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According to a report prepared by DSP Merrill Lynch and Capgemini the number of High Networth Individuals (HNIs) has gone up by 23 per cent in India. The report further said that the combined wealth of the HNIs has increased to $440 billion until 2007. The rapid expansion of economy, increased foreign investment, increase in the savings rates and gains on the country’s stock markets are the prime factors responsible for increase in the number of Indian HNIs. As of December, 2007, HNIs in India have investible surplus of more than $1million.
Mr Salil Parekh, Chief Executive Officer, Capgemini India said that the analysis shows that in 2007, India’s HNI population experienced the highest growth worldwide. It expanded by 22.7 per cent, he claimed. The report further says that the number of HNIs in the Asia Pacific region has increased to 2.8 million during this period. It is an increase of 8.7 per cent compared to the global growth rate of six per cent.
According to Mr Pradeep Dokania, Head of Global Wealth Management for DSP Merrill Lynch, despite dislocations in developed markets, the number of HNIs in India grew at a faster rate than the global average. He also said that domestic demand and Asia’s appetite for commodities would continue to drive wealth accumulation in India.
