Earmark 32% of their wealth to buy homes
Indicates a report by Knight Frank
The wealthiest in the nation give importance to acquiring houses. They spend 32% of their income to acquire homes in India and abroad. Individuals with a network of more than $30 million and more have been allocating 32% of their total wealth to buying residential properties, according to a report by noted real estate consultancy Knight Frank.
On average, ultrahigh-network individuals owned 2.57 houses, while 28% lived in rented houses in 2023, the report indicated.
Similarly, 12% of ultrahigh-net-worth individuals are of the view of buying a new home in 2024. Last year too, only 12% purchased new homes. Across the globe, 22% of ultrahigh-net-worth individuals are predicted to buy a second home in 2024.
The Knight Frank India chairman, MD Sisir Baijal, said that acquiring residential properties has become the mainstay of their investments.
