, followed by Chennai with 4,685 rich homes. 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 total millionaire households.

Hurun’s earlier report had revealed that 40 Indians entered the billionaires’ club in the pandemic-stricken 2020 to take the number of those in the coveted list to 177.

A majority of 118 billionaires were classified as self-made ones in the ranking, as against 932 of the 1,058 billionaires in neighbouring China, which is home to the highest number of billionaires. Globally, the list was led by Elon Musk of Tesla with a fortune of USD 197 billion followed by Amazon’s Jeff Bezos at USD 189 billion and Frenchman Bernard Arnault of fashion house LVMH at USD 114 billion.

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