India has 100,000 high net worth individuals
India has 100,000 high net worth individuals holding a collective wealth of a phenomenal US$350 billion by 2006-end.
With a growth rate of 20 per cent, India now has the second largest population of HNWIs in Asia-Pacific region. HNWI are people with net financial assets of at least $1 million, excluding their primary residence and consumables.
The majority of the HNWI are aged between 41-55 years. Of these 858 are termed “Ultra-HNWI”, who hold more than $30 million of financial assets.
“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”, renowned wealth management company, DSP Merrill Lynch's head of Global Private Client, Pradeep Dokania said.
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