Sunday, December 29, 2024

HNI count may double to 1.65 million by 2027: Anarock

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The number of ultra high net worth individuals (UHNIs) rose 6 per cent to 13,600 this year and may surge by another 50 per cent by 2028, far outpacing the global growth average of 30 per cent, said a report by Anarock.

The number of high net worth individuals (HNIs) may double to 1.65 million by 2027. Over 15 per cent of India’s HNIs are under 30, driven by start-up unicorns, IPOs, and tech-driven ventures. This number is expected to rise to 25 per cent by 2030, as younger entrepreneurs redefine wealth creation, according to Anarock.

UHNIs are those with assets worth above $30 million, whereas HNIs are those with investable assets of at least $1 million.

The cornerstone

Real estate continues to be a cornerstone of wealth allocation for Indian HNIs and UHNIs, with 32 per cent of their wealth allocated to real estate and 20 per cent to private equity and start-ups, focusing on AI, blockchain, and cleantech, according to Anarock. Eight per cent of UHNIs have invested in cryptocurrencies, despite regulatory uncertainty.

The share of luxury homes in total sales surged to 28 per cent in 2024, up from 16 per cent pre-pandemic. High-end properties in Mumbai, Delhi, and Bengaluru are top picks, with Goa, Alibaug, and Jaipur emerging as favoured second-home destinations.

Nearly 25% of Indian UHNIs are diversifying abroad, prioritizing assets in North America and Europe, and about 10% have secured alternate citizenships, favouring Portugal, Malta, and the UAE for their global mobility and tax benefits, according to Anarock. About 14 per cent of UHNIs own properties abroad, with Dubai, London, and Singapore the primary hotspots. The average international property investment exceeded ₹12 crore this year.

Over 40% of UHNIs have established family offices to manage wealth, succession planning, and philanthropy.

Luxury purchases 

More than 37% of Indian HNIs purchased a high-end vehicle in 2024, driving record sales for brands like Lamborghini, Porsche, and Rolls Royce. UHNIs spend an average of ₹6 crore annually on bespoke vacations, luxury cruises, and curated experiences. India is the fifth largest market for luxury watches and bespoke jewellery, with a surge in demand for pieces from Cartier, Patek Philippe, and Indian heritage brands.

Wellness-focused real estate, customised healthcare, and anti-ageing solutions have emerged as significant spending categories. High-net-worth families are also increasingly investing in preventive healthcare and luxury wellness retreats.

“India is witnessing a transformative era of wealth creation. From bustling metros to emerging Tier-II cities, the nation’s affluent population is expanding at a pace that is capturing global attention. A dynamic mix of young entrepreneurs, tech pioneers, and seasoned industrialists drives this change,” said Prashant Thakur, Regional Director & Head – Research, ANAROCK Group.







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