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.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 2023 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
HOW TO BEAT CURRENCY EXCHANGE RATE WOES
If you are travelling abroad, you will have to change your Indian rupees into either dollars or euro or to the local currency. Here's how to choose the right currency for a seamless holiday experience abroad
Why A New Year Goal Is Good
Setting a new year goal can give you a psychological boost to improve yourself and help you set aims and targets while also helping you declutter and let go of the past
SENIOR CITIZEN HOUSING: THE HURDLES TO CROSS
Buying a home is not only a dream of youngsters, many retirees also want to buy a home, but for that, they have to overcome adverse situations and many challenges
Axing Taxes And Beating Benchmarks
When investing for the long term and that too in a product with a lock-in period, the decision between the best and the consistent performer becomes critical.
Use Gold To Optimise Portfolio
Returns from gold are expected to be decent going forward, but more importantly, it acts as a portfolio diversifier and helps reduce volatility
The Risks That Invoice Discounting Entails
Invoice discounting can give potential high returns over a short period of time, but lack of regulation make them a high-risk investment
2024: CHANGES THAT MATTER
The year 2024 has been a game-changer for the Indian regulatory landscape, with the Securities and Exchange Board of India (Sebi), Insurance Regulatory and Development Authority of India (Irdai), the Reserve Bank of India (RBI), the Pension Fund Regulatory Development Authority (PFRDA) and the Income Tax Department proposing key changes that will benefit investors, policyholders, pensioners, taxpayers and consumers alike. We give you a lowdown on five key changes proposed by each of these regulators
10 Stock Picks For 2025
Top analysts recommends 2 stocks each and the reasons why they should be a part of your portfolio
VOLATILITY AHEAD: PLAY SAFE
After an exhilarating rally till September 2024, the Indian stock market finds itself in turbulent waters and is expected to continue to do so in 2025. We give you some stock picking strategies that will help you play safe. We also have a list of 10 stocks recommended by experts which you can consider for your portfolio
Stay Ahead Of AI-Powered Cyber Fraud
AI has become an integral part of our lives, right from customer service at banks to insurance claims. But it has now become a powerful arsenal for the fraudsters too who are increasingly using AI to scam individuals and corporations alike to commit fraud. The key is to stay vigilant
