Every year when the M3M Hurun India Rich list drops, I scroll through it with a mix of awe and disbelief. Another year, another batch of ultra HNIs. Bigger valuations, bigger homes, bigger numbers.
And every time, the little girl in me, the same one who was taught to believe money fixes everything – thinks, “Wouldn’t it be nice to have more than you could ever spend?”
After all, that’s what most of us were raised to chase: study hard, work harder, make it big. But somewhere between admiration and curiosity, I found myself wondering, are the rich truly happy? Or does happiness stagnate after a certain number of zeroes?
The richer India and how they spend it
India is getting wealthier faster than ever before. The latest Wealth Report 2025 now has 8.7 lakh millionaire households, almost double from a few years ago. What’s different this time is who these millionaires are.
The new faces of India’s rich are young, self-made, and restless. Aravind Srinivas, a 31-year-old AI entrepreneur, is now worth over ₹21,000 crore. Aadit Palicha and Kaivalya Vohra, the Zepto founders are barely out of their twenties, each with fortunes of approximately ₹4,000 crore. And then there’s Hardik Kothiya, whose solar startup turned him into a green-energy millionaire before 35.
They’re joined by familiar names like Shah Rukh Khan, now officially a billionaire actor-entrepreneur, and Nikhil Kamath, who’s redefining success, which looks less like a fancy corner office and more like conscious capitalism.
So what do they do with all that wealth? India’s affluent class today spends big on real estate, luxury travel, education abroad, overseas investments and accessories.
But there’s a visible shift, from possessions to experiences. Private islands, farm-to-table retreats, art residencies, or meditative wellness escapes in the Himalayas. The rich aren’t just collecting objects, they’re collecting moments.
And yet, despite the indulgence, only 6 in 10 millionaires rate themselves as “very happy”. The rest circle somewhere between “satisfied” and “could be better”.
When wealth stops adding joy
Psychologists call it the satiation point. The stage where more money stops buying more happiness. It’s the point where comfort is guaranteed, but meaning starts feeling distant.
Many of India’s wealthy now admit that while money gives them freedom, it doesn’t automatically translate into fulfilment. Nikhil Kamath, for instance, often talks about purpose, mindfulness, and using wealth responsibly. Several young founders echo the same, they’ve stopped chasing status and started chasing significance.
In fact, across interviews and surveys, four common themes emerge about what truly drives satisfaction among India’s wealthy:
- Freedom matters more than fortune. The happiest millionaires aren’t those with the biggest balance sheets, but those who can control their time.
- Purpose beats possessions. More are moving from consumption to contribution. Think angel investing, philanthropy, or impact ventures.
- Relationships remain the real currency. Many confess their biggest regret isn’t a missed deal, but missed family dinners.
- Health is the ultimate luxury. Among the rich, wellness has quietly overtaken watches as the most coveted status symbol.
Because no matter how high your net worth climbs, you can’t enjoy a private jet if you’re too burnt out to board it.
The geography of joy
Interestingly, the pursuit of happiness among the rich isn’t uniform. Millionaires in Tier-2 and Tier-3 cities often report higher satisfaction scores than those in metros. Less chaos, closer communities, slower pace, their wealth seems to buy them not extravagance, but balance.
It’s proof that happiness may have less to do with how much you earn and more to do with how you live.
Beyond the bank balance
Maybe that’s why I keep going back to these lists every year. Behind the headlines and valuations are people still figuring out how to live, not just how to earn.
What the wealthiest Indians seem to be learning, just like the rest of us, is that happiness isn’t found in more, it’s found in enough. Enough time to breathe. Enough freedom to say no. Enough balance to enjoy what you’ve built.
In the end, India’s richest aren’t chasing more things, they’re chasing the same thing we all are: a life that feels good to live.
Disclaimer
The purpose of this article is to share insights, data points, and thought-provoking perspectives on investing. It is not investment advice. If you wish to act on any investment idea, you are strongly advised to consult a qualified advisor. This article is strictly for educational purposes. The views expressed are personal and do not reflect those of my current or past employers.
Sneha Virmani is a content strategist and writer with over a decade of experience. She is an alumna of Lady Shri Ram College, Delhi University (Economics & Psychology). Sneha specialises in storytelling-led content strategies and consumer education campaigns. Her work brings context and clarity, with a no-jargon approach designed to engage everyday readers.