A recent report by Kotak Wealth Management puts light on spending patterns of India's ultra high-net-worth individual (ultra HNI) in the financial year 2013-14. The Top of Pyramid report defines Ultra HNI's as people who have household wealth of over Rs 250 million or Rs 25 crore.
A recent report by Kotak Wealth Management puts light on spending patterns of India's ultra high-net-worth individual (ultra HNI) in the financial year 2013-14. The 'Top of Pyramid' report defines Ultra HNI's as people who have household wealth of over Rs 250 million or Rs 25 crore.
Jewellery: According to the Kotak report, jewellery and precious stones, accounted for 16 per cent of the spending pie of India's ultra HNIs.
Apparel and accessories made up for 15 per cent of their total spending last year. A new trend in this area is designer clothing for children with launch of lines like Baby Gucci and Young Versace, says the report.
Holidays(14%): The report says that shopping is one of the key drivers for luxury trips to Singapore and Dubai.
Electronic gadgets: As per Kotak's report, super-rich of India shelled out 13 per cent of their total spending on buying electronic gadgets.
Home decor is another area where ultra-rich of India like to spend their money. Last year, they spent 12 per cent on this out of their total spending.
Events(9%): India's younger, self-made ultra HNIs are more inclined to celebrate personal occasions and success, says the report.
Philanthropy: According to the Kotak report the ultra-rich of India believe in giving back to society and spent 6 per cent on philanthropy out of total spending last year.
Luxury watches is at the eight spot in this list. The ultra HNIs spent 5 per cent last year on watches out of their total spending.
Vintage/spirits/liquor: India's ultra-rich spent 5 per cent out of their total spending on this category.
Arts/paintings: The super-rich spent 4 per cent out of their total spending on arts and painting last year, says the report
