AbonnéTravel & Wellness

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

By Shilpa Dhamija23 janvier 2025

While Mumbai and Delhi lead India’s luxury market growth, Bangalore and Hyderabad in the south are emerging as potential luxury hotspots with a burgeoning affluent and cosmopolitan population. Luxury Tribune analyses the opportunities and challenges for luxury in India’s southern metros.

Home to the country's third-largest ultra-rich population, Hyderabad in southern India is recognised as the pharmaceutical capital of India (Shutterstock)

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.

One of the largest shopping centres in Bengaluru, the Phoenix Mall of Asia covers an area of around 52,000 square metres. It offers one of the largest selections of luxury watch boutiques in India (Phoenix Mall of Asia)

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.

Bengaluru is booming with entrepreneurs and individuals with huge disposable incomes

Jean-Marc Pontroué, CEO of Panerai

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).

Exploring Bengaluru’s Luxury Retail Landscape

Further south, the city of Bangalore or Bengaluru, widely recognised as India's Silicon Valley, is home to the country's fourth richest population (Shutterstock)

Although India is smaller than China, the diversity of the country and the growing number of luxury goods consumers in the various cities require an approach adapted to the local context.

Jean-Marc Pontroué, CEO of Panerai

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.

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