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More millionaires in India

October 2, 2008

The number of high net worth individuals (hnwiS) in india grew to 167,000 in 2007, a growth of 23.09 per cent over the previous year, according to the Asia Pacific Wealth Report 2008 authored by Capgemini and Merill Lynch. The total wealth of Indian HNWIs (defined as a person with investible wealth of at least $1 million or Rs 4.6 crore) grew 25.1 per cent to $440 billion (Rs 20,24,000 crore) in the period under review.

The top bracket of these wealthy Indians (i.e., Ultra-HNWIs or individuals with $100 million or Rs 460 crore or more in investible assets) grew 26.6 per cent. This increase in HNWI wealth was due largely to a spurt in economic growth, investments and a 118 per cent growth in the value of equities listed in India. The Asia-Pacific region is home to 27.8 per cent of the world’s HNWI population and 23.3 per cent of its total wealth.

Kapil Bajaj

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