According to HSBC's Global Entrepreneurial Wealth Report 2024, Indian entrepreneurs remain highly optimistic about the future of their businesses, with 98% of business owners believing that their wealth will grow despite the ongoing global geopolitical uncertainty and macroeconomic challenges. This optimism underscores the resilience of Indian High Net Worth (HNW) and Ultra High Net Worth (UHNW) individuals, who continue to invest significantly in a variety of assets, particularly in luxury residences, luxury goods, and luxury experiences.

The report reveals that 61% of Indian entrepreneurs allocate personal wealth to real estate, a figure notably higher than the global average of 51%. Additionally, 56% of Indian entrepreneurs invest in luxury goods, while 44% dedicate part of their wealth to luxury experiences, both surpassing the global averages of 40% and 35%, respectively. This highlights the distinct investment preferences of Indian entrepreneurs, who prioritize tangible and high-value assets in uncertain times.

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The research, conducted by Ipsos UK and surveying 1,798 business owners across markets like India, France, Hong Kong, and the US, sheds light on the unique characteristics of Indian entrepreneurs. It finds that over 80% of Indian entrepreneurs invest in stocks, bonds, and real estate, marking the highest percentage among the 10 international markets surveyed.

Despite concerns about unemployment, corruption, inflation, and taxation, 75% of Indian entrepreneurs express confidence in government support, indicating a relatively positive view of the business environment in India. The report also reveals that 75% of Indian entrepreneurs primarily operate within the country, while 32% are not planning to expand into other markets, reflecting a focus on consolidating their businesses in India.

Succession planning remains a significant challenge, as 88% of Indian entrepreneurs wish to keep their businesses within the family. However, 47% face difficulties in finding a suitable successor, a challenge that underscores the importance of strategic planning for the future. As family-owned businesses continue to play a critical role in India’s economic landscape, ensuring smooth succession processes will be key to sustaining their growth and success.

Overall, the HSBC Global Entrepreneurial Wealth Report 2024 paints a picture of Indian entrepreneurs as resilient, optimistic, and focused on wealth growth through a combination of strategic investments in luxury assets, stocks, bonds, and real estate, while also navigating the challenges of business expansion and family succession.

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