EW DELHI: India is likely to witness explosive growth in the number of millionaires and their cumulative liquid wealth in the next three years. The estimated cumulative liquid wealth of the affluent class in India is poised to grow at 50% over the next three years to touch $322bn, up from $203bn at present, according to a recent report by Datamonitor. The total number of millionaires in the country is also expected to grow to 134,000 in ’09 from 83,000 at present.
• Cumulative liquid wealth to touch $322bn over the next 3 years
• Number of millionaires may grow to 134,000 in ’09
• Affluent population is expected to grow @ 12%
To tap the growing number of millionaires and multi-millionaires in India, American Express has announced that it will soon come out with a new range of products. “Yes, we are planning to launch products over the next few months,” said Rob Hennin, country manager, American Express India.
American Express commissioned a study to find out lifestyle trends among the affluent class in India, and the company’s new products in India will be designed on the basis of the results of the study.
“The affluent population is growing rapidly. In fact, it is expected to grow at the rate of 12% on an average across the mass affluent and high net worth individual segments over the next several years. Today, these consumers already account for nearly $203bn in cumulative wealth in India,” Mr Hennin added.
The number of Indians with liquid wealth of $100,000 and above are also rapidly increasingly and is likely to touch 1.1m from the present 711,000.
American Express, which has 71m customers worldwide, is betting big on India, courtesy the growing affluence in the country. “We have ambitious growth plans for India, and are investing heavily in technology, innovation and products,” Mr Hennin added.
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