HNIs in India spend most on art, prefer investing in the UK; like Old Monk
Watches top the most-popular gift for men list, followed by electronics.
The UK is the most preferred overseas investment destination, followed by Singapore, for rich Indians.
More than one fourth said that their investment philosophy for this year will be "avoiding risk," said the "Hurun Indian Luxury Consumer Survey 2019".
"Increase in opulence and the rising millennial population in the country, investment into luxury products and service would witness an upward trend," said Anas Rahman Junaid, MD and chief researcher of Hurun Report India.
"If India's GDP doubles in the next 4 years, that will have an impact on the number of new millionaires in the country - resulting in a direct impact on luxury spending and investments," he added.
The "Hurun India Rich List" features 831 richest Indians.
"Watches top the "most popular gift for men" list. Electronics ranks second and Wine and Imported Spirits third in most popular gift for men.
Jewellery takes the first position in most popular gifts for ladies and accessories and gift cards take second and third positions respectively.
Among collectibles, Indian HNIs prefer to spend the most on art.
"Newspaper followed by TV are the preferred choices for HNIs to access information," said the report.
Real estate is the most preferred investment asset class for high-net-worth individuals.
Nearly 31.07 per cent of respondents believe that their investment allocation towards real estate sector will grow in the next two years, while 49.51 per cent said that the investments into real estate will retain status quo and remainder respondent group believed that it would decline.
Visa/ Master Card based credit/ debit cards are the most preferred mode of payment among the HNIs.
Nearly 17 per cent of the respondents use cash for daily payment and the use of E-wallet among
HNIs stands close to 9 per cent, the report added.