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India, now Has 8,200 Ultra Wealthy Individuals
By siliconindia
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Thursday, 17 November 2011, 00:48 IST |
1 Comments
Bangalore: India is now the 'land of billionaires'. Luxury is a synonym word to billionaires and the chemistry between the two will open a huge market for pricey goods and services. The elite of India will no more make frequent shopping trips to international destinations to bag on the best luxury brands.
Wealth-X, a consultancy firm specializing in the luxury market, on 'ultra wealthy individuals' estimates that there are 8,200 ultra-high net worth individuals (UHNW) in India with a combined fortune of $945 billion. With the rise in high net worth individuals, India is now the prospective market for luxury goods and services.
Wealth-X study estimates that there are at least 115 billionaires in India worth a combined wealth of $195 billion. There are about 6,150 Indians worth between $30 million and $100 million, and nearly 900 worth between $100 million and $200 million. According to the report, there are at least 4,960 Non-Resident Indian (NRI) UHNW individuals with a combined worth of about $465 billion.
Although the number of billionaires in India can't match up to those in other nations, luxury goods were still a taboo in India. But the 8,200 ultra-high net worth individuals (UHNW) in India have paved the way for more posh, lavish and exclusive lifestyles.
The market opportunity for luxury products in India is estimated at $3 billion. This market is expected to grow at 25-30 percent a year till 2015.
