Rise of Indian Billionaires and the Luxury Market: A Booming Trend

The latest Forbes list has unveiled a remarkable surge in Indian billionaires, showcasing a thriving economy and burgeoning wealth. 

Additionally, a Bain & Co report predicts an exponential growth trajectory for the luxury market in India, set to skyrocket from $17 billion to a staggering $90 billion by 2030, although still a fraction of the global luxury market valued at $1.6 trillion.

Surge in HNIs and Ultra High Net Worth Individuals UHNIs:

The Bain & Co report highlights a significant surge in the number of HNIs and UHNIs in India. From 7.9 lakh HNIs in 2022, the figure is projected to reach 16.5 lakh by 2027. 

Similarly, the count of UHNIs, presently at 12,000, is anticipated to surpass 19,000 within the same timeframe, indicating a robust growth trend among the elite wealth holders.

Mumbai Overtakes Shanghai in the Indian Billionaires List:

In a remarkable feat, Mumbai’s rich list has outstripped Shanghai’s in terms of assets, solidifying its position as Asia’s new billionaire capital, according to the Hurun Global Rich List 2024. 

With 93 members on the exclusive list, Mumbai’s ascent underscores India’s growing prominence in global wealth.

Impressive Sales Figures in Luxury Goods Segment:

The burgeoning affluent class in India is driving remarkable sales figures in the luxury goods market. 

Supercars priced above Rs. 2 crore are witnessing a surge in demand, with Lamborghini recording sales of 103 units in 2023, up from 92 units in 2022. Similarly, Porsche witnessed a substantial 17% increase in sales, reaching 914 cars sold in 2023.

Growth in the Luxury Housing Sector:

Luxury housing is also experiencing a surge in demand, as revealed by JLL India figures. Sales of luxury homes soared to Rs. 4,319 crore in CY2023, a significant rise from Rs. 2,859 crore in 2022, indicating a robust appetite for high-end real estate among affluent buyers.

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