The amount of Indians with investible assets more than a million dollars rose 51% on the trunk of a good recovery in asset prices in ’09 2009, on Wednesday by Capgemini and Merrill Lynch Global Wealth Management Ltd based on the 2010 World Wealth Report released.
“The strong rebound in HNWI (high net worth individuals) numbers is highly correlated to the strong recovery in stock market prices and strong outlook for India’s underlying economy”, said Pradeep Dokania, chairman at Merrill Lynch’s local wealth management unit.
He listed India’s solid fundamentals when it comes to economical growth and commercial recovery along with the demographic dividend, as India’s large young population may also be described.
These factors shall travel inflows, said Singh.
India is among several Asia-Pacific countries and emerging economies that may lead the development in the amount of wealthy people in the approaching years, the report added. In a testimony to the changing balance of wealth across the globe after the financial crisis, the size of the HNI population in Asia-Pacific at three million is as large as that of Europe.
More importantly, their collective wealth stood at $9.7 trillion (Rs449.1 trillion today) by the end of 2009, higher by 30.9%, and marginally a lot more than the $9.5 trillion held by Europe’s well-heeled set.
The global population of HNIs at 10 million also returned to pre-crisis levels regardless of the contraction in the world’s gross household product over the entire year.