India, China to triple super-rich by ’18
The number of high networth individuals (HNI) in India are set to treble over the next eight years as the mass of world economic activity shifts towards emerging economies in the coming years, a report said.business Updated: Oct 13, 2009 20:50 IST
The number of high networth individuals (HNI) in India are set to treble over the next eight years as the mass of world economic activity shifts towards emerging economies in the coming years, a report said.
A high networth individual is defined as one who has an investible asset of more than $1 million (Rs 4.7 crore).
According to the Asia-Pacific Wealth Report released by Merrill Lynch Wealth Management and Capgemini, the combined wealth of Asia Pacific's HNWIs is estimated to grow at 8.8 per cent annually till 2018, which is faster than the global average of 7.1 per cent.
The HNI population in India is also expected to triple in size by 2018 from 2008, with emergent wealth playing a key role.
Among the current HNI population, only 13 per cent have inherited their wealth and few only 9 per cent are over the age of 66, suggesting economic growth has the potential to boost the size of the HNI population.
“India registered a 6.1 per cent growth in private consumption in 2008,following China at 8 per cent.This is commendable considering that private consumption saw a huge slump across the Asia Pacific region.” said Pradeep Dokania, Head of Global Private Client, at DSP Merrill Lynch.
“India needs to watch out for new trends like emerging wealth outside metro areas, and NRIs as a very high potential segment,” said Salil Parekh, CEO, Financial Services, India and Asia Pacific, Capgemini.