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India now has 1,00,000 superrich
October 17, 2007 16:34 IST
Are the rich getting richer in the country?
It seems so as a latest study has found that India's High Networth Individuals population has touched the 1,00,000 mark at the end of 2006.
Indian HNIs registered the second fastest growth of 20.5 per cent, says the Asia-Pacific Wealth Report released by Merril Lynch and consulting firm Capgemini.
HNIs are those with net financial assets of at least USD 1 million, excluding their primary residence and consumables.
"Robust economic growth and strong financial markets, along with gains in income and credit expansion which drive private consumption, were the key drivers of growth in India's HNI population," DSP Merrill Lynch's Head of Global Private Client Pradeep Dokania said.
"Indian HNIs held a combined $350 billion in financial assets at the end of 2006, 4 per cent of total Asia Pacific HNIs wealth," the report said.
Of the 100,000 HNIs in India, an estimated 858 are ultra HNIs with more than $30 million in financial assets.
In 2006, the continued expansion of India's economy, along with India's upbeat long term growth prospects, led to increased 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 NRI investors," Merrill Lynch's Global Head of NRI markets Aseem Arora said.
DSP Merrill Lynch is one of India's leading investment banking and brokerage firms and Merrill Lynch holds 90 per cent stake in DSPML.