Mumbai47 minutes ago
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The wealth of the rich in the country has been increasing rapidly for the last few years. According to a research by Anarock Group, the number of high-net-worth (HNI) people with investable assets of at least Rs 8 crore is currently more than 8.5 lakh. They are expected to double to 16.5 lakh by 2027. Interestingly, 20% of these millionaires are below 40 years of age.
According to the report released on Thursday, ultra-high-net-worth (UHNI) with assets of more than Rs 250 crore increased by 6% from last year to 13,600 this year. It is estimated that by 2028 such people will increase to 50%, while the global average is only 30%.
UHNI in China is estimated to grow by just 2% each year. In terms of UHNI, India ranks sixth in the world and third in Asia. In Asia we are behind only China and Japan. The excellent mix of young entrepreneurs, tech experts and experienced industrialists are the main reasons for this achievement.
According to Dr. Prashant Thakur, Regional Director and Research Head, Anarock Group, different sectors are responsible for accelerating wealth creation in India. These include everything from traditional industries to emerging new sectors like tech startups. Most of the rich of the new generation are associated with technology and startups.
The rich earn the most from technology, startups and real estate.
- 30% of HNIs earn through technology, fintech and startups. Their share is highest.
- 21% of UHNIs are involved in the manufacturing sector. They are getting a lot of boost from the ‘Make in India’ initiative.
- 15% earn from luxury and commercial real estate. They are getting the benefit of increasing urbanization.
- 18% of earnings are coming from stock market. Investing in equity has given good returns for the last few years.
Highest expenditure on luxury houses and cars
Most of the rich spend money on buying luxury properties in the country and abroad. Sales of luxury homes within the country have increased by 28% this year. This is 16% more than 2020. 14% UHNI own properties in countries like Dubai, London, Singapore. The average per capita investment in foreign property is more than Rs 12 crore.
37% of Indian rich bought cars like Lamborghini, Porsche, Rolls-Royce this year
HNIs of the country spend more than Rs 6 crore every year on luxury cruises and personalized tours. India is the fifth largest market in the world in terms of demand for luxury watches and jewelery from brands like Cartier Patek Phillips.
Property most preferred investment
- Indian rich have invested 32% of their wealth in real estate.
- 20% investment is in private equity, AI, block chain and cleantech based startups.
- 8% of UHNIs have investments in cryptocurrencies.
- 25% of UHNIs invest abroad, especially in the US.
- 40% of UHNIs have set up family offices to manage their wealth, succession planning and philanthropy.
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