The number of ultra high net worth households (UHNHs) in India is rising rapidly and contributing to a growing luxury goods market. According to the Top of the Pyramid report by Kotak Wealth Management and CRISIL Research, the year 2011 saw a 30% increase in the number of UHNHs in the emerging country to 81,000. By 2017 this is forecast to grow more than three-fold to 286,000.

The study reveals that while the overall Indian economy has witnessed a slowdown, for these ultra high net worth household individuals (UHNIs) has been little pact and they are continuing their luxury consumption unaffected, despite appearing more cautious regarding their investments.

The report also revealed that more than 50 per cent of India's UHNIs live in the key major cities, while the subsequent six biggest cities are home to a further 12 per cent.