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India''s high net worth population holds $350 billion in financial wealth: Merrill Lynch - Capgemini reportnews
17 October 2007
A new report by Merrill Lynch - Capgemini shows that Indians own 4 per cent of the Asia-Pacific region''s total wealth owned by high net worth Indians.
Mumbai: The number of ''high net worth individuals'' (HNWIs) in India at the end of 2006, grew by 20.5 per cent to 100,000. This makes India the second fastest growing population of HNWIs in the Asia Pacific Region, according to the second Asia-Pacific Wealth Report published by Merrill Lynch and Capgemini. HNWIs are people with net financial assets of at least $1 million, excluding their primary residence and consumables.
Indian HNWIs held a combined $350 billion in financial assets at the end of 2006, representing 4 per cent of total Asia Pacific HNWI wealth. A demographic analysis also reveals that the majority of India''s HNWIs are between the ages of 41- 55 years, said the report.
The growth was driven by the economic expansion as India experienced real GDP growth of 8.8 per cent in 2006 as well as robust stock market performance. "Robust economic growth and strong financial markets, along with gains in income and credit expansion which drove private consumption, were the key drivers of growth in India''s HNWI population," said Pradeep Domain, head of global private client at DSP Merrill Lynch.
Of the 100,000 HNWIs in India, an estimated 858 are categorised as "Ultra-HNWIs" with more than $30 million in financial assets.
Non Resident Indians
In 2006, the greatest concentration of wealthy NRIs was in Hong Kong , followed by Singapore, ...