Indian millionaires zoom by 42,800

[aristocrat]

India added more than 42,800 US dollar millionaires last year, taking the total number in the country to more than 127,000 — and the phenomenon is only going to grow further as high economic growth is sustained.
target=_BLANK>Uncommon wealth

What’s more, India, China and other Asia-Pacific regional economies are collectively set to outpace developed countries in spawning high net-worth individuals (HNIs), wealth manager Merrill Lynch and consulting firm Capgemini said in a report released on Tuesday.

“Moving forward, China and India will lead the way in the region with economic expansion and HNI growth likely to keep outpacing more developed economies” it said.

The Asia-Pacific Wealth Report 2010 noted that the total amount held in assets by Indian millionaires accounted for more than $477 billion last year, up 53.6 per cent on the year. That is R21.5 lakh crore.

“The increasing confidence by Indian HNIs facilitated by the strength of the underlying economy which grew 6.8 per cent in 2009 has resulted in a surge in HNI wealth in the region,” said Pradeep Dokania, chairman, Merrill Lynch, Wealth Management, India.

Asia-Pacific as a whole outpaced Europe in the amount of wealth on play as the invested/investible corpus totalled $9.7 trillion, compared with Europe’s $9.3 trillion, it added.

“Asia-Pacific’s HNI population matching Europe’s for the first time highlights the region’s growth potential, with China and India at the forefront and Japan remaining an important market,” said Dokania.

The share of real estate dropped in 2009, while fixed-income investments went up. Equities and cash assets remained stable.
Indian millionaires zoom by 42,800 - Hindustan Times

 

[Hyde]

only 127,000 millionaires in India

I thought that figure would be in millions

 

[LongLiveBritian]

More than a population of 1 billion and only 127'000 millionaires, pretty pathetic sorry no offense..

 

[ek_indian]

Well...this is neither a complete not a correct picture.

This increased number of millionares are potive thing. But we should tackle rich-poor divide. Otherwise this would be more headache. I think poverty was not as big issue as rich-poor division.

 

[Archie]

Well , this number include all those with cash reserve of 1 Million USD
Actually the number could well be twice that amount ,
Most of India's HNI invest there money in Real Estate
Becoz of a loop hole in Income tax act due to which , if u invest money in Residential /commercial Property for more than 3 yrs then u are exempted from paying tax on that sum
This little loop hole has fuel property prices all across India ,
I can give u my own example
In 1998 my dad bought a residential plot in a Delhi suburb for Rs 32 Lacs , today he is getting offers of Rs 3.5 Crores , thats an increase of 11 times in 12 yrs .
All this is fueled by HNI and speculators

 

[Archie]

only 127,000 millionaires in India

I thought that figure would be in millions

Dude, even China has 450000+ Millionaires , even though there economy is 3.5 times larger than us , while there population is only 15 % higher

 

[aristocrat]

More than a population of 1 billion and only 127'000 millionaires, pretty pathetic sorry no offense..

none taken.but to give u a clearer picture,last year there were about 90,000 millioners & it grew by about 50% to bring it to 127000
u may be right lolibuli cause these figures are for people with invested wealth of atleast $1mil