MUMBAI: One in five Ultra-HNIs in India is planning to settle abroad, driven by investment opportunities, tax advantages, and better global connectivity according to a survey conducted by Kotak Mahindra Bank’s private banking division.
The survey, conducted across 12 cities in the first two quarters of 2024-25, included interviews with 150 Ultra-HNIs and private bankers. EY analyzed the findings and validated them through industry interactions. Individuals with over Rs 25 cr networth were surveyed for this report. However, Kotak Private Banking focuses on the super rich 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. With a growing global footprint, Ultra-HNIs are expanding their wealth portfolios beyond national borders.
“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.
According to Saurabh Joshi, partner – wealth & asset management, EY India, “The optimism of domestic economic growth and increase in private wealth is reflected in the aspirations of Ultra-HNIs and the savviness of their investments. The Indian Ultra-HNI is embracing a global identity as they transcend borders motivated by diverse factors.”
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.
Kotak Private’s report highlights how Ultra-HNIs are balancing wealth accumulation with meaningful pursuits.