Over 15% of India’s high networth individuals (HNIs) are under 30, driven by startup unicorns, IPOs, and tech-driven ventures. This number is expected to rise to 25% by 2030, said a new report.
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About 20% of the Indian millionaires are under 40, said a report by Anarock Property Consultants. “A dynamic mix of young entrepreneurs, tech pioneers, and seasoned industrialists driving the expansion in affluent population,” said Prashant Thakur, regional director and head of research, Anarock Property Consultants. Nearly 30% of new HNIs owe their fortunes to technology, fintech, and startups. The ‘Make-in-India’ push has fuelled industrial wealth, contributing 21% to the ultra-high net worth individuals’ (UHNI) economy, said Thakur.
Luxury and commercial real estate contributed 15% and stock markets caused wealth from equities to grow by 18% year-on-year, further enriching the affluent class, the report said. Nearly 14% of UHNIs own properties abroad, with Dubai, London, and Singapore as the primary hotspots. The average international property investment exceeded Rs 12 crore ($1.44 million) in 2024.
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More than 37% of Indian HNIs purchased a high-end vehicle in 2024, driving record sales for brands like Lamborghini, Porsche, and Rolls Royce. UHNIs spend an average of Rs 6 crore ($720,000) annually on bespoke vacations, luxury cruises, and curated experiences, it added.
India is the fifth largest market for luxury watches and bespoke jewellery, with a surge in demand for pieces from Cartier, Patek Philippe, and Indian heritage brands, it said. In terms of wealth allocation, 32% of wealth is allocated to real estate, 20% flows into private equity and startups, focusing on AI, blockchain, and cleantech. About 8% of UHNIs have invested in cryptocurrencies, despite regulatory uncertainty, the Anarock report finds.
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Also, nearly 25% of Indian UHNIs are diversifying abroad,
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