Sunday, February 04, 2007

Rolling in rupees

HW Wilson: Main

India's rapidly increasing number of millionaires are spending large amounts of money on posh homes, luxury vehicles, and designer clothes. Although hundreds of millions of people in India continue to experience grinding poverty, the economy is expanding at an annual rate of 8 percent. New millionaires are being created on a daily basis by such up-and-coming sectors as software services, telecommunications, finance, and real estate. Real estate consulting firm Cushman Wakefield Inc. reports that more people in more cities are buying homes of over 3,000 square feet. Sales of superluxury cars are gathering pace. Moreover, an increasing number of Indians are buying clothes from designer labels. The total market for high-end luxury clothing and accessories in the country has an annual value of around $434 million, and consultant Technopak Advisors Ltd. estimates that it will reach $800 million by 2010.