While driven by investment opportunities, tax advantages, and better global connectivity, one in five ultra-rich Indians having a net worth of over Rs 25 crore plans to settle abroad revealed by a recent survey conducted by Kotak Mahindra Bank’s private banking division.
Indian Millionaires Wanting To Settle Overseas
Earlier Kotak Mahindra Bank conducted this survey across 12 cities in the first two quarters of 2024-25.
While doing so, they have included interviews with 150 ultra-high net worth individuals (UNHIs) and private bankers.
Moreover, EY commissioned the findings to further validate them through industry interactions.
For this survey, they have considered the Individuals with over Rs 25 crore net worth reportedly.
It is noteworthy here that Kotak’s private banking division mainly focuses on individuals with a net worth of over Rs 300 crore.
It appears that several UHNIs are now acquiring residential real estate overseas.
We could say that this could be part of their migration and permanent residency plans.
Diversifying Portfolios & Rise In Healthcare Expenditure
According to the CEO — Kotak Private Banking, Kotak Mahindra Bank, Oisharya Das said “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.”
This basically represents a shifting trend in focus towards alternative assets and equities.
Interestingly, this shift is visible in both domestic and international markets.
You would be amazed to know that nearly a third of India’s Ultra-HNIs surveyed hold global assets now.
It appears that succession planning has become the critical priority as two in three ultra-HNIs working on structured wealth transition nowadays.
Although, the pandemic also played a role in this shift as it has accelerated this urgency, prompting many to initiate succession planning earlier than anticipated.
This focus on the family offices and estate planning basically reflects their commitment in preserving their wealth for the future generations.
Besides this, their health and wellness spending has surged as a majority of ultra-HNIs have now increased their healthcare expenditure.
In addition to this, education remains a top priority.
And why not! As it ensures that the next generation gains global exposure and skills to navigate a rapidly changing world.
Several of them are also investing in collectibles as this serves as a means for preserving family heritage and cultural appreciation.
