11 lakh Indians to be millionaire by 2009: Study
According to a study conducted by American Express, India is having around $203 billion cumulative liquid wealth which will increase to $322 billion by 2009.Updated: Sep 21, 2006 18:39 IST
Over 11 lakh people will become millionaire in India by 2009, a survey report said here on Thursday.
The study, conducted by US-based financial services company American Express (AE), said the number of millionaire will increase by 12.8 per cent over the next three years to reach the mark of 11 lakh.
India is currently one of the fastest wealth explosion countries with 7,11,000 individuals having liquid wealth of more than 1 lakh dollars, it said.
The report said presently, India is having around 203 billion dollars cumulative liquid wealth which will increase to 322 billion dollars by 2009.
The survey on 'Inside the Affluent Space' was done to help traders better understand and meet affluent consumers' changing and emerging expectations and needs, AE AASEAN and South Asia Senior Vice President Atul Mathur said.
The study finds that a fusion of changing economic and social factors in India is fuelling a new consumer mindset that says: "I’ve Made It!" which is creating unique opportunities and challenges for luxury and premium lifestyle providers in India.
The study discusses five insights into this consumer set, and also outlines some key implications for luxury marketers in the country.
The study defined affluent people as those having one lakh dollars or more.
"To remain competitive in the market, we need to understand the mindset of the fast growing affluent people as India is one of the fastest growing countries in terms of wealth explosion," Mathur told reporters.
In India, every day new global brands are opening their doors, and it is important to understand underlying consumers lifestyle desires so we can help meet their expectations, he added.
AE Country Manager (India) Rob Hennin indicated to launch more products and pump in investment in the country but he did not divulge further details.
First Published: Sep 21, 2006 18:39 IST