India's Ultra-HNIs Embrace Art, NFTs, and Jewellery for Emotional and Financial Wealth

India’s ultra-high-net-worth individuals are increasingly investing in art, NFTs, and jewellery, marking a significant shift from traditional luxury items to emotionally and culturally significant assets.

UltrahnisCollectiblesArtNftsJewelleryReal EstateMay 16, 2025

India's Ultra-HNIs Embrace Art, NFTs, and Jewellery for Emotional and Financial Wealth

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. According 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. More Than Just Aesthetic: The Rise of Strategic Collecting In 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. Jewellery 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. One 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. As 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. Speaking 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? A: Ultra-HNIs, or Ultra High-Net-Worth Individuals, are individuals with extremely high net worth, typically in the uppermost wealth brackets. Q: Why are Ultra-HNIs investing in collectibles? A: Ultra-HNIs are investing in collectibles like art, NFTs, and jewellery because these items are not just luxury indulgences but powerful symbols of identity, legacy, and long-term value. Q: What percentage of Ultra-HNIs own jewellery? A: According to Kotak Private’s Top of the Pyramid (TOP) 2024 report, 94% of Ultra-HNIs own jewellery. Q: What is the significance of NFTs in the Ultra-HNI investment portfolio? A: NFTs, or Non-Fungible Tokens, represent a growing trust in digital scarcity and blockchain-backed provenance. 33% of Ultra-HNIs now own NFTs, and 24% are planning further investments in this space. Q: What types of collectibles are Ultra-HNIs moving towards? A: Ultra-HNIs are increasingly interested in vintage automobiles, historically significant artefacts, and rare stamps or coins—items that promise long-term appreciation and tell stories of a bygone era.

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