India's rich club to grow 12.8 per cent by 2009

New Delhi: Come 2009 and India will have a whopping 1.1 million individuals with a liquid wealth of US$ 100,000. This will be a substantial leap from the current estimated figure of 7,11,000 individuals with a liquid wealth of US$ 100,000 or more.


A study, released by financial services firm American Express, says the affluent section (individuals with assets of $100,000 or more) of India's population is expanding by the day. In 2005, there were 83,000 millionaires in the country. This figure is expected to grow annually at 12.8 per cent by 2009.


The estimated cumulative liquid wealth of the affluent section, which was $203 billion in 2005, is expected to increase to $322 billion by 2009, representing an annual growth rate of 12.2 per cent.


This is perhaps not surprising considering that the entire Asia Pacific region is seeing an increase in the number of wealthy individuals (with liquid assets of $50,000 and more).


The affluent individual population in the Asia Pacific region is expected to increase to 47.6 million in 2008 from 42 million in 2005.
Atul Mathur, senior vice-president, ASEAN and South Asia, American Express, believes India's robust economic growth, combined with social factors that include growing self-confidence and increasing consumerism, is causing a dramatic change in the lifestyle aspirations of the country's rich.


"Consumers are determined to live their dreams and the marketplace is responding to them. Every day in India, new global brands are opening their doors, and indigenous Indian marketers are innovating. Competition is fierce," he added.




Source : Rediff



 
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