Indian rich entrepreneurs are at the forefront in terms of spending in the world, investment is more in this segment

Owners of rich Indians spend more on luxuries: While India’s middle class is facing economic challenges amid rising inflationary pressures, the rich have been seen getting richer. In that too, HSBC’s report has claimed that the Indian rich are becoming the world’s biggest consumers.

Highest purchase of luxury goods

According to HSBC’s Global Entrepreneurial Wealth Report 2024, India’s rich spend the most on luxury goods despite economic instability and global challenges. 56 percent of India’s rich spend on luxury goods. Whereas globally only 40 percent of the rich buy luxury goods. They have more confidence in the local market.

Indian rich are ahead in terms of investment

India’s rich entrepreneurs are giving equal priority to investment. Eight out of every ten (82 percent) of the wealthy invest in stocks, bonds and real estate. This proportion is higher than that of the richest businessmen in the top ten international markets. 98 percent of Indian entrepreneurs are optimistic about property prices rising in the near future. Whereas 61 percent people are investing in real estate.

Increased confidence in Indian market

The rich entrepreneurs of the country have more confidence in the Indian market. 75 percent of businessmen want to do business within the country only. 32 percent businessmen will not pay attention to other foreign markets in the next 12 months. While some entrepreneurs plan to do business in popular markets like UK, UAE, Singapore and US.