Luxury Real Estate and High-End Cars Drive Spending by India’s Wealthiest in 2024

India’s high-net-worth (HNIs) and ultra-high-net-worth individuals (UHNIs) are rapidly increasing, reshaping the economy and luxury markets.

According to ANAROCK data, India’s UHNI population reached 13,600 in 2024, growing by 6 per cent annually, and positioning the country 6th globally and 3rd in Asia. The number of HNIs has surged past 850,000 and is expected to double to 1.65 million by 2027.

Luxury real estate is a major focus, with ANAROCK reporting that luxury homes now make up 28 per cent of total sales, a significant rise from 16 per cent pre-pandemic. High-demand areas like Mumbai, Delhi, and Bengaluru dominate, while second homes in Goa, Alibaug, and Jaipur are increasingly popular.

International property ownership is on the rise, with 14 per cent of UHNIs investing abroad, particularly in Dubai, London, and Singapore.

As ANAROCK’s data suggests, luxury spending is growing among India’s wealthy. In 2024, 37 per cent of HNIs purchased high-end cars, while UHNIs spent Rs 6 crore annually on bespoke vacations and curated experiences. India now ranks 5th globally for luxury watches and bespoke jewellery.

Real estate continues to dominate, with 32 per cent of wealth allocated here. Private equity investments (20 per cent) and cryptocurrency (8 per cent) are growing, despite regulatory uncertainties. ANAROCK notes that 25 per cent of UHNIs are diversifying investments abroad, focusing on North America and Europe, while 40 per cent have set up family offices to manage wealth.

Millennial wealth creators are reshaping the market, with 15 per cent of HNIs under 30, a number expected to rise to 25 per cent by 2030. UHNIs are also investing in wellness, sustainable developments, and philanthropy, with ANAROCK highlighting an increase in donations to causes like education, healthcare, and sustainability.