The new wealthy elites are younger and more adventurous than the old lot
was transfixed, as February turned to March, by the spectacle of Anant Ambani’s pre-wedding celebrations in Jamnagar, an unlovely industrial town in western India. Mr Ambani is the son of, India’s richest man and boss of Reliance, a giant conglomerate. Bill Gates, Mark Zuckerberg and Rihanna turned up, as did hordes of Indian business tycoons, cricket legends and Bollywood-listers. The government temporarily converted the local domestic airport into an international one.
First, they are more spread out. No longer do Indians need to live in top-tier cities like Mumbai, Delhi or Bangalore to get loaded. Jaideep Hansraj, who ran wealth management at Kotak Mahindra, a big bank, for 15 years and now heads the securities business, says the surge in investors from small cities is phenomenal. They come from “Indore or Bhopal or Lucknow or Kanpur. I mean… Bareilly.
The third major shift is in what the new rich do with their riches, in terms of both investment and consumption. They are much more comfortable with capital markets than their parents. “Earlier I could go and have one standard conversation with 90% of my clients,” says Nitin Chengappa, who heads private banking at Standard Chartered, an international bank. Today “diversification is the key. It’s not just mutual funds.
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