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India is home to over 4 lakh dollar-millionaire households, according to the Hurun India Wealth Report 2020.
According to the report released on March 16, these households have a net worth of at least Rs 7 crore.
The top two occupants of the Indian wealth pyramid are the billionaire households and the Hurun Rich List households. The ‘billionaires’ category comprises the wealthiest households with a net worth of Rs 7,000 crore or more. The Hurun Rich List households possess a minimum wealth of Rs 1,000 crore.
Mumbai holds the number one position in the city-wise ranking of millionaire households with 16, 933. Delhi has the second-highest number of millionaire households at 16,000, followed by Kolkata (10,000). Bengaluru, India’s Silicon Valley, has around 7,582 millionaire households.
The city has a massive share of 98% in Karnataka’s economy.
“India has been one of the fastest wealth-creating economies in the world. According to the Hurun Global Rich List, the country has produced the third-most number of billionaires. Wealth creation does not happen in isolation, it rather requires a nurturing socio-economic environment with a well-functoning political ecosystem, a trait that is common in developed financial markets,” said Hurun India Managing Director and Chief Researcher, Anas Rahman Junaid.