NEW DELHI: Number of high net worth individuals (HNWI) is growing in India. HNWI population of the country grew by 20.8% to 1.53 lakh in 2010 compared to 1.26 lakh in 2009, according to the 15th annual World Wealth Report, released by Merrill Lynch Global Wealth Management and Capgemini. Now, India's HNWI population is the world's 12th largest, replacing Spain which dropped to the 14th position.
And the growth of Indian millionaires is fuelled by robust economic and equity-market performance, the report added. "With a GDP growth rate of 9.1% in 2010 and an increase in market capitalization by 24.9%, India offers a great opportunity and continues to remain an important market for wealth management providers worldwide," said Atul Singh, MD and head, Merrill Lynch Global Wealth Management , India.
Indian millionaires also showed growing interest in investments like luxury collectibles (luxury cars, boats and jets), as also in sports, the survey found.
The world's HNWI population expanded and wealth accumulation in 2010 surpassed 2007 pre-crisis levels in nearly every region. Population of HNWIs increased by 8.3% to 10.9 million in 2010 and financial wealth of HNWIs grew 9.7% to reach $42.7 trillion compared to 17.1% and 18.9% respectively in 2009.
Asia-Pacific region has surpassed Europe in terms of HNWI population. It expanded by 9.7% to 3.3 million, while Europe grew 6.3% to 3.1 million, said the report. Wealth of HNWIs in Asia Pacific rose 12.1% to $10.8 trillion, exceeding Europe's 7.2% growth to $10.2 trillion.
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And the growth of Indian millionaires is fuelled by robust economic and equity-market performance, the report added. "With a GDP growth rate of 9.1% in 2010 and an increase in market capitalization by 24.9%, India offers a great opportunity and continues to remain an important market for wealth management providers worldwide," said Atul Singh, MD and head, Merrill Lynch Global Wealth Management , India.
Indian millionaires also showed growing interest in investments like luxury collectibles (luxury cars, boats and jets), as also in sports, the survey found.
The world's HNWI population expanded and wealth accumulation in 2010 surpassed 2007 pre-crisis levels in nearly every region. Population of HNWIs increased by 8.3% to 10.9 million in 2010 and financial wealth of HNWIs grew 9.7% to reach $42.7 trillion compared to 17.1% and 18.9% respectively in 2009.
Asia-Pacific region has surpassed Europe in terms of HNWI population. It expanded by 9.7% to 3.3 million, while Europe grew 6.3% to 3.1 million, said the report. Wealth of HNWIs in Asia Pacific rose 12.1% to $10.8 trillion, exceeding Europe's 7.2% growth to $10.2 trillion.
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