How many watches do riche-rich own? Harun offers a glimpse of Indian crorepatis lifestyle

Hyderabad: Watch collecting is the preferred hobby of high net-worth individuals (HNIs) according to Hurun Indian Luxury Consumer Survey 2021.

Around 63% of high net-worth individuals (HNIs) own at least four watches.

Hurun Report also released the second edition of Hurun Indian Luxury Consumer Survey 2021 which gives insights on Indian millionaire brand preferences, consumption habits, and lifestyle trends.

The Hurun Research Institute surveyed 350 Indian 'millionaires', defined as individuals with a personal wealth of US $ 1 million (equivalent to Rs 7 crore). Amongst them were 42 super-rich (12%), defined as individuals with a wealth of Rs 100 crore. Their average wealth was the US $ 6.7 million; the average age was 35 years, one year older than last year; the ratio of men to women surveyed was 8:2.

70% of the survey respondents prefer sending their kids abroad for education. The USA (29%), UK (19%), New Zealand (12%), and Germany (11%) are the most preferred destinations by the millionaire community when it comes to their children's education in an overseas location.

One-fourth of respondents change their cars in less than three years. The most preferred luxury car brand is Mercedes-Benz followed by Rolls-Royce and Range Rover. Lamborghini is the most preferred luxury sports car brand.

Taj is the most preferred hospitality brand, followed by Oberoi, and Leela. Rolex is the most preferred luxury watch brand, followed by Cartier and Audemars Piguet. Tanishq is the most preferred Indian jewelry retail brand. Louis Vuitton is the most preferred luxury goods brand, followed by Gucci and Burberry. Gulfstream is the most preferred private jet brand, followed by Boeing and Airbus.

Anas Rahman Junaid, MD & Chief Researcher, Hurun India said, "India is home to one of the fastest-growing affluent households in the world and hence, the next decade presents a meaningful opportunity for luxury brands and service providers to enter/ further strengthen presence in India. It is interesting to note that some of the most favored brands of the survey respondents do not have a physical presence in India."

According to the Hurun India Wealth Report 2021, the number of dollar-millionaire households in India has increased by 11% to 4,58,000 households compared to last year. These households have a net worth of at least INR 7 crore.

The number of Indian dollar-millionaire households is estimated to increase by 30% over the next five years to reach 6,00,000 households by 2026. With 20,300 millionaires (USD) households, Mumbai is India's millionaire capital, followed by Delhi and Kolkata with 17,400 and 10,500 millionaire households respectively

Rise of e-wallets and UPI among Indian millionaire class at the expense of NEFT/RTGS.

According to Hurun Indian Luxury Consumer Survey 2021, 36% of Indian millionaires use e-wallets or UPI as their preferred payment method as compared to the 18% last year.

Indian HNIs are more risk-aversive during the pandemic year. Nearly one-third of HNIs participated in Hurun Indian Luxury Consumer Survey 202, follow risk-averse investment philosophy during the pandemic compared to 18% last year. Stock markets and Real estate continue to be the preferred choice of investments for the surveyed millionaires.

Falling Happiness Index.

66% of the survey respondents indicated that they are happy with both personal and professional life, compared to 72% in 2020.

31% of survey respondents believe that paying tax is a determinant of social responsibility. 19% of the target population believe in philanthropy and in being a good employer as a contribution to social responsibility.