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Friday, March 17, 2017

How the ultra-rich spend their stash

Do you have any idea what sort of spender are you? The conscientious kind or the impulsive kind or just the plain foolish kind? Or are you just too broke to do the spending you wish you could do! Either way, I came across a report by Kotak Wealth Management that was done last year, which shows how ultra high networth individuals (HNI) spend their cash. Ironically, while investing was a priority, saving money was not. These graphics tell their own stories..

What I liked best about this report was how it points out that 97% of ultra HNIs spend "not much" but "less than Rs 25 lakhs" in a year on art. But the remaining 3% probably make up for it, by spending between Rs 25-50 lakhs anyway. For many people, with that much money, they would rather buy a home! Also, they bought art because they are passionate about it but wearables were on show for social status. Sort of like flaunting expensive cars. Some things don't change.

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