Old Monk is Most Popular Indian Liquor Brand Among Rich Indians

New Delhi, August 29: While real estate and stock market are the most preferred personal investments for high-net-worth Indians (HNIs), the most popular Indian liquor brand for them is Old Monk, a new Hurun India report said on Thursday. The UK is the most preferred overseas investment destination, followed by Singapore, for rich Indians.

More than one fourth said that their investment philosophy for this year will be "avoiding risk," said the "Hurun Indian Luxury Consumer Survey 2019". "Increase in opulence and the rising millennial population in the country, investment into luxury products and service would witness an upward trend," said Anas Rahman Junaid, MD and chief researcher of Hurun Report India.

"If India's GDP doubles in the next 4 years, that will have an impact on the number of new millionaires in the country - resulting in a direct impact on luxury spending and investments," he added. The "Hurun India Rich List" features 831 richest Indians. Old Monk Lovers, Rejoice! Your Favourite Rum Now Comes in Orange, Cranberry & Mojito Flavours.

"Watches top the "most popular gift for men" list. Electronics ranks second and Wine and Imported Spirits third in the most popular gift for men. Jewellery takes the first position in most popular gifts for ladies and accessories and gift cards take second and third positions respectively. Among collectibles, Indian HNIs prefer to spend the most on art. Kapil Mohan, Man Behind Success of Old Monk Rum Passes Away at 88.

"Newspaper followed by TV are the preferred choices for HNIs to access information," said the report. Real estate is the most preferred investment asset class for high-net-worth individuals. Nearly 31.07 per cent of respondents believe that their investment allocation towards real estate sector will grow in the next two years, while 49.51 per cent said that the investments into real estate will retain status quo and the remainder respondent group believed that it would decline.

Visa/ Master Card based credit/ debit cards are the most preferred mode of payment among the HNIs. Nearly 17 per cent of the respondents use cash for daily payment and the use of E-wallet among HNIs stands close to 9 per cent, the report added.

(The above story first appeared on LatestLY on Aug 29, 2019 07:47 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).