How Rich Indians Are Fueling a $2.7 Trillion Market

The deep pockets of the top 1% are feeding a boom in the nascent wealth management industry

- Abhishek Mukherjee

According to Pali scriptures, after attaining nirvana through intense meditation beneath the Bodhi tree at Bodh Gaya, Gautam Buddha fell into deep silence. Confronting the vastness of cosmic nothingness had left him utterly speechless. Sometimes, encounters at the opposite end of the spectrum, too, can have a similar effect.

A few months ago, I experienced just such an epiphany.

Thanks to some cunningly cultivated friendships back in kindergar ten, I found myself: included the in guest list of a glittering celebration at a Himalayan resort, where a friend's friend's father was celebrating his 25th wedding anniversary.

I had always cast wistful glances at the famed property.

With the cheapest room priced at ₹30,000 a night and suites soaring to 1.5 lakh during peak season, this is the sort of place that remains firmly out of reach for someone in my tax bracket. Needing no further persuasion, I drove there to witness firsthand the life of the haves and havealots.

And for three hallucinatory days, my jaw lay in close proximity to the floor.

On arriving, I discovered that the entire property, some 130 rooms, had been booked exclusively for the event. Many guests were flown in from abroad. Entertainment came in the form of specially curated events such as ballroom dancing and wine tasting. On the second evening a mid-tier Bollywood singer regaled the audience, accompanied by a full orchestra and Eastern European backup dancers.

The next day, a famous qawwali-singing duo came from Mumbai, and sang Sufi-inspired songs on love, longing and the futility of materialism as guests sipped t20,000-a-bottle champagne in crystal glasses.

The bar was open throughout the staythe drinks menu opened with Glenfiddich and only went higher, while three in-house restaurants served everything from the finest Indian cuisine to exotic global dishes.