Indian Affluence Defies Global Economic Challenges
Indian millionaires are emerging as some of the most prominent global consumers, confidently investing in luxury real estate and high-end goods. Despite global economic instability, they remain optimistic about their financial futures, according to HSBC’s Global Entrepreneurial Wealth Report 2024.

The report reveals a striking trend of faith in domestic markets among India’s affluent class:

98% of Indian millionaires believe their wealth will grow in the coming years.

61% of them have already invested in real estate, significantly outpacing the global average of 51%.

This robust confidence is driving not just investments in real estate but also substantial spending on luxury goods and experiences.

Luxury Spending Soars Above Global Averages
Indian millionaires are not only investing but also leading the world in their appetite for luxury goods and experiences. HSBC’s findings indicate:

56% of Indian millionaires spend on luxury goods, compared to a global average of 40%.

44% are investing in luxury experiences, far above the global average of 35%.

However, only 14% of Indian affluent individuals spend on art and collectibles, falling short of the global average of 25%.

This trend highlights the Indian elite’s focus on indulgence and asset-building over less tangible investments. Moreover, 82% of Indian millionaires invest across stocks, bonds, and real estate—making them the most active investors among the ten international markets surveyed.

India: A Top Business Destination for the Wealthy
The report underscores India’s appeal as a business hub, with 75% of Indian millionaires considering the country an excellent place for business. Interestingly, only 32% plan to expand into international markets in the coming year, indicating strong faith in the domestic economy.

However, challenges like unemployment, corruption, inflation, and taxation remain areas of concern. Despite these issues:

75% of Indian millionaires express satisfaction with government support.

86% believe that society respects business owners.

Legacy and Succession: A Balancing Act
The report also delves into the personal priorities of Indian millionaires, particularly their approach to wealth preservation and succession planning.

88% prefer to keep their wealth within the family.

Nine out of ten Indian millionaires trust the next generation to uphold their legacy.

However, 50% have yet to establish a succession plan, with many struggling to identify a suitable heir.

This gap in planning underscores a critical challenge for India’s wealthy, as they strive to balance legacy with financial growth.

India’s affluent class is charting a unique trajectory by blending traditional values with modern investment trends. Their optimism, coupled with a focus on real estate and luxury spending, positions them as key drivers of the domestic economy. As global challenges persist, their unwavering confidence in India’s market and government support signals a bright future for the country’s wealth landscape.