Given increased popularity of BRIC funds, an ever-growing tendency toward outsourcing and growing technological advances in cities like Bangalore, it’s no wonder India ranks as the country with the fastest growing class of high-net-worth individuals, apart from South Korea. According to the Asia-Pacific Wealth Report produced by Capgemini and Merrill Lynch, India’s uber-rich class grew 19.3% in 2005, bringing the total number of millionaires to 83,000, placing the country third behind the U.S. and South Korea, India’s Daily News & Analysis reports. Though the report stipulates India’s super wealthy accounts for 3.8% of the high-net-worth wealth in the Asia-Pacific region, industry experts say the group remains largely untapped. Not more than 10% of these individuals have been tapped by wealth managers, said Pradeep Dokania, head of global private client practice at DSP Merrill Lynch. DNA also notes that IndiaÍs HNW individuals represents a mere 0.01% of the country’s population, compared to the region average of 0.10% and the worldwide average of 0.22%, implying much room for growth. According to report estimates, India’s contribution to net global growth will be third in the world by 2020, with an expected 12.2%, following the U.S. at 15.9% and China at 26.7%; and they’ll lead the world in expected job growth, with an estimated 140 million new jobs by 2020, citing later retirement ages in the Asia-Pacific region as a contributing factor.
