India is home to an estimated 61,000 high net worth individuals (HNIs) at the end of 2003, whose wealth stood at $267 billion. The number of HNIs increased 22 per cent from 50,000 HNIs in 2002.
As per the 2004 world wealth report published by Merrill Lynch and Capgemini released on Wednesday, the sharp jump in the number of wealthy individuals in India is mainly on account of a booming stock market and healthy economic growth.
The benchmark 30-share Sensex surged 73 per cent in 2003, the second biggest gainer among the Asian markets and one of the best performing markets in the world. Merrill Lych and Capgemini considered those who owns financial assets of at least $1 million excluding their primary residence as HNIs.
Briefing the media through video conference from Geneva, Rajan Sehgal, country head for India and global NRI market manager, Merrill Lynch Global Private Client, said: “Among individual countries in terms of HNIs percentage growth, India recorded one of the biggest jump in 2003.
Apart from equity rally, the jump was also on account of wealth created by non-traditional industries like business process outsourcing (BPO). One of the reasons for India’s superlative performance in terms of addition of HNIs in 2003 was because of its low base.”
As per the report, in 2003 the total number of HNIs in Hong Kong stood at 45,000, up 30 per cent from last year. The US housed 22,72,000 HNIs, a rise of 14 per cent from last year’s figure while United Kingdom housed 3,83,000, a rise of 8 per cent and China 2,36.000, an addition of 12 per cent.
As per the report, there were an estimated 7.7 million HNIs globally in 2003, up 7.5 per cent, or a net 5,00,000 people compared with the calendar year 2002. During the same period the total global wealth of these HNIs climbed 7.7 per cent to $28.8 trillion.
Mr Sehgal added: “An estimated net 11,000 more Indians were added to the HNIs list in 2003. This was mainly because, as compared to previous years, HNIs were quick to respond to global trends affecting their ability to preserve and grow their wealth. Wealthy investors in the US, China and India were able to capitalise on these trends despite a great deal of geo-political uncertainty,” Mr Sehgal added.
“Following the two impressive years, both India and China registered red hot GDP growth rates, 7.4 per cent and 9.1 per cent, respectively,” the report said. Mr Baru Rao, CEO, Capgemini India, said: “Now, advisors around the world are seeing their clients’ demands as being similar to institutional investors. We can play a role in helping our financial services customers address these demands.”
Our typical marketing budget is usually 10 per cent of the topline spend
There are some forces impacting the way our business works. The IT/ITeS sector has changed tremendously. Platforms like Twitter have made everyone journalists. Smartphones have made everyone a photographer. The trend that we are seeing is one of hyperdigitalization, which is causing the lines between product and services to blur. For example, <a href=http://www.exchange4media.com/company/news/amaz...
The OOH sector is among the fastest growing, globally. Brands and marketers have realized its potential and impact and begun to craft medium-specific adverts. Self-regulation is not only necessary but also essential to growth of the sector. The industry needs to exercise a certain level of this self-restraint to prove its commitment to maintaining the best standards in advertising.
<b>Clients are looking for experiential solutions beyond radio or print: Abraham Thomas, Radio City 91.1 FM</b><br><br> From entering new markets to launching large format events, Radio City 91.1FM has been on a roll. The radio channel recently announced the launch of India’s biggest singing talent hunt-Radio City Super Singer Season 8. Earlier this year, the channel set up its own creative-cum...
The interesting animated rap music video encapsulates Droom’s ecosystem tools and their role in facilitating second-hand automobile transactions
Perfumes are invisible and these new ads from Skinn create a story out of this
New campaign aims at first-time users by providing ‘first-night free’ – a first-ever offering by the brand on online hotels booking