Editor’s Note
A new report from Knight Frank reveals that India’s ultra-wealthy allocate a significant 17% of their investable wealth to luxury goods, highlighting a distinct shift in high-end spending patterns. This article explores the implications of this trend.
Food, clothing, and housing are basic human necessities. However, the ultra-wealthy in the country invest 17 percent of their investable wealth in luxury items. This revelation comes from a report.
If asked where you spend most of your money, what would you say? Food, clothing, and housing are basic needs. However, the country’s ultra-wealthy invest 17 percent of their investable wealth in luxury items. Their top priority is luxury watches, followed by art and jewelry. This was stated in a report by Knight Frank India. The real estate consultant Knight Frank released The Wealth Report-2024 on Wednesday. It states that Ultra High Net Worth Individuals (UHNWIs) have allocated 17 percent of their investable wealth to luxury or indulgences.
Individuals with a net worth exceeding three million dollars fall into the UHNWI category. The advisory company said the joy of ownership is a key reason why UHNWIs are investing in luxury assets. Among Indian UHNWIs, luxury watches are the preferred investment choice, followed by art and jewelry.
Classic cars rank fourth. This is followed by luxury handbags, wine, rare whisky, furniture, colored diamonds, and coins. However, globally, the preferences of the ultra-wealthy are luxury watches and classic cars.
He said that demand for rare collectibles is growing across various age groups in India.
