South India’s Rising Wealth Hubs: Luxury’s Opportunities and Challenges

According to a latest wealth report, Hyderabad city in southern India is home to the nation's third-largest ultra-wealthy population. Historically significant for its proximity to the Golconda diamond mines, the region was once celebrated as a global trading center for world’s best diamonds. However, over the years Hyderabad has evolved into a hub for various other industries, shifting focus from its traditional diamond trade. Today, Hyderabad is recognized as the pharmaceutical capital of India and home to over 800 life sciences companies.

A notable player in this flourishing sector is Divi's Laboratories, one of the largest pharmaceutical companies in the world, owned by Murali Divi, with a family net worth surpassing €8.6 billion. In addition to pharma, other key sectors fueling the city’s wealthy population are construction, engineering, and IT.

Further south, Bangalore or Bengaluru city, widely recognized as India’s Silicon Valley, is home to the country’s fourth-largest wealthy population. The city has become the preferred base for young tech entrepreneurs including India’s youngest self made UHNWIs -  21-year-old Kaivalya Vohra and 22-year-old Aadit Palicha, both are founders of ‘Zepto’, a quick-commerce startup valued at nearly $5 billion (€4.84 billion).

Located in the center of Bengaluru's commercial hub, UB City mall opened in 2008 and became one of India’s first high-end shopping destinations to host a collection of luxury boutiques including Louis Vuitton, Rolex, Omega, Burberry, Canali, Ferragamo, Coach, and Jimmy Choo.