MUMBAI: One in five ultra-rich Indians — those with a net worth of over Rs 25 crore — plans to settle abroad, driven by investment opportunities, tax advantages, and better global connectivity, a survey by Kotak Mahindra Bank’s private banking division showed.
The survey, conducted across 12 cities in the first two quarters of 2024-25, included interviews with 150 ultra-high networth individuals (UNHIs) and private bankers. EY analysed the findings and validated them through industry interactions. Individuals with over Rs 25 crore networth were surveyed for this report. However, Kotak’s private banking divison focuses on individuals with a net worth of over Rs 300 crore.
Many UHNIs are acquiring residential real estate overseas as part of their migration and permanent residency plans. “Ultra-HNIs are diversifying their portfolios and embracing both domestic and global assets, setting the stage for a significant rise in their spending by 2028,” said Oisharya Das, CEO — Kotak Private Banking, Kotak Mahindra Bank.
The trend underscores a shift in focus towards alternative assets and equities, both in domestic and international markets. Nearly a third of India’s Ultra-HNIs surveyed now hold global assets.
Succession planning has become a critical priority, with two in three ultra-HNIs working on structured wealth transition. The pandemic accelerated this urgency, prompting many to initiate succession planning earlier than anticipated. The focus on family offices and estate planning reflects their commitment to preserving wealth for future generations.
Health and wellness spending has surged, with a majority of ultra-HNIs increasing their healthcare expenditure. Education remains a key priority, ensuring the next generation gains global exposure and skills to navigate a rapidly changing world. Many are also investing in collectibles as a means of preserving family heritage and cultural appreciation.