Millionaire population growth in India fastest worldwide in 2007
Mumbai, Sep 25 (UNI) The growth of High Net-worth Individual (HNWI) population in India at 22.7 per cent was the fastest worldwide in 2007 with the country being home for 1,23,000 millionaires, according to the third annual Asia Pacific Wealth Report of Merrill Lynch and Capgemini.
Last year, the combined wealth of India's HNWIs rose 25.7 per cent to 440 billion dollars, the report released here said.
HNWIs are individuals with more than 1 million dollar in net assets, excluding their primary residence and consumables.
Rapid economic expansion, increased foreign investment and gains on the country's stock markets fuelled the jump in India's HNWI population last year. Indian HNWIs allocated 36 per cent of their assets to equities, among the highest in the nine regional markets covered by the report.
The recent turbulence in the global financial market and the downtrend witnessed in the Indian capital market could have an impact in this year's figures, though the country is expected to maintain a 7.9 per cent GDP growth R Vaidyanath, Head Capital markets of Capgemini India and Pradeep Dokania MD and head of Global Private client, told newsmen after releasing the report.
However, the impact might not be strong as only 30 per cent of the exposure of the HNWI was in equity market, they added.
''Despite
dislocations
in
developed
markets,
the
number
of
high
net
worth
individuals
in
India
grew
at
a
faster
rate
than
the
global
average,'' said
Mr
Dokania
adding
''Domestic
demand
and
Asia's
appetite
for
commodities
continue
to
drive
wealth
accumulation
in
India.''
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