Here is what India’s ultra rich spend their money on

Knight Frank has observed that nearly 14 percent of residential portfolio of India's Ultra-High-Net-Worth-Individuals (UHNWIs) is allocated outside the country.

Hyderabad:  A boom in the Indian economy has fuelled a surge in the country’s ultra rich investing their money in properties, luxury items, collectibles etc.

According to a recent report by Knight Frank, India’s super rich allocate 32 percent of their wealth in residential properties in the country and overseas.

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In ‘The Wealth Report 2024,’ Knight Frank has observed that nearly 14 percent of residential portfolio of India’s Ultra-High-Net-Worth-Individuals (UHNWIs) is allocated outside the country. UHNWIs are individuals with net worth of over USD 30 million.

The report also suggests that India’s super rich are also investing handsomely in luxury items like with watches, art, jewelley and cars, being the top preferences. Luxury handbags, rare wines, rare whiskey, furniture,  diamonds and coins are also among the favourite investments for UHNWIs, Knight Frank report suggests.

Knight Frank India chairman and MD said that for the ultra-rich Indians the prime residential assets continued to be the mainstream investment avenue. On luxury items being among the top preferences, he said “Indians have a long-standing appreciation for collectibles of various kinds and that is driving the growth.”

The report also states that the UHNWIs in India grew by 6.1 percent in the 2023 and their number is expected to grow by over 50 percent from 13,263 to 19,908 in the next five years. The growth, according to the report far outpaces the global average.

It also suggests that 90 percent of India’s UHNWIs expect their wealth to increase this year, while 63 percent of them expect it grow by more than 10 percent.