India's Ultra-HNIs Embrace Art, NFTs, and Jewellery as Emotional Investments

India's ultra-high-net-worth individuals (Ultra-HNIs) are increasingly investing in collectibles like art, NFTs, and jewellery, shifting from traditional luxury items to emotionally and culturally significant assets.

UltrahnisCollectiblesArtNftsJewelleryReal EstateMay 16, 2025

India's Ultra-HNIs Embrace Art, NFTs, and Jewellery as Emotional Investments

Real Estate:There was a time when India’s ultra-wealthy measured their affluence in square footage, Swiss watches, and international holidays. But a new kind of portfolio is now taking shape—one steeped in heritage, culture, and emotion. Think rare coins, modern Indian art, NFTs, and heirloom-worthy jewellery.nnAccording to Kotak Private’s Top of the Pyramid (TOP) 2024 report, India’s Ultra-HNIs (individuals with net worths in the uppermost wealth brackets) are turning toward collectibles not merely as luxury indulgences but as powerful symbols of identity, legacy, and long-term value. The numbers speak volumes—94% own jewellery, 73% collectible art, and a surprising 33% own NFTs, marking a notable shift from fleeting consumption to emotionally rooted, tangible (and digital) assets.nn More Than Just Aesthetic: The Rise of Strategic CollectingnnIn the present times, collectibles have become cornerstones of emotional wealth. Ultra-HNIs are increasingly drawn to items that not only beautify a space but also tell a story, carry heritage, or signify timeless cultural value.nnJewellery leads the charge, with nearly every respondent (94%) owning some form of fine adornment, unsurprising in a country where gold is not just an accessory but an age-old store of value. A robust 79% are looking to expand these collections, further indicating confidence in jewellery’s enduring emotional and financial worth. It is followed by collectible art, with 73% of India’s wealthiest owning significant pieces. Whether it’s a Souza, a Raza, or a Sher-Gil, Indian art is now a legitimate asset class. Amrita Sher-Gil’s The Storyteller sold for ₹61.8 crore in 2023, becoming the most expensive Indian painting ever auctioned. And it’s not just about numbers, it’s about narrative. Art, after all, allows collectors to connect with India’s aesthetic history while making a bold personal statement.nnOne in three Ultra-HNIs now owns NFTs, signalling a growing trust in digital scarcity and blockchain-backed provenance. 24% are planning further investments in this space, which proves that even the traditionally conservative world of high finance is slowly embracing crypto-backed creativity. From exclusive generative art to luxury-branded NFT drops and even digital avatars or tokenized real estate blueprints, the appeal lies in exclusivity and potential future value.nnAs Ultra-HNIs refocus their attention, the Kotak report also notes a cooling interest in categories like designer handbags, sports bikes, and generic antiques. These are being replaced by vintage automobiles, historically significant artefacts, and rare stamps or coins—objects that whisper tales of a bygone era while promising long-term appreciation.nnSpeaking of this shift, Oisharya Das, CEO – Kotak Private Banking, Kotak Mahindra Bank Ltd., states, “Kotak Private’s TOP report continues to be an invaluable resource for understanding the nuanced behaviours of India’s wealthiest individuals. As India’s economic landscape evolves, our report reveals how Ultra-HNIs are diversifying their portfolios and embracing both domestic and global assets, setting the stage for a significant rise in their spending by 2028. This year’s edition is especially significant, as it not only captures their financial decisions but also delves deeper into their lifestyle preferences, and the dynamics of family businesses and estate planning, offering a comprehensive picture of their lifestyles.”

Frequently Asked Questions

What are Ultra-HNIs investing in besides traditional luxury items?

Ultra-HNIs are increasingly investing in collectibles like rare coins, modern Indian art, NFTs, and heirloom-worthy jewellery, which offer emotional and cultural significance.

How many Ultra-HNIs own jewellery, according to the Kotak Private report?

According to the report, 94% of Ultra-HNIs own jewellery, highlighting its enduring emotional and financial value.

What percentage of Ultra-HNIs are collecting art?

73% of Ultra-HNIs own collectible art, indicating a strong interest in this asset class that connects them to India's aesthetic history.

How are Ultra-HNIs showing interest in NFTs?

33% of Ultra-HNIs own NFTs, with 24% planning further investments, showing a growing trust in digital scarcity and blockchain-backed provenance.

What is the significance of the Kotak Private’s TOP report?

The report provides valuable insights into the behaviors and preferences of India’s wealthiest individuals, highlighting their diversification of portfolios and lifestyle choices.

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