This report provides a comprehensive review of wealth trends in India, including details on high-net-worth individuals, luxury spending, and asset allocation. Mumbai has the highest total wealth, followed by Delhi and Bangalore. Most high-net-worth individuals have degrees in business or engineering and work in diversified industries or manufacturing. The luxury sector is valued at $15 billion annually, with luxury hotels and brand stores being popular. Nearly half of Indian wealth is held offshore or in equities and real estate. The report concludes with risks to future growth like poverty and business difficulties.

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India Wealth Report 2021
Wealth trends and insights
Publication Date: July 2021

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Contents:
1. Introduction ...............................................................................................................................3
2. Benchmarking India’s Wealth in Context ....................................................................................4
3. The wealthiest cities in India ......................................................................................................5
4. Wealth growth trends ................................................................................................................7
5. HNWI demographics ..................................................................................................................8
6. Luxury sector............................................................................................................................10
7. HNWI asset allocation trends ...................................................................................................13
8. Wealth vs. GDP ........................................................................................................................14
9. Country risks ............................................................................................................................15
10. Sources and methodology.....................................................................................................16
11. About New World Wealth .....................................................................................................18

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1. Introduction
This report provides a comprehensive review of the wealth sector in India, including HNWI trends, luxury trends
and wealth management trends in the country. The data and findings in the report are provided by global
wealth intelligence firm New World Wealth (www.newworldwealth.com). The following wealth bands are
considered in our analysis.
Wealth Tier Definition
Billionaires Those individuals with wealth of US$1 billion or more.
Centi-millionaires Those individuals with wealth of US$100 million or more.
Multi-millionaires Those individuals with wealth of US$10 million or more.
Millionaires (HNWIs) Those individuals with wealth of US$1 million or more.
Mass Affluent Those individuals with wealth of over US$100,000.
Source: New World Wealth

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2. Benchmarking India’s Wealth in Context
India stats (for Dec 2020):
 India is the 6th largest wealth market in the world (in terms of total wealth held) after USA, China, Japan,
Germany and the UK. Notably, it ranks above France and Italy on this measure.
 Total private wealth held in India amounts to US$8.3 trillion.
 There are approximately 330,000 millionaires (HNWIs) living in India, each with net assets of US$1
million or more.
 There are approximately 21,000 multi-millionaires living in India, each with net assets of US$10 million
or more.
 There are 1,074 centi-millionaires living in India, each with net assets of US$100 million or more.
 There are 120 billionaires living in India, each with net assets of US$1 billion or more. India has a
particularly large number of billionaires - only two counties worldwide have more billionaires than India,
namely: USA and China.
Note: “Wealth” refers to the net assets of a person. It includes all their assets (property, cash, equities,
business interests) less any liabilities.

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3. The wealthiest cities in India
The following table ranks cities in India by total wealth. Note: “Total wealth” refers to the private wealth held
by all the individuals living in each city. It includes all their assets (property, cash, equities, business interests)
less any liabilities.
City
Total wealth
(US$bn)
HNWIs
($1m+)
Multi-millionaires
($10m+)
Billionaires
($1bn+)
Mumbai 959 58 100 3 810 29
Delhi 592 28 500 1 930 14
Bangalore 367 10 600 710 5
Kolkata 353 11 700 780 6
Hyderabad 339 9 900 680 5
Pune 250 6 200 440 3
Chennai 184 6 200 390 4
Gurgaon 137 5 000 320 2
Note: HNWI numbers rounded to nearest 100. Only includes people living in each city (residents). Figures for Dec 2020.
Source: New World Wealth

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Top cities:
 Mumbai: Mumbai is the wealthiest city in India and the 10th wealthiest city in the world (by total wealth).
It is home to the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), which both
rank among the world’s 10 largest stock exchanges by market cap. Major industries in the city include:
financial services, real estate and media. Affluent parts of Mumbai include: Bandra, Juhu and
Cumballa Hill.
 Delhi: Delhi has been a hub for wealth for many centuries and is one of the world’s oldest cities. It
contains New Delhi, which is the capital of India. Major industries in the city include: construction, retail
and manufacturing. Lutyens' Delhi is one of the more affluent suburbs in the city and is home to many
of India’s billionaires.
 Bangalore: Bangalore is known as the “Garden City” and the “Silicon Valley of India”. Major industries
in the city include: IT, business process outsourcing, research & development and biotechnology.
 Kolkata: Kolkata is the main commercial hub of East India. Major industries in the city include:
manufacturing, basic materials, pharmaceuticals and food processing.
 Hyderabad: Hyderabad has a reputation as the “Pharmaceutical Capital of India”. Major sectors
include: pharmaceuticals, IT and business process outsourcing. Notably, Hyderabad contains a large
number of special economic zones, which help encourage new business formation.
 Pune: Pune is located just east of Mumbai. Major industries in the city include: IT and manufacturing
(automobiles).
 Chennai: Chennai is located in South East India on the coast. Major industries in the city include:
healthcare, manufacturing (automobiles), financial services and tourism.
 Gurgaon: Gurgaon is located just south of Delhi. Major sectors in the city include: IT and
manufacturing.

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4. Wealth growth trends
India was one of the world’s fastest growing wealth markets over the past decade (2010 to 2020) with HNWI
growth of 63%. The only countries in the world that grew at a faster pace than India during this period were:
Vietnam, China and Mauritius.
The fastest growing city in India during this period was Bangalore, with HNWI growth of 86%. Pune and
Hyderabad also experienced strong HNWI growth of over 70%.
Over the next 10 years, we expect HNWI numbers in India to grow by around 80%, reaching just over 600,000
by 2030. This should be fueled by strong growth in the local IT and financial services sectors.

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5. HNWI demographics
As mentioned, there are approximately 330,000 millionaires (HNWIs) living in India, each with net assets of
US$1 million or more. The following table examines the most common degrees and certifications held by
these HNWIs. As reflected, a large percentage of local HNWIs have completed MBA degrees.
Type of degree / area of study % of HNWIs
MBA 23%
B.Sc. 15%
Engineering 14%
B.Com 13%
B.Tech 9%
Law (LLB) 4%
Economics 2%
Accounting (CA) 2%
Other 18%
Total 100%
Note: Refers to the last degree/certification achieved by the HNWI. Figures for Dec 2020.
Source: New World Wealth

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Top sectors for HNWIs:
The following table provides a breakdown of the main sectors in which HNWIs in India have acquired their
wealth. As reflected, diversified industries and manufacturing top the list.
Sector % of HNWIs
Diversified 17%
Manufacturing 14%
Basic Materials 13%
Tech & Telecoms 11%
Financial & Professional Services 11%
Healthcare 8%
Real Estate 7%
Retail & Fashion 6%
Media 5%
FMCG 3%
Transport & Logistics 3%
Hotels & Leisure 2%
Total 100%
Note: Figures for Dec 2020.
Source: New World Wealth

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6. Luxury sector
India’s luxury sector generates revenue of around US$15 billion per annum, making it the 11th largest luxury
market worldwide. This figure includes: luxury cars, luxury clothing & accessories, luxury watches, private
jets, yachts and luxury hotels.
A large portion of India’s luxury sector revenue comes from luxury hotels. Popular local holiday destinations
for HNWIs include: Mumbai, Delhi, Kolkata, Udaipur, Jaipur, Goa and Agra.
The following luxury hotels & trains are especially popular for HNWIs:
 Taj Mahal Palace in Mumbai.
 The Oberoi Udaivilas in Udaipur.
 Taj Lake Palace in Udaipur.
 Rambagh Palace in Jaipur.
 The Oberoi Amarvilas in Agra.
 The Leela in Goa.
 Palace on Wheels (train).
 Maharajas Express (train).

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Luxury clothing & accessory brand stores:
Luxury brand stores have become common place in emerging market countries such as India, China, Brazil,
South Africa and Vietnam over the past 20 years. Many of these stores were put up between 2002 and 2007
during the global luxury boom years.
Brand ranked by no. of stores Specialty Store locations
Burberry Clothing & Accessories Mumbai, Delhi, Bangalore, Hyderabad, Kolkata
Salvatore Ferragamo Clothing & Accessories Mumbai, Delhi, Bangalore, Chennai
Jimmy Choo Womans shoes Mumbai, Delhi, Bangalore, Kolkata
Gucci Clothing & Accessories Kolkata, Mumbai, Delhi
Zegna Mens clothing Mumbai, Delhi, Hyderabad
Louis Vuitton Clothing & Accessories Mumbai, Delhi, Bangalore
Hermes Clothing & Accessories Mumbai, Delhi
Bottega Veneta Clothing & Accessories Mumbai, Delhi
Paul Smith Mens clothing Mumbai, Delhi
Christian Louboutin Womans Shoes Mumbai, Delhi
Berluti Leather goods Delhi
Source: New World Wealth

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Luxury cars:
Most of the major luxury car brands have dealerships in India. The top selling luxury car brands in India are
listed below, ranked by number of dealerships.
Brand ranked by no. of dealerships Dealership locations
Porsche Mumbai, Delhi, Bangalore, Kochi, Ahmedabad
Bentley Mumbai, Delhi, Hyderabad
Lamborghini Mumbai, Delhi, Bangalore
Rolls Royce Delhi, Hyderabad
Ferrari Mumbai, Delhi
Aston Martin Mumbai, Delhi
Source: New World Wealth

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7. HNWI asset allocation trends
We calibrate wealth across six asset classes: equities, business interests, real estate, cash & bonds,
alternatives and collectables. Note: ‘Alternatives’ include: commodities, cryptocurrency and private equity
holdings.
Asset allocation breakdown (for Dec 2020):
 Business interests is the largest asset class for HNWIs living in India (accounting for around 24% of
their assets), followed by cash & bonds (22%), real estate (21%), equities (20%), alternatives (10%)
and collectables (3%).
 Approximately 22% of India’s HNWI wealth is held offshore. This % has risen significantly over the
past decade. These holdings are mainly in US$ cash and in US ETFs.
Spotlight on art & other collectables:
Collectables include any luxury item that holds its value reasonably well over time. Prominent examples
include: art, classic cars, top-end watches, jewelry, fine wine and stamps.
India’s fine art market is valued at around US$1.4 billion.
Popular artists for local HNWI art collectors include:
Francis Newton Souza, Vasudeo Gaitonde, Tyeb Mehta,
Sayed Haider Raza, Amrita Sher Gil and Maqbool Fida
Husain. Major art auction houses in India include:
Saffron Art, Asta Guru and Pundole’s. International
auction houses such as Christies, Sothebys and
Bonhams also regularly sell artworks from India at their
auctions in New York, London and Dubai.

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8. Wealth vs. GDP
We consider wealth to be a far better measure of the financial health of an economy than GDP. Reasons for
this include:
 In many developing countries, a large portion of GDP flows to the government and therefore has little
impact on private wealth creation.
 GDP counts items multiple times (for instance, if someone is paid $100 for a product/service and they
then pay someone else that $100 for another product/service, then that adds $200 to a country’s GDP,
even though only $100 has been produced at the start).
 GDP ignores the efficiency of the local banking sector and the local stock market at retaining wealth
in a country.
 GDP largely ignores the impact of property and stock market moves. These two factors obviously have
a massive impact on wealth.
 GDP is quite a static measure - it tends to only move slightly year on year. As a result, it is not a great
gauge of the performance of an economy.
Wealth figures, on the other hand, do not have any of these limitations, making them a far better gauge of the
financial health of an economy than GDP figures.

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9. Country risks
India’s economy has a number of underlying problems that might negatively impact its growth over the next
decade. Key risks include:
 A large number of people living below the poverty line and high wealth inequality - a high 47% of
India’s wealth is held by HNWIs, which is well above the worldwide average of around 35%.
 High population density, especially in urban areas.
 Difficult place for multi-nationals to do business (ranked 63th worldwide in the World Bank’s 2020
Doing Business Report). It should, however, be noted that India has been moving up this ranking
steadily over the past few years.
 The ongoing migration of HNWIs out of the country.

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10. Sources and methodology
Country stats:
We use a model to calculate wealth breakdowns for each country, with key inputs including:
 Wealth data from our in-house HNWI database.
 Stock market stats in each market.
 Property stats in each market.
 Household income stats in each market.
 Household savings and household debt stats in each market.
These metrics are combined together in our model to calculate the total wealth held in each country and to
calculate the number of people in each wealth tier. For the top wealth tiers (such as billionaires and centi-
millionaires) we mainly rely on our in-house HNWI database.
Our model also maps historical wealth growth trends in each country by considering:
 Currency movements vs. the US$ (note: all our stats are in US$ terms).
 Stock market movements (in US$ terms).
 Property price movements (in US$ terms).
It should be noted that the average HNWI worldwide has the bulk of their wealth tied up in residential property
and equities, so large movements in these two segments heavily impact on the total private wealth held in a
country.

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Demographic breakdowns:
We mainly rely on our in-house HNWI database for the demographic splits within each country (i.e. city,
degree and sector wealth breakdowns). For our city breakdowns, we also take into account public prime
property stats (property registers and property sales stats) - specifically, we look at the number of highly-
priced homes in each area.
HNWI database:
We have a sample of over 150,000 HNWIs worldwide
in our database. The database is focused on HNWIs
with the following work titles: Directors, Chairman,
CEOs, Founders and Partners. We do not give out
the names of these individuals to anyone. We purely
use this database for in-house statistical studies.
Our wealth intelligence research covers 90 countries
and 150 cities worldwide.
For more information, please visit www.newworldwealth.com.

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11. About New World Wealth
New World Wealth has been tracking the spending habits of the world’s wealthy for over seven years. Our
research covers 90 countries and 150 cities worldwide. We are the researchers behind the Africa Wealth
Report and the Global Wealth Migration Review.
Services on offer include:
 Wealth Reports.
 Ratings and surveys.
 Country, city and regional wealth statistics.
 Residential property indices.
 Wealth migration studies.
 Custom research.
For more information on New World Wealth please visit www.newworldwealth.com.

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Contact:
Andrew Amoils
New World Wealth
andrew@newworldwealth.com
Tel: 081 832 2185 (SA)
www.newworldwealth.com
Note: This report features art from Francis Newton Souza.