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17% OF WEALTH SPENT ON LUXURY BY INDIA'S RICH
The Business Guardian
|February 29, 2024
Indian ultra-high net worth individuals (UHNWIs) primarily invest in luxury assets for the joy of ownership, with luxury watches being the most sought-after category, followed by art and jewellery, among others.
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The Indian ultra-rich are allocating a significant portion of their investable wealth, approximately 17 percent, towards luxury items, as revealed by Knight Frank’s ‘The Wealth Report 2024’. This report, released during a virtual press conference, sheds light on the investment preferences of Ultra-high Net Worth Individuals (UHNWI) in India, defined as individuals with a net worth of USD 30 million and above.
The primary motivation cited by Indian UHNWIs for investing in luxury assets is the joy of ownership. Among these assets, luxury watches emerge as the most coveted investment category, closely followed by art and jewellery. Classic cars, luxury handbags, wine, rare whisky, furniture, coloured diamonds, and coins also feature in the list of preferred luxury investments among Indian UHNWIs.
This story is from the February 29, 2024 edition of The Business Guardian.
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