India is home to 83,000 millionaires and growing… That’s not in Rupee but in Dollar terms. What’s more, the number of people with over US $1 million in net assets grew last year at a roaring 19.3%, the world’s second fastest growth. At that rate, another 16,000 millionaires will be added to the list next year. These were the findings of the Merrill Lynch-Capgemini 10th World Wealth eport (2006).

Spearheaded by annual growth of 8%, India is expected to become the fourth largest economy by 2025 and the third largest by 2050, behind only the US and China, according to recent Goldman Sachs projections. Nowhere is this burgeoning power and prosperity more discernible than in the raging demand for luxury goods.

Going overboard on luxury

• The market for luxury products in India is estimated to be worth half a billion US dollars as of 2005, growing at a rate of 20% a year.
• India has the world’s third largest consumer class (122 million individuals with purchasing power).
• Personal consumption is 67% of GDP in India; only the US is higher at 70%.
• 1.2 million Indians are “extremely rich”, with an estimated 83,000 having net assets of over US$ 1 million (19.3% p.a. increase).
• Super-deluxe brands like Porsche, Chanel, Louis Vuitton, Rolls-Royce, Rolex, Bvlgari and others have entered the market in 2006.

Although the figures are dated to 2006 and there has been a great downfall in the economy globally, India still remains the new business hub for yachting as India has fared much better than most mature markets & is expected to have a positive growth.

Related posts:

1. Compagnie du Ponant’s – Custom Luxury Yacht No.4 !! The small French cruise line Compagnie du Ponant has ordered...
2. Mumbai International Boat Show 2011 – The Countdown Begins! The fifth edition of India’s largest and only truly international...
3. New Boats vs Pre-owned Boats Each year the majority of boats sold around the world...

Related posts brought to you by Yet Another Related Posts Plugin.