Stat: India's wealthy class is rapidly expanding

As India’s upper and middle classes expand, brands are well positioned to enter India’s burgeoning luxury market. According to the Hurun India Wealth Report 2021, the number of millionaire households in India has increased by 11% year on year to reach 4,580,000 in 2021.

Over the next five years, the millionaire group is expected to grow by a further 30%, reaching 6m homes by 2026. But it's important to note that happiness, on the other hand, has decreased as income has grown. Two-thirds of those polled said they are satisfied with their personal and professional life, down from 72% in 2020.

With a market size of £4.4bn ($6bn, €5.3bn), India’s luxury goods sector is relatively modest in comparison with other nations. But the country’s rapidly growing upper class – and corresponding luxury market – indicates potential for emotional and physical wellbeing services aimed at supporting this high-net-worth demographic.