Experts say a lot of new wealth is being generated by promoters selling their stake.
After the crunch period of 2009, the private banking industry, which caters to high net worth individuals, is once again in growth mode.
The rise in the toasted category of high networth individuals in the country is getting affected in the 'high inflation, slow growth' scenario being witnessed at present, a top official of Merrill Lynch Wealth Management said in Mumbai on Thursday.
UBS Wealth Management Americas, Bank of America's Merrill Lynch and Morgan Stanley all employ several retired Olympic athletes.
The number of dollar-millionaires in India surged to a record high of 1.53 lakh (153,000) in 2010, making the country's high net worth individual (HNI) population 12th largest across the globe, as per a global study.
This is the second largest decline in the world. In 2007, India had posted 22.7 per cent growth, the fastest in that year.
With hopes of economic recovery gaining momentum, the wealth of high net-worth individuals across the world are likely to touch a whopping $48.5 trillion by the year 2013, a survey says.
Emerging Asia - China, India, Indonesia and Thailand - is fast becoming the main engine of growth in the Asia-Pacific region.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
Education finance is a complex and dynamic sector. There are too many variables -- the course, the calibre of students, the universities, and the job prospects once the course is over, notes Tamal Bandyopadhyay.
The youngest winners of the thriving tech economy, many of whom came of age during the last financial crisis, aren't often interested in the ideas that attracted clients in the past.
The proposal to increase public float, hike income tax surcharge, move to tax share buybacks and lack of stimulus to shore up economic growth has hurt investor sentiment.
Gold has held up better than many expected.
What stocks will gain from a normal monsoon?
2nd time within a few days RIL has hit the forex debt market.
Simple, sharp and witty... P V Subramanyam offers 12 mantras to become a successful investor
The B-school also witnessed new roles in the domain.
His advice was to always start with small positions because we are bound to make mistakes; and remain humble because the markets can be merciless, remembers Debashis Basu.
Venture capital investments in India's start-ups nearly halved to $1.5 billion in fourth-quarter 2015
Analysts expect the indices to dip further if the global macros do not stabilise
What the reserves offer for now is improved import coverage of about 13 months, almost double the 2013 level of less than seven months. And, ammunition to arrest a rapid rupee slide, says Anup Roy.
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