Ultra High Networth Households (UHNIs) are expected to double at 3,30,400 by 2022, according to a report by Kotak Wealth Management (KWM). The number of Ultra HNI households had gone up by 10 per cent to 1,60,000 last year, the report added. The report further added that the total networth of these UHNIs (with an income of Rs 25 crore and above) was about Rs 153 trillion in 2017 and is expected to almost triple at Rs 352 trillion by 2022.

The report also states that Indians are getting wealthier at a younger age of 40 years. About 60 per cent of UHNIs are now below 40 years as against 47 per cent interviewed last year. Themed “Luxury holds its own”, the KMW in its seventh edition of Top of the Pyramind talks about the spending pattern, digital behaviour, philanthropy and other family business narratives.

Jaideep Hansraj, CEO, Wealth Management & Priority Banking, Kotak Mahindra Bank said, “The UHNI household segment reiterate their confidence in the policies and reform measures undertaken by the Indian Government’s economic outlook.” The survey reveals that the UHNHs’ growth rate in the last five years was 12 per cent CAGR and about 56 per cent of these households came from the top four metro cities, while 18 per cent came from the next top cities such as Bengaluru, Ahmedabad, Pune, Hyderabad, Nagpur and Ludhiana.

For example, Hansraj said, Aurangabad has emerged as the largest buyer of Mercedes cars in the country and Hyderabad for Lamborghinis. The findings were based on data collected from over 200 UHNIs in the country.

Related Topics
comment COMMENT NOW