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HNWIs are people with net financial assets of at least $1 million, excluding their primary residence and consumables.
Indian HNWIs held a combined $350 billion in financial assets at the end of 2006, representing 4 per cent of total Asia Pacific HNWI wealth. A demographic analysis also reveals that the majority of India''s HNWIs are between the ages of 41- 55 years, said the report.
The growth was driven by the economic expansion as India experienced real GDP growth of 8.8 per cent in 2006 as well as robust stock market performance. "Robust economic growth and strong financial markets, along with gains in income and credit expansion which drove private consumption, were the key drivers of growth in India''s HNWI population," said Pradeep Domain, head of global private client at DSP Merrill Lynch...
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