Indian ultra rich spending on luxury watches, art, handbags equally in 2023

livemint.com:

New Delhi: Art, watches, and luxury handbags remain the most sought-after investment of passion in 2023 for super rich Indians. Over half the ultra-high-net-worth individuals' (UHNWIs) will also make a purchase in categories like classic cars, wine and furniture are the second most sought passion led investments this year in 2023. According to a report released by real estate consultancy, Knight Frank, under its ‘Attitudes Survey’, 4% of Indian UHNWIs wealth is expected to be pursued in assets which are passion driven rather than monetary gains.

This figure is quite close to how the world also spends on these types of assets. About 5% of the UHNWIs in the world spend on these assets, which is the same percentage in the Asia Pacific region as well. Within investments of passion, over half or 53% Indians prefer to spend on art, luxury handbags and watches alike.

Jewellery accounts for 41% of all passion investments, classic cars, 29% and the rest fall in the furniture, rare whisky, coloured diamonds and coins categories. The agency expects that UHNWIs envision their wealth to expand in 2023 and the ultra-wealthy are optimistic about wealth generation in India which could surpass global counterparts by a significant margin. “Affluent individuals in India are prominently showcasing a strong inclination towards passion-driven investments.