Hey Alexa, play “Got Money”
According to a report published by Kotak Wealth Management in 2018, “the net worth of India’s Ultra-High-Net-Worth Individuals also known as UHNIs, is expected to be around ₹ 352 trillion by 2022.” Well, now we are in 2022. With more than 200 billionaires residing in India (215 to be precise), India is the third-largest billionaire producing country after China & USA.
With billions of dollars in accounts, fancy lifestyles, and net worth more than the GDPs of several countries, here is how India’s richest spend their money:
The focus from money-oriented objects or materials is now shifting to luxury experiences. From enjoying long expensive vacations to relishing the different cuisines in the world’s most affluent hotels, the UHNIs are willing to pay millions of dollars p.a., to experience the luxury of their money. As per the Forbes report, these UHNIs are dropping as much as ₹ 79 lakhs for a single experience. Geez, that is a lot more than the annual income of 60% of the population in India!
The UHNIs know how to maintain their health by eating healthy direct-from-farm and maintaining a good physique by buying expensive gym memberships. On average, a UHNI works more than 14 hours, with tons of meetings and decisions to make, they constantly need a surge of energy. Today, the Indian wellness market is worth more than ₹ 490 billion. A lot of Indians idolise the lifestyle of UHNIs, which will eventually result in skyrocketing the worth of the wellness industry.
It is difficult to find out the motive of the charity done by several UHNIs. Is it a tax-saving technique or a genuine charity? However, one thing is sure, either way, this is a win-win scenario for both UHNIs and societies. According to a report by Indiatimes, “the top 10 billionaires of India donated more than ₹ 1000 crores in 2020.”
Who does not like wearing apparel designed by the world’s top designers? At least the UHNIs do not! Walking the major red carpets across the globe in stunning outfits is the new normal for various billionaires in India. In the social media world, we are living in today, the eye of the camera follows you everywhere and therefore, designer clothing is one of the most money dropping sectors for UNHIs.
When asked to define how anyone can make money, A billionaire said, “Let your money make money for you.” The concept of wealth creation is the same. The fortune kept in the vaults or accounts will not earn you money, you need to invest it. The UHNIs know how and where to do it. More than 40% of their net worth goes towards increasing their wealth. From investing in new potential startups to buying shares of profitable companies, they understand the principle of money-making and do it efficiently.
Gifting is an essential part of network building. Instilled in our tradition, we Indians know how to gift appropriately, but the UHNIs know a little more. From customized gifts to luxurious hotel stays and vacations for friends and families, the uber-rich pay special attention while treating their near or dear ones.
The spending behaviour of rich people is always a talking point for a layperson. However, one must remember that the money they own does not come easy. They work for hours to let the cash come in, and therefore they do not hesitate to enjoy the luxuries of their money.