Saurabh Mukherjea Sees HNIs Struggling To Save Despite High Income

Even India’s high net worth individuals are not saving enough or investing smartly, according to a new survey by Marcellus Investment Managers that has laid bare the financial gaps in affluent households.

Founder and Chief Investment Officer Saurabh Mukherjea, along with co-founders Pramod Gubbi and Manish Hemnani, presented the findings and said that while incomes for many HNI families have surged, savings remain woefully inadequate to meet their soaring aspirations.

The survey—conducted between February and March this year—covered 465 HNI respondents across metros and tier-1 and tier-2 cities. It found that four in 10 respondents save less than 20% of their post-tax income, with 14% admitting to having no emergency funds at all. These patterns mirror broader trends flagged by the Reserve Bank of India, which recently highlighted that household financial savings are at multi-decade lows.

Mukherjea said a typical family in Mumbai, earning seven times the average Indian taxpayer, still struggles to save just Rs 5 lakh a year after paying for private schooling and suburban housing. Their balance sheets, meanwhile, are heavily skewed towards illiquid real estate and risky small-cap equities—neither of which compound wealth effectively.

The biggest red flag, Mukherjea noted, is that most of these families are “aspiring for the moon” while lacking disciplined financial plans. The survey showed that while 75% of HNIs want to save for their children’s education and marriage, and 30% aim to retire before 60, their actual financial planning lags well behind. A third of them admitted they lack the discipline to save consistently, while 40% are dissatisfied with their investment returns.

Adding to the conundrum is a clear gap in reliable financial advice. Although 87% of HNIs rely on someone else—mostly friends or bank relationship managers—for investment decisions, nearly two-thirds remain dissatisfied with the quality and personalisation of that advice. Many said they felt the guidance was generic and not aligned to their unique financial goals.

The survey also highlighted the classic Indian obsession with real estate. More than half of the respondents have over 20% of their assets in property, even excluding their primary residence. And despite a long bull run in equity markets, only one in five respondents have begun diversifying globally.

Mukherjea summed it up saying that, “Affluent Indians are living in a world of high aspirations and low savings, compounded by illiquid, tax-inefficient portfolios. Without a clear financial roadmap and disciplined investing, these goals will remain out of reach.”

The call to action, the team said, is for HNIs to work with trusted, personalised financial planners who can translate these lofty aspirations into achievable goals—backed by real numbers and sound investing practices.