The Hindu : Karnataka / Bangalore News : Number of Indian millionaires expected to grow at 12.8 per cent

Online edition of India's National Newspaper
Friday, Oct 27, 2006
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Karnataka

Karnataka - Bangalore

Number of Indian millionaires expected to grow at 12.8 per cent

Special Correspondent

Bangalore: The number of zeros in the price tag may amaze some of us, but not all. In fact, they think nothing while buying luxury articles, preferably with well-known designer labels, with price tags in six digits.

The first ever survey of wealthy individuals and households in India conducted by the travel and financial services firm American Express revealed 7.11 lakh Indians now have liquid assets equal to $ 1 million and that the number of Indian millionaires is expected to grow at 12.8 per cent within a year or two.

Big money and big spending is evident even in Bangalore. A watch showroom in the Shivajinagar area specialising in the big Swiss brands reports that it has enough customers who order watches with price tags above Rs. 1 lakh. The salespersons in watch counters in the malls and department stores say names like Longines, Patek Philippe, Girard-Perregaux, Cerruti, Versace and Breguet have now become as familiar to the affluent as Rolex and Omega.

"The more limited in numbers and more unusual, say with multiple dials and made of gold, the higher the demand for a watch... it is a status symbol,'' says a sales clerk.

While gadgets and gizmos like iPods, Blackberrys and the Nokia Communicator series delight younger executives and professionals, large screen televisions and home theatre systems with the best in sound effects are what the older (read 35 plus) go for according to multi-brand stores specialising in entertainment electronics.

Large TVs with LCD screens which can be wall mounted and those with plasma displays are currently the rage among those who prefer their entertainment at home, surround sound speakers and all. The cost? Rs. 1.45 to Rs. 3.50 lakh, and some stores throw in multi-channel DVD players gratis. The sound systems may gobble up another lakh or more.

"These are bought by people who regularly travel overseas and come with the latest DVDs, including those of movies that may not get released here and want to view them on large screens with clarity and authentic sound effects. They don't mind spending for that,'' according to salespersons.

Cars are another "toy" the rich have been fascinated with ever since the first Fords came in large numbers to our country. Mercedes, BMW, Audi are the names now flaunted around. Those who love to travel go for the larger SUVs and keep a sedan for city running about. Our rich, with a few exceptions, have still not gone for private jets but that day cannot be too far away.

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