It?s not just the Ambanis or the Premjis who are riding the country?s robust economic growth. The number of dollar millionaires, or high net-worth individuals (HNIs), in India has risen by a steep 20.5%, taking the number above one lakh.
In 2006, India?s rising number of HNIs was bettered in the Asia-Pacific region only by Singapore. The combined asset value of the one lakh HNIs is estimated to be $350 billion, says the second Asia-Pacific Wealth Report, published jointly by Merrill Lynch and Capgemini.
A majority of Indian HNIs are in the age group of 41-55 years, the report stated. Strong growth in the HNI numbers was mainly due to the 8.8% GDP growth in 2006, along with a satisfactory stock market performance, it added.
Commenting on the findings, Aseem Arora, MD & global head-NRI markets, Merrill Lynch, said that HNIs are well informed and take investment decisions after analysing institutional reports on the financial markets. The combined Indian HNIs? wealth of $350 billion represents 4.2% of the region?s HNI wealth.
The report said the greatest concentration of wealthy NRIs was in Hong Kong, followed by Singapore, Indonesia, Thailand and Japan.
?In 2006, the continued expansion of India?s economy along with India?s upbeat long-term growth prospects led to increasing NRI investments into India,? the report said.
?The performance of the Indian market along with the strength of its currency is making India more attractive to NRIs,? Arora said.
