The Wall Street Journal’s India Real Time blog has some information on Indian HNWI and their spending habits from a study by Kotak Wealth Management and Crisil Ltd. Like lots of other rich folks, they want yachts and jets:
The study estimates that India has about 62,000 super-rich households, with a total wealth of around 45 trillion rupees ($1 trillion.) This is expected to grow to 235 trillion rupees ($5.3 trillion) in five years.
“The fivefold increase in net worth and increasing propensity to spend could together have an explosive impact on (India’s) luxury goods market,” said Roopa Kudva, managing director and chief executive officer of Crisil in a press release.
The study found that a significant portion of ultra-rich people’s expenditures goes to exclusive holiday packages, often for holidays abroad. However, this expenditure is typically planned in advance and the family plays a large role in deciding the holiday location and other details, the study said. […] “Art” and “luxury writing instruments” get the smallest portion of spending from the super-rich, but these are usually the most impulsive buys.
How India’s Super-Rich Spend Their Money (IndiaRealTime/Wall Street Journal)