Would it be fair to call 2024 the year of the rich? Maybe. Indian investors witnessed an unprecedented windfall in 2024, becoming richer by a staggering Rs 132 lakh crore in just one financial year. Meanwhile, India strengthened its position as a hotspot for wealth creation in the Asia-Pacific region. As per a report by UBS, the combined net worth of Indian billionaires nearly tripled over the past decade to $905.6 billion in 2024 from $637.1 billion in 2023. This 42% growth outpaced the global average, showing the country's rapid economic transformation fueled by family-led businesses and structural reforms.Whether through record-breaking equity gains, booming real estate deals, or luxe everything, 2024 truly belonged to India’s rich.The Rise of Luxury Real EstateIndia’s luxury real estate market has witnessed an extraordinary boom in 2024, driven by a mix of economic growth, changing lifestyle priorities, and millennial influence. Institutional investment in Indian real estate surged by 51% in 2024, reaching an all-time high of $8.87 billion from $5.88 billion in 2023, marking a record year for the sector, according to JLL’s latest report. Some of the headline-grabbing acquisitions have been a testament to this trend: billionaire Yohan Poonawalla and Michelle Poonawalla’s Rs 500 crore mansion in Mumbai’s Cuffe Parade in August and Sonam Kapoor’s father-in-law, Harish Ahuja’s £21 million ($27 million) purchase of a home in London’s prestigious Notting Hill district in the following month. The latter, one of the year’s biggest UK residential deals, defied the slowdown in global luxury sales and showcased how India’s ultra-wealthy are extending their influence to international markets.Cricketer KL Rahul and wife Athiya Shetty, too, bought a stellar home for Rs 20 crore in Mumbai’s fashionable Pali area.The surge is not limited to domestic buyers. Non-resident Indians (NRIs) and global investors are also playing significant roles, seeing Indian luxury properties as safe investments while Indian tycoons diversify their portfolios with international acquisitions. Gulf countries like Dubai have attracted several rich Indians in the luxury segment, particularly waterfront villas on palm-shaped islands. Indulging in Luxe: Ambani styleIndia’s wealthy also set their sights on luxury goods and experiences, redefining the idea of indulgence. The Ambani family once again dominated headlines with a wedding that set new benchmarks for opulence. From couture ensembles and glittering jewellery to designer bags worth lakhs and crores carried by guests, the event was a testament to how India’s HNIs are willing to spare no expense for extravagance.Beyond material possessions, high-end experiences became a significant focus.The Ambani family's pre-wedding celebrations for Anant Ambani and Radhika Merchant were marked by unparalleled extravagance, particularly during their European cruise festivities. The event was hosted aboard the luxurious Celebrity Ascent cruise liner, a vessel launched in November 2023 as part of Celebrity Cruises’ newest edge-class fleet. The cruise liner, worth approximately Rs 7,500 crore, set sail from Palermo in Italy, heading to Southern France and back, with the theme ‘La Vita È Un Viaggio’ (Life is a journey).As per reports, each suite here cost around Rs 60 lakh, while the exact total expenditure for the cruise event remains undisclosed.Investments of the richBehind the glamour, 2024 revealed a distinct duality in the spending habits of India’s wealthy. While they indulged in the extravagance per say, they also focussed on investments and wealth creation.Equity remained the top asset class for 39% of wealthy investors, followed by debt and real estate at 20% each, and gold at 10%, according to a 360 One Wealth-Crisil report. Interestingly, the survey also highlighted a shift in investment goals among the wealthy, particularly those above 60 years of age. Contrary to the belief that older investors prioritize wealth preservation, this group focused on capital appreciation, allocating a higher proportion to equities than younger counterparts. The strong performance of Indian equities in recent years, with benchmark indices more than tripling since the pandemic crash of 2020, has reinforced this confidence.Entrepreneurs and startup founders drove this risk appetite, with UHNIs increasingly relying on wealth advisors for guidance on portfolio construction and legacy planning.Diversification was key, with growing interest in gold and emerging opportunities like GIFT City’s cross-border investment incentives. Philanthropy and ESG-aligned investments also took center stage, with 82% of respondents committed to giving back to society.Another factor has been the adoption of Portfolio Management Schemes (PMS). While the equity markets remained relatively flat in November, HNI investors made the most of specialized PMS, generating impressive returns as high as 8.5%—significantly outpacing the broader market, as per a report by ET Markets. For instance, Valcreate's IME Digital Disruption Fund led the pack with an 8.5% return, while Narnolia's Fusion Opportunity fund delivered an equally remarkable 8.46%. Other standout performers included InCred’s healthcare-focused funds, CapGrow's Special Situations fund, and Carnelian’s Shift Strategy, all of which delivered at least 5% returns in a single month.