NEW DELHI: Last year may have been a cruel year for much of the country with slow growth and double-digit food inflation, but India's high net worth individuals (HNWIs) prospered â€” just over 120,000 in number, or 0.01% of the population, their combined worth is close to one-third of India's Gross National Income (GNI).
HNWIs, in this context, are defined as those having investable assets of $1 million or more, excluding primary residence, collectibles, consumables, and consumer durables. According to the 2009 Asia-Pacific Wealth Report, brought out by financial services firms Capgemini and Merrill Lynch Wealth Management, at the peak of the recession in 2008, India had 84,000 HNWIs with a combined net worth of $310 billion. To put that figure in perspective, it was just under a third of India's market capitalization, that is, the total value of all companies listed on the Bombay Stock Exchange â€” as of end-March 2008. The average worth of each HNWI was Rs 16.6 crore.