India adds 42,800 millionaires more in 2009

By SiliconIndia   |   Wednesday, 29 September 2010, 05:32 Hrs   |    2 Comments
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Mumbai: In 2009, over 42,800 U.S. dollar millionaires were added by India, taking the total number to 127,000 in the country. As the economy is continuing to grow, the number of millionaires is also likely to increase.

According to consulting firm Capgemini, the economies of Asia-Pacific countries including India and China are going to surpass the developed countries in high net-worth individuals (HNIs).

As per the Asia-Pacific Wealth Report 2010, Indian millionaires held a total amount of more than $477 billion last year, up 53.6 percent on the year. That is 1.5 lakh crore. "The increasing confidence by Indian HNIs facilitated by the strength of the underlying economy which grew 6.8 percent in 2009 has resulted in a surge in HNI wealth in the region," said Pradeep Dokania, Chairman, Merrill Lynch, Wealth Management, India.

Europe was outpaced by Asia-Pacific as a whole in the amount of wealth on play as the invested/investible corpus totaled $9.7 trillion, compared with Europe's $9.3 trillion.

While equities and cash assets remained stable and fixed-income investments went up in 2009, the share of real estate dropped.

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