For Jaipur-based Mohit Soni, one of the family promoters of Soni Group of Hospitals, weekends are about family plans with parents, wife, twins, younger brother, and sisterin-law. His outings include safaris in Ranthambore, VR games in Delhi, or taking part in premier handball leagues. A weekend getaway to Goa every year and trips to Thailand is common on the family's itinerary. In Jaipur, he often indulges his children in biking and driving at a grand stadium or swimming at a fancy club.
An IIT-Bombay and Indian School of Business alumus, Soni joined his family business that his father had set up in 1986. His children study at Jaipur IB School (JPIS), which is among the top-10 IB schools in India. The family's fleet of cars include Mercedes Benz, BMWs, Kia Caren and Seltos, Hyundai Venue and Toyota Innova Crysta. Soni flaunts luxury, but is also subtle about it. "You go to a bank in a Mercedes Benz, you will easily get loans. Luxury is proxy for doing well. We adopt brands but are subtle about it," he says.
Soni is among the growing tribe of high net-worth individuals (HNIS) who stay in smaller cities, but lead a life as plush as that of their peers in the metros.
The number of HNIs in India with an asset value of $1 million (about ₹8 crore) and more, increased to 797,714 in 2022 from 763,674 in 2021, according to Knight Frank's The Wealth Report 2023. Knight Frank expects this number to rise to 1,657,272 by 2027 and the number of ultra-HNIS (net worth of over $30 million) to rise by 58.4 per cent in from 12,069 in 2022 to 19,119 in 2027.
A major chunk of this growth among HNIs and ultra HNIs is expected to come from smaller cities. One major indicator for this is that many from the wealth management and portfolio management services (PMS) industry are flocking to the smaller cities.
WHERE DO HNIS INVEST?
This story is from the August 2023 edition of Outlook Money.
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This story is from the August 2023 edition of Outlook Money.
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