Holiday Ayo - India is one of the countries with the fastest growth rate of super rich people. This was revealed from research conducted by Knight Frank, Monday (4/8). 

In the research release, India's financial center, Mumbai, overtook Beijing and became the leading billionaire center in Asia. Globally, this city ranks third in the number of billionaires, after New York and London. 

“The population of super rich people in India, people with a net worth of at least US$ 30 million (Rp. 485 billion) rose 6.1% to 13,263 in 2023 from the previous year. This number is expected to jump 50.1% in in 2028," said Knight Frank. 

Characteristically, rich Indians are reportedly interested in 'parking' money in several assets and other forms of investment.

1. Property. 

President of wealth management company Nuvama Private, Alok Saigal, said that around 30% of India's super-rich invest in luxury properties. 

Most of the projects are overseas such as in Dubai, United Arab Emirates. 

“People have moved away from investing in land because it is less liquid, and more wealth has been allocated to residential property since the pandemic," he added. 

“Overseas has become quite a significant and relevant topic for Indians today. So people are looking to move some of their assets abroad or looking for global exposure. And again, real estate is the starting point." 

Echoing Saigal, executive director of wealth management firm Anand Rathi Wealth, Chethan Shenoy, said that currently around 20% of Dubai's offshore properties are owned by Indian investors. 

“Dubai has all the Indian entertainment, Indian food... but more sophisticated. It's a more sophisticated Mumbai, a more sophisticated Delhi," he said. 

2. Startups. 

Saigal said investing in startups or start-ups is becoming increasingly popular, especially among the younger generation of affluent Indians. 

Over the past 15 to 20 years, many young Indians have studied abroad, expanded their skills, built networks, and then returned to run their own businesses or invest in startup companies. 

“Their friends have started their startups. So investing with their friends, putting money into these startups has been a big thing for them," he added. 

India is expected to add 180,000 startups by 2030, along with 280 unicorns, estimates startup information provider Inc42.

By the end of 2023, India will have 117,254 startups, an exponential increase from 350 in 2014. Investing in early-stage companies is also another way to diversify their portfolio. 

Managing director at Standard Chartered Bank, Nitin Chengappa, said that this was because the potential profits from startups could multiply. 

“Affluent Indians in general are turning to startup investments as a dynamic strategy for wealth creation, positioning themselves to gain significant returns in high-growth sectors such as fintech, healthcare and technology," he said. 

3. Luxury goods. 

Standard Chartered's Chengappa also said India's wealthy are also actively seeking alternative investment opportunities. 

Knight Frank data states that 17% of the wealth of rich Indians goes to luxury goods, with jewellery, art and watches as the main preferences. 

“These alternatives tend to have intrinsic value and can be enjoyed personally while appreciating over time. Investments such as jewelery and art also have cultural significance and can be seen as status symbols," explains Chengappa.