India’s HNWI Population Up 19.3%

Oct 10,2006 00:00 by Newsdesk
According to Merrill Lunch’s Asia-Pacific Wealth Report Indian High Net Worth Individuals (HNWls) shared the fourth highest average net worth in Asia, with South Korea, at US$3.5mn per person.

There were an estimated 83,000 HNWls in India at the end of 2005, up 19.3% from 2004. This growth rate was the second highest among all the countries and markets globally, according to the first Asia-Pacific Wealth Report published by Merrill Lynch and Capgemini.

HNWIs are people with net financial assets of at least US$lmn, excluding their primary residence and consumables Buoyant economic conditions and robust domestic stock market performance during the year contributed to the growth in India's HNWI population.

Indian HNWIs held US$290bn in assets at the end of 2005, representing 3.8% of total Asia Pacific HNWI wealth.