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Maharashtra with its 56,000 Millionaire Households Leads the Country in HNI Households – Reported by Hurun India

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Maharashtra has 56,000 millionaire householdsOn March 16,2021, Hurun India released the ‘Wealth Report 2020’ in which Maharashtra ranked first in the state wise distribution of High Net-worth Individual(HNI) households with 56,000 dollar millionaire households followed by Uttar Pradesh, Tamil Nadu, Karnataka and Gujarat.

  • Based on the report there are 4.12 lakh dollar-millionaire households / affluent households in India with a networth of at least Rs 7 crore.

State wise Distribution of HNI Households:

Ranking State Name Millionaire Households No of Richest Indians 
1. Maharashtra 56,000 247
2. Uttar Pradesh 36,000
3. Tamil Nadu 35,000 65
4. Karnataka 33,000 72
5. Gujarat 29,000 60

  • Maharashtra is the highest Gross/Net State Domestic Product (GSDP) Generating state in India with growth rate of about 13.16% and it is contributing around 16 % of national GDP
  • 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.

Introduced New Household Category – ‘New Middle Class’:

Hurun India identified a novel household category in India – the ‘New Middle Class’ – with an average savings of Rs 20-lakh per annum. These households have major allocation towards physical assets such as primary residential property and automobiles. Hurun India pegs the total number of such cumulative households in India at 633,000.

City-wise distribution:

  • Mumbai is home to most millionaires followed by Delhi, Kolkata , Bengaluru and Chennai.
  • Mumbai, which generates 6.2 per cent of the national GDP leads with 16,933 millionaire households, followed by Delhi with 15,861 millionaire households, which contributes to 4.94 per cent of the country’s GDP.

Note: Millionaire Household is a household having an annual income of more than USD 1 million.

Key points about ‘Wealth Report 2020’:

  • Around 70.3% of the millionaire households of the country are in the top 10 states of the report
  • Based on the report the happiness index is about 72% whereas it is 85% in 2019

Recent Related News:

On 3rd December 2020, the 2nd edition of “Kotak Wealth Hurun – Leading Wealthy Women” 2020 was jointly launched by Kotak Wealth Management, a division of Kotak Mahindra Bank(Kotak) and Hurun India. Roshni Nadar Malhotra (32 years), the chairperson of HCL Technologies has topped the Kotak Wealth Hurun India 2020 and was named as India’s richest woman with a wealth of Rs. 54,850 crores.

About Hurun India 

MD & Chief Researcher – Anas Rahman Junaid
Chairman -Rupert Hoogerwerf
Headquarters – Mumbai Maharashtra