Vizag ranks 15th in India’s Millionaire Households report

As per the Hurun India Wealth Report 2020, Vizag accounts for 772 millionaire households in the country. While Mumbai, the financial capital of India, tops the list with close to 17,000 millionaire households, Vizag holds the 15th position on the list.

According to the report, 46% of the millionaire households with a gross net worth of $1 million reside in the top five states of the country. The highest being Maharashtra, with 56,000 millionaire households. Uttar Pradesh has 36,000 high net worth households. Tamil Nadu ranks third with 35,000 millionaire households. Karnataka holds the fourth position with 33,000 and Gujarat has 29,000 millionaire households.

In total, it is said that there are 4,12,000 households, each having a net worth of a minimum of Rs 7 crores. On the other hand, 3,000 households in India come on the Hurun Rich List and have a wealth of Rs. 1,000 crore each.

The report also recognised a novel household category in the country also known as the ‘New Middle Class’. This segment of the population is said to have an average annual savings of Rs. 20 Lakhs. A major allocation of which goes towards physical assets like housing and automobiles. It is also mentioned that in India, the total cumulative number of such ‘New Middle Class’ households is said to be 6,33,000. Whereas, the estimate on the ‘Indian middle class’ households with earnings of over Rs 2.5-lakh per annum is said to be around 5,64,00000 and a net worth of less than Rs 7 crore.

Classifying segments of households based on their wealth, the report stated that the lower part consists of families with work compensation income, fixed deposits, real estate, and equity investments as their primary income. The upper segment source their income from inherited wealth, business earnings, real estate possessions, and diverse investment ventures.