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Indian super rich to splurge on jets, yachts

world Updated: Apr 06, 2011 19:07 IST

Reuters
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Indians are the most likely members of the global super rich to spend more on private jets and yachts over the next five years while Africans and Russians are expected to increase their charitable giving, a survey showed on Wednesday.

A poll of 160 advisers at a private bank within global financial firm Citigroup Inc, which represents 5,000 clients worth on average more than $100 million each, found super rich Indians are the most keen on buying jets and yachts, with 93% seeing spending increasing.

In contrast, Russians appeared to be tiring of acquiring the trappings of enormous wealth, according to the 2011 "Wealth Report" compiled by Citi and luxury property firm Knight Frank.

All respondents had seen Russian clients lift spending on jets and yachts over the last five years, but only half expected further increases over the next five years, the report showed.

Meanwhile all of the private bankers who participated said African and Russian clients are likely to increase the amount they devote to philanthropy and charitable giving.

The results of the report also bode well for property sellers in New York and London, which ranked first and second respectively among the super rich asked to rate cities in order of "priority".

The survey found that both cities are expected to retain their top two rankings in 10 years' time, though Shanghai, Beijing and Hong Kong will close the gap behind them.

London fared less well in rankings of the world's most "romantic" cities in the perception of global multi-millionaires, coming third after Paris and New York.

New York was first in the "hedonist" category, followed by Hong Kong, Tokyo and Paris, but fourth in the "entrepreneur" class in which the Chinese metropolises of Shanghai, Hong Kong and Beijing took the top three spots.