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The top cities where India’s dollar-millionaires reside & how they spend their money

De-dollarisation exercise: Will the momentum continue?

Mumbai has the highest number of dollar-millionaire households in the country, followed by Delhi and Kolkata, according to the latest Hurun Wealth Report released today.

The report states that Mumbai has 20,300 dollar-millionaires while Delhi has 17,400 and Kolkata 10,500.

The Hurun Report defines millionaire households with a net worth of $1 million (around Rs 7 crore). The report was released today. It said that such households have reached 4.58 lakh this year, rising 11 per cent compared to the last year's number.

It further said that the number of dollar-millionaire households in India is estimated to increase by 30 per cent over the next five years to reach six lakh households by 2026.

Stock markets and real estate continue to be the preferred choice of investments for the surveyed millionaires.

At least 70 per cent of the high net-worth individuals (HNIs), who participated in the Hurun survey, said they prefer to send their children abroad for education, the report said. Among the destinations, the United States remains the most preferred (29 per cent), followed by the UK (19 per cent), New Zealand (12 per cent) and Germany (11 per cent).

As far as the consumption pattern of these millionaires is concerned, the report said that collecting watches is the preferred hobby and Rolex is the most preferred luxury watch brand. The Hurun Report said that 63 per cent of HNIs own at least four watches.

It further said that one-fourth of respondents said they change their cars in less than three years and Mercedes-Benz is the most preferred luxury car brand, followed by Rolls Royce.