India is now the 6th wealthiest nation in the world. Being a developing country, it is a big achievement as India has beaten many developed countries in creating money. Of course, there are many factors behind this but, we are sharing how the ultra-rich people in India spend their money.
Kotak Wealth Management did some research and made a report which shows the spending habits of super rich people in India. The report has revealed some very interesting points, let’s have a look at some of those:
Who is called ‘Ultra-Rich’?
Ultra-high-net-worth individuals (UHNIs) are those people who have a net worth of more than Rs 25 crore. The list contains individuals who have inherited money, entrepreneurs and professionals are also included.
Where the Ultra-Rich spend their money?
- Lifestyle & household expediture:Around 22 percent of the total annual income of these people are spent on maintaining their lifestyle and household expenditures. 16% of the income is spent on leisure activities.
- Investments:Nearly, 13% of income is invested in growing their wealth. The stock market is the favourite option for investing. Gold investments have decreased by 17% in last one year.
- Philanthropy:More than 66 percent of UHNIs believe in using a big amount of their money in philanthropy
Other main conclusions from this report are:-
- 97% of UHNHs are living in top-20 cities of India.
- The number of UHNHs in India will get double to 330,400 by 2022.
- The net-worth of these people will also get double to Rs 352 trillion by 2022
This report was made after interviewing 200 ultra-rich people from 12 different cities of India.
