Have you ever thought about what you would spend your money on if you suddenly hit the lottery? What would you do if money was no longer an issue in your world? Most people say they will buy a house, pay off debts, or start their own business. But beyond that, what would you buy with unexpected wealth?
With the growth of online lotteries in India, there are more people coming into windfalls. People can play their favorite games, get Ka Matka Tara results, and collect their winnings online. When Indian people win big, what do they spend their money on? Read on to find out.
It may surprise you that different people have different dreams (sometimes) based on demographics. For example, a person who has always lived in the countryside may want to move to a big city. People who have always been poor may wish to join a country club and show off their wealth.
According to Kotak Wealth Management, the super-rich people of India are expected to reach INR 352 trillion by 2022. In 2017, the elite of India had a net worth of Rs 153 trillion. Another surprising fact is that 60% of the people moving into the elite category are people who are under the age of 40. It seems the younger generation is more aware of the economy. Further, they would rather spend money on experiences than material objects in many cases. One example is spending money on gold jewelry. In India, it is popular to purchase gold jewelry during festivals. One report stated that Indians purchased 194.3 tons of gold in the year 2020. That is 18% less than the previous year. So, what are the ultra-rich buying in India?
Travel
Travel experiences are something Indians feel is an excellent way to spend their money. The summer heat can be brutal, so now is the time for vacationers planning late-fall and early-winter trips.
Some of the best destinations in the nation include:
West Bengal
Exploring nature is experiencing a comeback. West Bengal is famous for its ecoregions, known as the Sundarbans National Park. This massive preserve is home to Benga tigers, macaques, wild boar, and Chital deer. It is also home to beautiful birds native to India, reptiles, and insects. While West Bengal is an exciting outdoor paradise, you may want to visit the stunning architecture of Kolkata while you are close to the big city.
Uttar Pradesh
Visit some of the nation’s top attractions, including the breathtakingly beautiful Taj Mahal. While in the area, see the state’s spectacular architectural wonders, including the Buland Darwaza, Chota Imambara, and Jhansi Fort. See Dudhwa National Park, which is a tiger reserve. You may want to check out the Soor Sarovar Bird Sanctuary, which is a lovely wetland park.
The Holy City of Varanasi
This famous, historical city is one of the oldest cities in the world that is still inhabited. Varanasi dates back to the 8th century BC. The holy city is associated with the mighty Ganges River, one of Hinduism’s most important religious symbols. This is an important pilgrimage center for Hindus. It is home to Kashi Vishwanath Temple, built in 1780. There are seven historical and cherished temples in the city.
You will often see people going to the ghats (stairways leading to the Ganges) and bathing in the river. This religious custom is of great importance. Hindus believe this river washes all your sins away and removes all evil from you. You will see hundreds of people along the river every morning.
Passion Investments
A passion investment is an asset you purchase and enjoy using, which adds value to your portfolio. Some examples of passion investments are vintage automobiles, expensive jewelry, and works of art. These investments are popular with the ultra-wealthy people of India. These are items that grow in value but are usable upon purchase. According to one report, Indians with a net worth of $30 million or Rs 210 Crore allocated 11% of their wealth to passion investments.
Conclusion
People in India who win the lottery, are successful in business, or come into money in some other way, spend it on essential things. India is an exciting and beautiful country with much to offer. The people there want to enjoy their money and the beautiful things it can provide for them. An intelligent investor can ensure their money lasts a lifetime. The wealthy people of India have a unique way of looking at their money. It is there to enjoy today. If handled properly, it can lead to a lifetime of security. I doubt there is a better way to enjoy your windfall.
