Half the earnings for owning a home Buying a house and living in it is the primary aspiration for many wealthy individuals. A recent survey by Knight Frank reveals that the wealthiest individuals in India allocate about 22% to 25% of their wealth towards buying homes where they wish to live. Among individuals aged 18-35 who earn over Rs 1 crore annually, 89% of wealthy Indians prefer to live in their own properties rather than renting them out.
Indian high-net-worth individuals (HNWIs) with assets valued over $1 million typically dedicate around 22% to 25% of their wealth to buying prime residences, and 80-90% of their holdings are centralised within the country, according to Vivek Rathi, National Research Director at Knight Frank India.
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The number of HNWIs in India is expected to increase by 6% in 2024, from 80,686 to 85,698, with the number of billionaires rising to 191. By 2028, their number is projected to grow to 93,753. Investments from HNWIs are mainly focused in cities like Mumbai, Delhi, Hyderabad, and Chennai. Regarding foreign investments, “Many HNWIs are investing in countries like the UAE or the UK,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India. The survey also found that nearly 47% of respondents prefer to invest in luxury cars, while 28% prefer investing in high-end real estate properties.
