On 16th March 2020, Hurun India Wealth Report for 2020 was Published. The Wealth report identifies novel household category in India called the ‘New Middle Class’ which accounts for an average savings of Rupees 20-lakh per annum.
The New Middle Class
The Hurun India Wealth Report highlights that these households have major allocation towards the physical assets like primary residential property and automobiles. According to the report, total number of such cumulative households in India stands at 633,000.
The Hurun India Wealth Report further states that, there are around 4,12,000 dollar-millionaire households or affluent households in India which are having the net worth of Rupees 7 crore. According to this report, the Hurun Rich Listers comprise of the wealth of Rupees 1,000 crore. This category of the report comprises 3000 number of cumulative households in India. The ‘Indian middle class’ has the earnings of over Rupees 2.5-lakh per annum while they have a net worth of less than Rupees 7 crore. The ‘Indian Middle Class’ category accounts for 56,400,000 families in India.
The Hurun India Wealth Report classifies two broad segments of the wealthy households across India. The first is “lower part” which comprises of the households having the work compensation income, fixed deposits, real estate and equity investments as the primary source of income. The second segment is the “Upper Part” which comprises of inherited wealth, primary business earnings, real estate possessions and an equity investment portfolio as their sources of income.
Report also highlights that, business-owner whether a billionaire or international ultra-high net worth individual or an affluent individual allocate major portion of their wealth for their primary business activities.
Hurun India Wealth Report of 2020 Published