Health and wealth go hand in hand for a small group of super-rich Indians.
A study of such ultra high-net worth individuals (Ultra HNIs) — who have a minimum net worth of ₹25 crore — showed that a majority of such entities are less than 40 years and are spending more time and money on yoga, memberships in exclusive health clubs, sleep management programmes, smart wearable technology and fitness apps.
The latest study by Kotak Wealth Management said the total number of ultra HNIs in India rose 10% in 2017 to 1.6 lakh with a combined wealth of ₹153 lakh crore. Further, the number of such people is expected to grow to 3.3 lakh by 2021-22 with a cumulative net worth of ₹352 lakh crore.
Interestingly, the average age of such ultra HNIs has gone down with almost 60% of the individuals surveyed below the age of 40. The last edition of the survey had 47% respondents below 40. The latest survey included 200 respondents.
These individuals increased spends in apparel and accessories, holidays, home décor, jewellery, cars, electronic gadgets, philanthropy, vintage spirits and liquor while spending stayed steady in luxury watches and art. A majority of respondents said they adopted a structured approach to health and wellness and follow a fitness regime.
Home gyms popular
Memberships to health clubs or select gyms were popular, and so were multi-equipment home gyms, said the report.
Further, 23% of respondents — majority of these aged 25-35 years — attended sleep-management programmes. Among investment avenues, equity regained popularity and the share of equity as a source of wealth doubled while debt and real estate lost some sheen. Alternate investment funds and private equity, gained prominence, it said.
