Profiling
The dominant source of wealth creation in India is Entrepreneurship. However, fast growing service industries such as information technology and financial services too have catapulted many hitherto middle income group individuals into the ultra HNI bracket.
Top of the Pyramid by Kotak Wealth and CRISIL Research classifies ultra HNIs into three main groups:
- Inheritors
Born with the silver spoon, this group comprises of people who have inherited wealth or businesses from their forefathers. This privileged background affords them an enhanced standard of living and access to a distinct set of privileges such as education in prestigious institutions, financial capital to start their own business, and access to influential social networks.
Inheritors are highly evolved brand users. In general, they have a higher propensity to experiment with brands or be among the early adopters in their elite social circle thus remaining clued on to the latest trends, be it in styles or brands. - Self-made These ultra HNIs are the ones who started on their own and have worked diligently to make a name in their business circle. They are constantly in search of avenues to increase their wealth and have an inherent desire to be recognised as the rich. The Self-made attribute their success in business to hard work and effective networking. They are typically the earliest adopters of new devices or gadgets in their circle, which sets them apart as trendsetters in their social circles. The Self-made are also likely to be the most involved, among the super rich, in planning their investments.
- Professionals These are people who have happened to be in the right industry at the right time. Their numbers have grown significantly in the last couple of decades, especially in service industries such as information technology and financial services, benefitting from handsome salaries, hefty bonuses, end-term benefits and stock options. Doctors, lawyers and accountants are the other kinds of professionals for whom expertise is their originator of wealth. Compared with the other two types, Professionals are less possessed by the idea of continuing to work hard to grow their wealth over time. They are most concerned about social inequality as compared to other ultra HNIs, and spare time to give back to society. Most Professionals believe that a solid foundation of values, education and effort will stand their children in better stead rather exposing them to the luxuries of life.
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