INDIA'S RICH GET YOUNGER, SMARTER

Tech-driven ventures and entrepreneurship are transforming under-40s into HNIs and UHNIs, reshaping India's wealth landscape

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There’s always a certain fascination with how the rich live. After all, there’s a science behind the journey to being rich. As more people chase their aspirations, curiosity about the lifestyles of the rich has only intensified. In today’s world, with easy financing options, acquiring the luxuries once reserved for the wealthy is no longer a pipe dream. If financing is available in installments, who’s to say it’s out of reach?

A recent report by the Anarock Group on the rise of High Net Worth Individuals (HNIs) in India has been making waves. Quoted extensively across media platforms, it offers a deep dive into the investments, consumption habits, and wealth creation strategies of the rich. Let’s take a closer look at this report and unravel how the wealthy are truly living:

One of the standout observations comes from Dr. Prashant Thakur, the Regional Director and Head of Research at Anarock Group. He notes, “India is witnessing a transformative era of wealth creation. From bustling metros to emerging tier-II cities, the nation’s affluent population is expanding at a pace that’s capturing global attention. A dynamic mix of young entrepreneurs, tech pioneers, and seasoned industrialists are driving this change.”

He goes on to point out, “The rise of HNIs or high net worth individuals (individuals with investable assets of at least $1 million) and UHNIs or ultra high net worth individuals (those with assets worth above $30 million) in 2024 paints a fascinating picture of opportunity, influence, and ambition.”

Now, let us understand a few key trends discussed in the report:

THE GROWTH OF HNIs AND UHNIs

• India ranks sixth globally in Ultra High Net Worth Individuals (UHNI) population and third in Asia, trailing only China and Japan.

• India’s UHNI count reached 13,600 in 2024, marking a 6% annual growth. This population is projected to soar by 50% by 2028, far outpacing the global growth average of 30%.