India, now Has 8,200 Ultra Wealthy Individuals
By siliconindia   |   Thursday, 17 November 2011, 02:13 IST   |    1 Comments
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Luxury Car Range: India being one of the lucrative hubs for the car market is attracting auto majors from all over the world. The count of people ready to buy these high sticker cars is gaining momentum. In effect to this, almost all the overseas manufacturers including Mercedes, BMW, Audi, Suzuki, and most recently Volkswagen have entered the fray. Ferrari's announcement to roar into the India market from 2010 and Aston Martin's aspirations to enter the Indian market soon next year also signals that the market has just picked up pace and there are great possibilities for these indulgent vehicles to thrill the Indians. The private jet count is one area that India stays ahead of China. "As the ranks of the affluent increase in India, so too the numbers of private jets. The tally of private planes in the country is now 142 " up nearly 50 percent in three years. This is a fraction of the number in Western countries like the United States, but according to the global consulting firm, Frost and Sullivan, India has the maximum number of private jets in Asia 'more than in China,' says Voice of America.
private jets
Wharton University too sees a boom in the luxury market. "Indians, after having been deprived of everything for so long, are in this great frenzy to consume luxury brands and pamper their senses. The mindset has changed from being frugal and living within their means to much more Let's have a life," says Sanjiv Gupta, director of the public sector telecom service provider Bharat Sanchar Nigam and former president and CEO of Coca-Cola South Asia, quoted in the study.

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