Mumbai rich ready to give up hobbies for money

Mumbai, Apr 26: The affluent Mumbaikars are ready to sacrifice their life-long hobbies to grow wealth.

They value cash and liquid assets as the top symbols of wealth and are prudent investors but only for their kids, according to a survey conducted by HSBC bank among rich people in the five top Asian cities - Hong Kong, Singapore, Shanghai, Mumbai and Sidney - about their wealth aspirations.

Among the 2,500 people who participated in the survey, everybody was united in realising the adverse impact of wealth which asserts pressure, consuming quality time away from life and think money never substitute friendship or true love.

''Perceptions towards wealth is on a fast change from tangible wealth to intangible assets such as family and health,'' said Nicholas Winsor, country head, Personal financial service.

Rich earnings mostly focused to support their children's education, pay-off mortgages or to buy apartments, says the survey.

Apart from these, preparation for a 'comfortable' retirement life also stands out as a key motivator for wealth growth in Hong Kong, Singapore and Sydney than in Mumbai.

''Aspirations for luxuries require a wealth management strategy.

However, a huge knowledge gap is visible among the rich class in terms of financial planning, investment diversification and market information,'' Winsor added.

As to what things people aspire for, 49 per cent of Mumbai's elite aspire for own business and luxury items from prestigious labels.

However, if they were given an opportunity to spot a thing for free, majority of respondents in Singapore, Hong Kong and Shanghai wanted 'fund to start own business' whereas Sydney rich asked for extravagant trip and blue-chip stocks and Mumbai elites for admissions for children to a top school or university.

UNI