Home / Knowledge / News / Textiles / India millionaire numbers rise 55% in 8 years
India millionaire numbers rise 55% in 8 years
14
Jul '16
Courtesy: NM Wealth
Courtesy: NM Wealth
The number of Indian millionaires during the period 2007 to 2015, increased by 55 per cent from 152,000 to 236,000. High Net Worth Individuals' wealth rose by 67 per cent from $0.9 trillion in 2007 to $1.5 trillion in 2015, according to the India 2016 Wealth Report by New World Wealth, a global wealth intelligence and market research company.

As part of the India 2016 Wealth Report, New World Wealth (NWW) examined wealth performance in India over the eight year period between the end of 2007 (the peak before the global financial crisis) and the end of 2015, the company said in a press release.

According to the report, growth was positively impacted by strong increase in the local construction, financial services, IT, business process outsourcing and healthcare sectors. Solid economic growth and increased levels of entrepreneurship were two other factors that contributed positively.

The report listed three main factors that negatively impacted the growth of millionaires in India. A 41 per cent depreciation of the rupee against the dollar from approximately 39.4/$ at the end of 2007 to 66.2/$ at the end of 2015 was a major reason.

A 25 per cent drop in the local stock market index (in dollar terms) between 2007 and 2015 and the migration of around 25,000 HNWIs out of the country between 2007 and 2015 also contributed negatively. Growth in Indian HNWI wealth and volumes is expected to be strong over the next 10 years.

NWW said it expects the number of Indian HNWIs to grow by 135 per cent, to reach approximately 554,000 by 2025. This will make India one of the top five performing HNWI markets in the world over this period (in terms of percentage of HNWI growth), along with Vietnam, Sri Lanka, China and Mauritius.

The 135 per cent rise will be fueled by strong growth in the local financial services, professional services and media sectors, the report said.

Overall, NWW gave India a score of 7 out of 10 in the wealth scorecard. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

APTMA calls for implementation of PM’s export package

Textiles | On 21st Oct 2017

APTMA calls for implementation of PM’s export package

The All Pakistan Textiles Mills Association (APTMA) has called for...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.9%
No
13.2%
Skip
8.8%

Total Votes: 68

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
27.9%
Skip
10.3%

Total Votes: 68

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.3%
No
10.3%
Skip
4.4%

Total Votes: 68

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.0%
No
11.8%
Skip
13.2%

Total Votes: 68


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search