Pakistani super-rich appear more consumption-oriented than their peers in India and the West, with a stronger appetite for lavish lifestyles. Rather than owning businesses abroad, they invest in multiple passports and residential properties across the Middle East, Far East and the West.
Locally, they prefer real estate as a store of wealth. Charitable giving is significant, but largely personal rather than institutional, while only a tiny share of annual wealth gains flow into businesses or capital markets.
Informal and on-record discussions with tycoons, bankers, brokers, executives, corporate and tax lawyers, and accountants produced varied views. Most respondents saw Pakistan’s elite as distinct from their Indian and Western counterparts, particularly in how they deploy annual wealth gains. Others dismissed such distinctions as superficial, arguing that similarities among the wealthy across borders outweigh differences, which exist but are not defining.
A distinguished executive, who requested anonymity, estimated that Pakistan’s ultra-rich spend about 50 per cent of annual wealth gains on luxury consumption — cars, private aircraft and yachts, designer goods, jewellery, holidays, clubs and parties. Another 20pc goes into property, 10pc to charity and faith-related spending, and just 20pc into securities and businesses. Elsewhere, he said, over 70pc is reinvested in equities and businesses, with the remainder going to succession planning, legal affairs, art and lifestyle maintenance.
He attributed what he called the elite’s ‘wasteful and absurd behaviour’ to opaque sources of wealth, a patronage-driven windfall culture, limited business acumen and ambition, deep insecurity, and distrust of the country and its institutions.
‘Pakistan’s super-rich favour property and overseas assets over diversified financial investments’
Some dismissed this opinion as imaginary and reflective of society’s bias against success. “Elsewhere, success is a badge of honour; in Pakistan, it is often treated almost as a crime. No wonder the wealthy tend to conceal the scale of their fortunes”, a banker said privately.
A former State Bank governor also saw little difference in the spending behaviour of Pakistan’s elite. “Spending patterns are broadly similar, regardless of where the wealthy live.”
Ehsan Malik, a veteran business executive, believes Pakistan’s super-rich favour property, luxury cars, jewellery, overseas assets and foreign education over diversified financial investments. India’s wealthy once behaved similarly but increasingly invest in equities, private equity, venture capital, family offices and organised philanthropy. Western wealth is more heavily invested in productive financial and cultural assets. Pakistan, he said, more closely resembles Bangladesh, Egypt and earlier-generation India.
He attributes this preference largely to wealth preservation amid political uncertainty, currency depreciation, weak contract enforcement and limited investment options. Nationally, however, it turns fortunes into stores of value rather than productive capital. Pakistan also has a strong charitable tradition, exceeding 1pc of GDP by earlier estimates, but giving remains concentrated on individuals, religious obligations and immediate welfare rather than professionally managed institutions.
Sharing his insights, Majyd Aziz, President, Employers Federation of Pakistan, distinguished the super-rich from the elite, dividing the wealthy into hereditary, windfall and powerful categories. Pakistan, he said, is “blessed” with all three. Old-money families generally remain discreet, while the latter two are more prone to ostentatious consumption.
“Their wealth becomes a publicity channel,” he said, citing extravagant weddings, palatial homes, luxury cars with armed escorts, private aircraft, lavish farmhouses and expensive foreign holidays. A “keeping up with the Joneses” mentality further fuels competitive spending.
Mr Aziz contrasted this with wealth cultures elsewhere. In India, he cited Mukesh Ambani’s highly visible lifestyle against Gautam Adani’s relatively low social profile. In the US, he pointed to Warren Buffett, casually dressed technology billionaires and old-money families such as the Rockefellers as examples of greater restraint.
He said conspicuous consumption similar to Pakistan’s is more common in developing economies, including among Latin American narco-elites, powerful African families and wealthy interest groups in parts of Asia. Cultural expressions differ, but the underlying impulse remains: “Have money, spend money, show off.”
A senior corporate lawyer stressed the need to first define the super-rich. “This class includes politicians with ill-gotten wealth and, in my view, businessmen whose fortunes are often similarly questionable.” Highlighting a cultural contrast, he said wealthy Westerners are often focused on sending their children to top universities. “Pakistan’s super-rich, however, generally want their children to join and expand the family business. They are therefore content with less prestigious Western universities, partly to ensure their children eventually return to Pakistan.”
A businessman disagreed. “Children of the super-rich often attend second-tier Western universities because they fail to secure admission to the best. Who wouldn’t want to flaunt their children’s academic success? I know of rich Pakistanis making large university donations to help secure admission for their heirs,” he said.
Structured data on spending by Pakistan’s wealthiest is not publicly accessible, partly because much of it remains cash-based. Rashid Mahmood Langrial, Chairman, Federal Board of Revenue and Finance Secretary Imdad Ullah Bosal were approached for insights based on the government’s extensive data on high-end spending. Their responses were awaited at the time of filing.
The writer is a former Dawn staffer
Published in Dawn, The Business and Finance Weekly, August 24th, 2026
