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HNWIs, in this context, are defined as those having investable assets of $ 1 million or more, excluding primary residence, collectibles, consumables, and consumer durables.
According to the 2009 Asia-Pacific Wealth Report, brought out by financial services firms Capgemini and Merrill Lynch Wealth Management, at the peak of the recession in 2008, India had 84,000 HNWIs with a combined net worth of $ 310 billion. To put that figure in perspective, it was just under a third of India’s market capitalisation, that is, the total value of all companies listed on the Bombay Stock Exchange — as of end-March 2008. The average worth of each HNWI was Rs.16.6 crore.
