The world’s attention is currently focused on Mumbai, India, as the wedding celebrations of Anant Ambani, the son of Asia’s wealthiest person Mukesh Ambani, are taking place. Bollywood stars like Amitabh Bachchan, Shah Rukh Khan, and Deepika Padukone, famous cricketers, Silicon Valley billionaires Bill Gates and Mark Zuckerberg, as well as international stars like Justin Bieber and Rihanna, have all attended the wedding. Pictures of their expensive attire have gone viral on social media.
Anant Ambani, the son of Mukesh Ambani, chairman of Reliance Industries, married Radhika Merchant, daughter of pharma tycoon Viren Merchant, on July 12. Mukesh Ambani’s business spans across various sectors in India, including oil, telecom, chemicals, technology, media, fashion, and food. The Ambani family has a significant presence in India’s business market, and people view their lives like a dream. According to Forbes, Mukesh Ambani’s net worth is around $124 billion. Anant Ambani is ranked 29th on the board of Reliance Industries.
Ambani and another business tycoon, Gautam Adani, are believed to be close to Prime Minister Narendra Modi’s government, with opposition parties accusing officials of showing undue support to these business families. However, both the government and the business families deny these accusations.
While the Indian public is aware of the Ambani family’s immense wealth and influence, it was before Anant Ambani’s wedding celebrations in March that the world became aware of their lavish lifestyle. Speculations continue about the costs of the Ambani family’s wedding, but in Indian society, it is common to display wealth, social status, and economic standing during wedding events, regardless of religion, caste, or culture.
Some people organize weddings based on their financial capacity, while others take heavy loans to arrange extravagant events and later struggle under the burden of debt. A recent report by investment banking and capital markets firm Jefferies stated that the wedding industry in India is worth $130 billion. This industry generates immense economic activity, with Indians spending on weddings twice as much as on education. After groceries and food, weddings are the second-largest expenditure for Indians.
India’s wedding industry is almost double the size of the United States’ ($70 billion), and less than China’s ($170 billion). Around 8 to 10 million weddings occur annually in India, compared to 7 to 8 million in China and 2 to 2.5 million in the United States.
Minimekali, Director of the Center for Women’s Development in Delhi, explains that during weddings, the bride’s family spends on everything from jewelry, utensils, electrical appliances, to household goods. According to her, weddings in India are not only a family festival but also an opportunity to display wealth, social status, and influence. As a result, people often take loans for these extravagant weddings, which creates financial stress in society. Many individuals are forced to overspend on wedding events, even borrowing money to do so. The younger generation looks for ways to enjoy these events.
Thus, such extravagant weddings certainly put a heavy burden on middle-class families with low incomes.
32-year-old Kartika (a fictional name) from Chennai had a lavish wedding nearly a decade ago, but it took until recently for her parents and husband to pay off the debt. She recalls that about ten lakh rupees were spent just on the wedding hall and food. After facing hardships during this period, she now hopes for simpler marriages for her two daughters.
On the other hand, Dinesh from the same city has no problem spending 70% of his savings on his wedding. He fondly remembers the wedding rituals, including the engagement, wedding, and reception, which he says were done smoothly. As an event planner, Dinesh spent up to $36,000 on jewelry, the wedding hall, and decorations, and $1,800 on the photoshoot. Despite the recent economic growth, India is still largely a poor country. According to World Bank data, India’s per capita income in 2023 was $2,484.
The wedding jewelry during the Ambani family’s celebrations garnered significant attention. According to Jefferies’ report, India spends between $35 billion and $40 billion on jewelry for weddings. Diamond jewelry is most popular in extravagant weddings, while gold jewelry is preferred in middle-class and lower-income families. Despite gold’s higher price, India is the world’s second-largest consumer of gold, and its annual demand is expected to rise.
The World Gold Council states that nearly 50% of India’s annual gold demand is for weddings. The biggest portion of the wedding budget is spent on gold jewelry given as dowry by the bride’s family to the groom. After that, food expenses total around $24 to $26 billion annually. Significant amounts are also spent on clothing, makeup, photography, and other events.
Last year, Prime Minister Modi urged wealthy families to hold weddings in India to keep their spending local and boost the national economy, rather than taking it abroad. The Ambanis also hosted pre-wedding events on a cruise ship that departed from Italy and stopped at Rome, Cannes, and Portofino.
In Rajasthan, historical cities like Jaipur and Udaipur, with their palaces, havelis, and hotels, as well as the beautiful beaches of Goa, are popular wedding destinations for the wealthy and Bollywood celebrities.
Pradeep Chandra, the creative director of “Marriage Colors,” states that Bollywood stars now prefer beach weddings, and unique wedding themes inspired by hit films are becoming popular.
It is not just the wealthy who choose extravagant celebrations. Many middle-class couples also have expensive weddings, while most lower- and middle-class families opt for weddings in temples or family homes.
Manoj, from Madurai in Tamil Nadu, advocates for cutting down wedding expenses. He had a wedding with only friends and close relatives, spending just ₹50,000. He says, “Instead of borrowing money for the wedding, we used the amount to buy household items.”