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India's HNIs allocate 32 percent of wealth to real estate, 8 percent ultra-HNIs invest in crypto: Anarock report
About 10 percent of UHNIs secured alternate citizenships in 2024, favouring Portugal, Malta, and the UAE for their global mobility and tax benefits
Thanks to India’s new tax regime, which has improved take-home salaries for many taxpayers and salaried professionals, people are starting to feel more confident about their own money.
Real estate has continued to be a cornerstone of wealth allocation for Indian high-net-worth individuals (HNIs, or people with investable assets of at least $1 million) and ultra-high-net-worth individuals (UHNIs, or those with assets worth above $30 million) in 2024, according to a research by Prashant Thakur, Regional Director at ANAROCK Group.
The HNIs and UHNIs' 32 percent of the wealth was allocated to real estate. According to the Anarock's research, the share of luxury homes in total sales surged to 28 percent in 2024, up from 16 percent pre-pandemic. High-end properties in Mumbai, Delhi, and Bengaluru were top picks, with Goa, Alibaug, and Jaipur emerging as favoured second-home destinations in 2024.
Approximately 14 percent of UHNIs owned properties abroad, with Dubai, London, and Singapore as the primary hotspots. The average international property investment exceeded Rs 12 crore ($1.44 million) in 2024.
About 10 percent of UHNIs secured alternate citizenships in 2024, favouring Portugal, Malta, and the UAE for their global mobility and tax benefits.
20 percent of the HNIs and UHNIs pumped their wealth into private equity and AI, blockchain and cleantech-related startups in 2024. 8 percent of the ultra HNIs invested in cryptocurrencies, despite regulatory uncertainty, the research added.
Additionally, nearly 25 percent of Indian UHNIs diversified abroad, prioritizing assets in North America and Europe. Over 40 percent of UHNIs established family offices to manage wealth, succession planning, and philanthropy.
Wellness-focused real estate, customized healthcare, and anti-ageing solutions emerged as significant spending categories. High-net-worth families increasingly invested in preventive healthcare and luxury wellness retreats.
Indian UHNIs donated over Rs 60,000 crore ($7.2 billion) in 2024, prioritizing education, healthcare, and sustainability, the research mentioned.
According to Thakur, India is home to over 850,000 HNIs, and this is projected to double to 1.65 million by 2027. Interestingly, 20 percent of these millionaires are under 40. India ranks 6th globally in UHNI population and 3rd in Asia, trailing only China and Japan. The country's UHNI count reached 13,600 in 2024, marking a 6 percent annual growth.
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