Mr. Kumar, a 44-year-old banking professional residing in the bustling suburb of Kandivali, Mumbai, embodies the aspirations and challenges faced by many high-net-worth individuals (HNIs) in India today. Earning an impressive Rs 50 lakh annually and holding assets worth Rs 3.5 crore, Kumar dreams of several milestones: purchasing a new car, funding his daughter’s international education, walking her down the aisle, and retiring comfortably at 60. Yet, despite these lofty ambitions, he saves only Rs 5 lakh a year. With a ballooning home loan EMI, school fees, and various lifestyle expenses, his financial plan secures a mere 62% of his long-term goals.
Kumar’s story is not unique; it is alarmingly typical among India’s affluent class.
Aspirations vs. Financial Reality
According to the India Wealth Survey 2025, conducted by Marcellus Investment Managers and Dun & Bradstreet, a significant number of Indian HNIs are increasingly aspirational yet financially underprepared. Despite a decade-long bull market and rising disposable incomes, nearly 43% of Indian HNIs save less than 20% of their post-tax income. This disconnect between ambition and financial action serves as a sobering reality check for individuals like Kumar, who earn more than Rs 20 lakh a year.
The survey, which captured responses from 465 households across 28 Indian cities, revealed a common thread: while wealth may be growing, financial discipline is not keeping pace.
High Aspirations, Low Planning
The survey highlights that 75% of HNIs prioritize funding their children’s education and marriage, while 40% aim to buy homes, start businesses, or retire early. These goals are certainly achievable for individuals with substantial incomes. However, many lack the financial clarity and planning necessary to realize these aspirations.
Among respondents aged 30–45, a demographic typically in their prime earning years, more than one-third reported having at least one active loan. Alarmingly, half of these younger HNIs are servicing debt, and only 25% manage to save more than 30% of their income. The survey bluntly states, “Indian HNIs: So Near, Yet So Far.”
The Portfolio Puzzle: Real Estate Dominance
Real estate remains the cornerstone of investment for Indian HNIs, despite its illiquidity and cyclical risks. The survey found that over 50% of HNIs allocate more than 20% of their wealth to real estate, excluding their primary residences. In stark contrast, only one in three HNIs invests more than 20% in equities, revealing a significant disparity even among those who claim to be comfortable with market-linked investments.
Even ultra-HNIs, defined as households with net worths exceeding Rs 10 crore, struggle with effective diversification. While 63% save more than 30% of their income, only 17% allocate more than 30% to equities. A staggering 65% continue to invest 10–20% in gold and silver, highlighting a lingering preference for traditional stores of value over globally diversified, higher-yielding options.
The survey identified several roadblocks to achieving financial goals: low investment returns (40%), lack of savings discipline (29%), poor understanding of investment options (21%), and high debt burdens (9%).
A Broken Advisory Model
Despite nearly 87% of HNIs relying on external advisors—such as wealth managers, bank relationship managers, and chartered accountants—many express dissatisfaction with the quality of advice they receive. Two-thirds reported feeling let down, citing issues such as lack of personalization and conflicts of interest.
One respondent lamented, “The advisor doesn’t fully understand my needs, and their recommendations are not tailored to my unique situation.” Another added, “My advisor recommends products to meet their commission targets, rather than advising products that are right for me.”
The survey found that 31% of respondents cited lack of personalization, 17% cited conflicts of interest, and 14% highlighted lack of transparency as key reasons for their dissatisfaction. Yet, the demand for quality advice has never been stronger. A resounding 82% believe that professional financial planning improves their odds of meeting long-term goals.
A Moment of Inflection in India’s Wealth Journey
The Marcellus–D&B Wealth Survey 2025 paints a nuanced portrait of India’s affluent class: ambitious, aware, but adrift. The traditional model of passive investing, real estate accumulation, and informal advice is showing its age. What HNIs now demand is a more deliberate path, one that aligns their wealth with their purpose.
From goal-linked planning and global diversification to conflict-free advisory relationships, the contours of this new roadmap are beginning to take shape. However, as Mr. Kumar’s case illustrates, the gap between intention and execution remains wide.
A Path Forward
Marcellus proposes a three-pronged solution: no-cost personalized financial planning, access to diversified portfolios including global equities, and ongoing support and counseling. For those willing to trade DIY bravado for expert help, the promise is simple: security, clarity, and peace of mind.
Until a broader shift occurs—where more Indian HNIs reframe money not just as an asset to accumulate, but as a means to achieve carefully mapped life goals—stories like Kumar’s will continue to be the rule, not the exception.
In conclusion, Mr. Kumar’s financial journey serves as a microcosm of the larger challenges faced by India’s affluent class. As aspirations soar, the need for structured financial planning and disciplined saving becomes increasingly critical. The road ahead may be fraught with challenges, but with the right guidance and a commitment to financial discipline, the dreams of many like Mr. Kumar can indeed become a reality.
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