Viyay Mallya's yacht, Indian Empress
They've got the fastest cars, palatial houses. And now they will soon use the surplus to realise their sailing and flying fantasies. Wealthy Indians are now splurging on private jets and yachts and the trend is set to increase in the future.
Recently, a poll of 160 advisers at a private bank within global financial firm Citigroup Inc - which represents 5,000 clients who are worth, on average more than $100 million (approx Rs. 440 crore) each - found that super loaded Indians are more keen on buying jets and yachts, increasing their spending by 93 percent.
According to all the private banks that contributed to the survey, rich Africans and Russians clients are likely to increase the amount they devote to philanthropy and charitable generosities, a Reuters report stated. Russian clients picked up spending on jets and yachts over the last five years, but only half of that is expected to increase over the next five years