INDIA'S HNI CLUB TO SWELL 3 TIMES IN 10 YEARS

India and China are together projected to treble the number of high net worth individuals (HNIs) from 4.48 lakh in 2008 in the next one decade, as per a report collated by Merrill Lynch Wealth Management and Capgemini, which pegged the number of Indian HNIs at 84,000 for the past year. After seeing a 22.7% growth in the population of HNI in 2007 to 1.23 lakh - the highest percentage jump in the world - India saw a 31.6% drop in the number of HNIs past year. India happened to witness the second-biggest drop in the population of the rich, as defined by the survey, behind Hong Kong, which recorded a 60% drop in HNIs in 2008.

The survey defined HNIs as those with investable assets of at least $1 million (Rs 5 crore), excluding their primary residence and consumables. With the Indian economy showing clear signs of revival and the stock market bouncing back, the number of HNIs in the country is expected to bounce back soon.

The Economic Times