E-Paper
Indian ultra rich increase 7%, wealth reaches ₹135 lakh crore
MUMBAI: Ultra high-net worth households (HNIs) in India rose 7% in the previous financial year to 146,000 and are expected to almost double to 294,000 by 2021.
MUMBAI: Ultra high-net worth households (HNIs) in India rose 7% in the previous financial year to 146,000 and are expected to almost double to 294,000 by 2021.
The rise in number will be driven by the spike in the number of start-ups and second-generation family businesses in small cities selling off to large investors.
The combined worth of such households is also expected to surge to ₹319 lakh crore in five years from ₹135 lakh crore at present, thanks to well-planned efforts to grow their wealth, says Kotak Wealth Management’s Top of the Pyramid report.
Typically, a person who has invested ₹25 crore or more is considered to be an ultra HNI and India, which has recently seen the spawning of a number of new tech ventures, is seeing more such multi-millionaires with at least half of them below 40 years.
“They are very careful in terms of spending and prefer value because what is good today comes at a high premium and the demand is not what it used to be ten years back,” says Rajesh Iyer, head, investment advisory services & family office at Kotak Wealth Management.
While equity and real estate continue to be top investment preferences, there is more interest in commercial real estate.
The Kotak Wealth Management survey polled 225 ultra high net-worth respondents across 12 cities in the country.
