Wealth managers on the subcontinent expect the number of dollar millionaires to expand by 15-20 per cent a year.
Already a subscriber?All of india was transfixed, as February turned to March, by the spectacle of Anant Ambani’s pre-wedding celebrations in Jamnagar, an unlovely industrial town in western India.
Bride Radhika Merchant, Mark Zuckerberg and groom Anant Ambani at the couple’s pre-wedding bash in Jamnagar, India.The Ambanis and their fellow plutocrats are household names in India. But they are not representative of India’s wealthy. Billionaires, almost by definition, are a select few. According toFar more consequential to – and representative of –are the legions of dollar millionaires, whose ranks are expanding year by year.
Rakesh Singh of HDFC, India’s biggest bank by market capitalisation, says he has seen half-million-dollar investments coming from places like Jorhat in Assam, which most Indians would struggle to locate on a map. A huge chunk are salaried professionals with company stock options or prudent personal investments. These are first-generation millionaires with “strong middle-class values”, says Chethan Shenoy of Anand Rathi Wealth, which manages $US6.6 billion for nearly 10,000 clients.The third major shift is in what the new rich do with their riches, in terms of both investment and consumption. They are much more comfortable with capital markets than their parents.
Tata, a big Indian conglomerate, has seen robust growth in its luxury goods and five-star hotel businesses, especially from smaller cities. It is due to open 25 hotels this year, many of them high-end. An international airport due to open in Mumbai next year will have a fifth of its parking spots reserved for private jets.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ellyse Perry makes WPL history in Royal Challengers Bangalore's win over Mumbai IndiansAustralian great Ellyse Perry produces a player-of-the-match display, as Royal Challengers Bangalore secure their place in the Women's Premier League playoffs.
Read more »
Clare open to ‘wealth tax’ on top universitiesUS, UK launch ‘dozens’ of strikes on Houthi targets; Navalny’s ‘tortured’ body returned to mother; Israeli cabinet to meet on peace talks, Rafah plan. Follow updates here.
Read more »
Aged Care Taskforce rejects tax levy and proposes funding based on personal wealthA taskforce reviewing funding for aged care has rejected the idea of a tax levy to cover the sector's costs and instead suggested Australians accessing care should pay more based on their personal wealth.
Read more »
Jarden investment bank eyes cash injection as FirstCape passes shareholder voteJarden’s wealth management arm moved a step closer to a tie-up with JBWere and NAB’s wealth management businesses
Read more »
Gina Rinehart, Nicola Forrest and Annie Cannon-Brookes top AFR Rich Women List in 2024The wealth of Australia’s richest 75 women soared by 30 per cent over the past year, as entrepreneurs in resources, tech, property and fashion enjoyed the fruits of a resurgent market.
Read more »
MCo’s Shelley Sullivan, ModiBodi’s Kristy Chong, and Vida Glow’s Anna Lahey lead new wave of self-made womenA group of emerging female founders are positioned to grow their wealth substantially in the next decade.
Read more »