The New Face of Wealth: Collectibles as Symbols of Identity and Legacy in India

There was a time when India’s ultra-wealthy measured their affluence in square footage, Swiss watches, and international holidays. However, a transformative shift is underway, redefining how wealth is perceived and expressed. Today, a new kind of portfolio is taking shape—one steeped in heritage, culture, and emotion. Think rare coins, modern Indian art, NFTs, and heirloom-worthy jewellery. This evolution reflects not just a change in investment strategy but a deeper connection to identity and legacy.

The Shift Towards Collectibles

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 increasingly turning toward collectibles. These items are not merely luxury indulgences; they are powerful symbols of identity, legacy, and long-term value. The statistics are telling: 94% of Ultra-HNIs own jewellery, 73% collectible art, and a surprising 33% own NFTs. This marks a notable shift from fleeting consumption to emotionally rooted, tangible (and digital) assets.

More Than Just Aesthetic: The Rise of Strategic Collecting

In contemporary society, collectibles have become cornerstones of emotional wealth. Ultra-HNIs are drawn to items that not only beautify a space but also tell a story, carry heritage, or signify timeless cultural value.

The Allure of Jewellery

Jewellery leads the charge, with nearly every respondent (94%) owning some form of fine adornment. This is unsurprising in a country where gold is not just an accessory but an age-old store of value. A robust 79% of Ultra-HNIs are looking to expand their jewellery collections, indicating confidence in its enduring emotional and financial worth.

The Value of Collectible Art

Following jewellery, collectible art has emerged as a significant asset class, with 73% of India’s wealthiest owning noteworthy pieces. Whether it’s a Souza, a Raza, or a Sher-Gil, Indian art is now recognized for its investment potential. For instance, Amrita Sher-Gil’s The Storyteller sold for ₹61.8 crore in 2023, becoming the most expensive Indian painting ever auctioned. Beyond mere numbers, art allows collectors to connect with India’s rich aesthetic history while making bold personal statements.

The Digital Frontier: NFTs

One in three Ultra-HNIs now owns NFTs, signaling a growing trust in digital scarcity and blockchain-backed provenance. With 24% planning further investments in this space, even the traditionally conservative world of high finance is slowly embracing crypto-backed creativity. The appeal lies in exclusivity and potential future value, ranging from exclusive generative art to luxury-branded NFT drops and even digital avatars or tokenized real estate blueprints.

A Cooling Interest in Traditional Luxury

As Ultra-HNIs refocus their attention, the Kotak report 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. This shift reflects a desire for items that not only hold aesthetic value but also resonate with personal and cultural narratives.

Insights from Industry Experts

Oisharya Das, CEO of Kotak Private Banking, emphasizes the importance of understanding the nuanced behaviors 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.”

Conclusion

The landscape of wealth in India is undergoing a profound transformation. Collectibles are no longer just symbols of luxury; they are becoming integral to personal identity and legacy. As Ultra-HNIs increasingly invest in items that carry emotional weight and cultural significance, the future of wealth will be defined not just by what one owns, but by the stories and values those possessions embody. This shift not only enriches the lives of the ultra-wealthy but also contributes to the preservation of India’s rich heritage and culture.