A new study found that Indian High Net Worth numbers increased by 55% from 152,000 in 2007 to 236,000 High Net Worth Individuals in 2015. Their combined wealth rose by 67%, from $0.9 trillion in 2007 to $1.5 trillion in 2015.
New World Wealth, a regular source of data and insight for these columns, has just come up with new research conducted over eight years.
It started in 2007, just before the global financial crisis, and finished in 2015, when most countries were experiencing negative or negligible growth.
“Millionaires” or “HNWIs,” High Net Worth Individuals” refer to individuals with net assets of a million or more dollars.
The study found that growth was positively impacted by local construction, financial services, IT, business process outsourcing and the healthcare sectors. Solid economic growth and increased levels of entrepreneurship helped.
The research found the negative impacts on growth were a 41% depreciation of the local currency against the dollar from approximately $39.4 at the end of 2007 to $66.2 at the end of 2015.
Also there was a 25% dollar drop in the local stock market index between 2007 and 2015.
There was also a migration of around 25,000 HNWIs out of India between 2007 and 2015.