“The age of the ultra HNI is going down and many are below the age of 50 and open to smart gadgets and wearables. Earlier, this category didn't exist,” said Murali Balaraman, partner-advisory services at EY, the consulting firm formerly known as Ernst and Young.
With more and more international brands opening stores here, India's super rich now prefer to shop at home rather than in Dubai, Singapore or Europe. They spend the most on jewellery and apparel, followed by vacations, says a Top of the Pyramid report by Kotak Wealth Management. Almost six out of 10 ultra high net-worth individuals (HNIs), shop locally...#
The survey also showed the ultra HNIs shifting away from equities, which it attributed to the near - 20% fall in Indian equities between February 2015 and March 2016 with the benchmark BSE Sensex going from 29,380.73 to 22,951.83 points.
The realignment in HNIs' investment portfolios saw a rise in allocations to three asset classes: real estate, debt and alternative assets. In the debt market, tax-free bond issuances by public sector undertakings elicited a positive response from ultra HNI investors, the report added. (SH)
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