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India to get its own Millionaires? Club

MillionaireAsia, the quarterly magazine distributed to a select millionaires? club across Asia, is making a low-key entry into India, reports Sushmita Bose.

india Updated: Sep 17, 2006 01:41 IST
Sushmita Bose
Sushmita Bose

Indian millionaires will soon have a common platform. MillionaireAsia, the quarterly magazine distributed to a select millionaires’ club across Singapore, Malaysia, Indonesia and Thailand, is making a low-key entry into India.

It will target 83,000 Indians who have at least $1 million in liquid assets and comprise a segment that is growing at 30 per cent annually — the
figures come from financial management consultants Merrill Lynch, said the magazine’s publisher Brian Yim.

With the Indian edition in mind, MillionaireAsia has featured a story on the country’s ‘10 Richest People’ in its latest issue. How exclusive would the target group be? Subscription is by invitation only. But to be on the mailing list of a magazine that outlines how you should book a $500,000 super holiday, you have to answer a few questions.

These include “Would you be interested in ‘Unique Experiences Programmes’ such as visiting the RMS Titanic wreckage or fly in a MiG fighter?” and “Are you looking at purchasing a private jet/a boat/property overseas?”

The Indian edition will have localised content, and should be a marketer’s dream. Corporate bodies pitched their products at the Millionaires Summits held for the first time in India, in Mumbai on September 13, and in New Delhi on Friday. The summits discussed investment opportunities and wealth management for “high networth individuals”.

Among those who pitched was the Singapore Tourism Board, which is organising ‘A Luxe Affair’ through the next few months for the “premium-plus” segment.

"We will be looking at the new Indian millionaires' club as a high-growth niche," said Kenneth Lim, the Board's area director for northern India.

Lee Woon Shiu, ING Private Banking Asia's head-regional trust, said they would provide customised succession planning and wealth preservation solutions. And Diamond Information Centre's director Devika Gidwani invited millionaires to grab the first 100 personalised Forevermark sparklers from Diamond Trading Corporation.

Ready to hop on to the millionaire bandwagon?

First Published: Sep 17, 2006 00:51 IST