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Lives of the Rich and Famous
Kotak Wealth in association with CRISIL Research have submitted the report of their survey of the lifestyles and trends of living of the Ultra HNIs (High Net Worth Individuals). After the definition of an Ultra HNI, it has studied various aspects like the behavior, drive, priorities and motives of the ultra HNIs before compiling the report.
Here is an excerpt from the report.
A ultra HNI was any individual with a minimum net worth of Rs 250 million and according to this definition there are as many as 81,000 ultra HNIs in India (2011-2012). The number is also expected to go up by three times in the four years to come.
As expected, most of the HNIs reside in the cities, especially metropolitan cities. But a staggering 50% of them live in the 4 metros. There are 13% of them in the next top 6 cities. The next 40 cities in the top list are home to over 15%.
Their major sources of the massive wealth are majorly inherited, and then on the list of sources are Entrepreneurhip motives that are associated with amassing wealth, preservation of the earned wealth, self recognition, self actalization and other benefits from work.
They have an attitude to perperuate wealth. Wealth is bequeathed unconditionally but the next generation must strive to uphold the wealth.
They tend to invest in organized and informal professions.
Father to daughter/ son ratio of education; Graduates: 67.7/49.3, Post-graduates: 13.5/36.2, Professional courses: 9/11.6, Other: 9.8/2.9
Most of the ultra HNIs were unaware of any downturn in spending. A few others also dismissed the suggestion outrightly.
The report for the last term indicated that they had saved lesser and spend more for charity and other philanthropic activites than in the previous year.
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