Sunday, Jun 12, 2005
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Staff Correspondent
MUMBAI: There were an estimated 70,000 high net worth individuals (HNWIs) in India at the end of 2004, up 14.6 per cent compared with the previous year, according to the 2005 World Wealth Report published on Friday by Merrill Lynch and Capgemini. HNWIs are individuals with financial assets of at least $1 million, excluding their primary residence. "India continued to be one of the high growth areas in 2004 as around 9,000 more people joined the elite list of HNWIs in 2004,'' said Raj Sehgal, Merrill Lynch Global Private Clients' Country Head for India and Global NRI Market Manager. Despite a strong slump in stock prices in the middle of 2004, Indian HNWIs were able to recover as capital markets recorded a sharp upward rally in the second half. "India featured prominently among the major stock exchanges in emerging economies with a strong growth rate in market capitalisation,'' said Mr. Sehgal. The world's high net worth wealth grew strongly in 2004 for a second consecutive year, increasing by 8.2 per cent to $30.8 trillion, according to the report. Globally, the number of HNWIs grew 7.3 per cent to 8.3 million, a net increase of 600,000 worldwide. North America led with a 10 per cent growth rate to 2.7 million HNWIs, surpassing the 2.6 million in Europe.
The Asia Pacific's growth rate of over 8 per cent (2.3 million HNWIs) was twice that of Europe. "The two main drivers of personal wealth creation — economic growth and market capitalisation — worked together to generate the strongest growth in high net worth wealth that we have seen in three years,'' said James Gorman, President, Merrill Lynch Global Private Client Group.Singapore, Hong Kong, Australia and India saw the highest growth in HNWI population. said Mr. Gorman.
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