India is home to 400-million millennials which is more than China and US. Millenials are people who have been born in the digital era where the confluence of technological change and high income achievements are coming closer in ways which strengthen a positive future. These millenials are least bothered about traditional luxury and is moving towards spending on experiences. Rather than spending on cars and houses the millenials are paying on fine-dining and business class flights. This is mentioned by Julius Baer, a Swiss private banking group which released its Wealth Report: Aisa on October 17. It is a flagship report that tracks the luxury expenditure trends of Asia’s High Net Worth Individuals (HNWI) and the oppurtunities ahead for the wealth management industry.
As per the report, Hong Kong is the most expensive city in terms of buying fine-dining and buying property, amongst others. Interestingly, Mumbai has taken over from Kuala Lumpur to become one of the most expensive cities among 11 cities in Asia on price-weighted terms. Meanwhile, on an equal-weighted basis, Shanghai remains the most expensive city in Asia to buy luxury index items which include wine, jewellery, botox, cigars and skin cream.
Meanwhile, as per a report by PTI in January this year, India’s richest 1 percent held a whopping 58 percent of the country’s total wealth. The study was released by rights group Oxfam ahead of the World Economic Forum (WEF) annual meeting which was attended by rich and powerful from across the world, showed that just 57 billionaires in India possess the same wealth (USD 216 billion) as that of the bottom 70 per cent population of the country. Globally, just 8 billionaires possess the same amount of wealth as the poorest 50 per cent of the world population.
The study said there are 84 billionaires in India, with a collective wealth of USD 248 billion, led by Mukesh Ambani (USD 19.3 billion), Dilip Shanghvi (USD 16.7 billion) and Azim Premji (USD 15 billion). The total Indian wealth in the country stood at USD 3.1 trillion. The total global wealth in the year was USD 255.7 trillion, of which about USD 6.5 trillion was held by billionaires, led by Bill Gates (USD 75 billion), Amancio Ortega (USD 67 billion) and Warren Buffett (USD 60.8 billion).