High net worth individuals News

According to the survey, each of these new customer segments has unique beliefs, interests, and needs, and many wealth management companies are now ill-prepared to meet them.

Wealthy investors continued to have faith in portfolio managers or advisory services as the assets under management of such entities surged to over Rs 11.5 lakh crore in the Indian capital market at September-end.

India's financial capital Mumbai, home to 45,000 millionaires and 28 billionaires, is the wealthiest city in the country with total wealth of USD 820 billion, says a report.

The number of millionaires in India is growing strongly and at the end of 2015 around 2,36,000 high net worth individuals were living in the country, with a combined wealth of USD 1.5 trillion, says a report.

According to a report by New World Wealth, some 4,000 uber-rich Indians have changed their domicile in 2015, while France saw the maximum outflow of millionaires with as many as 10,000 super rich leaving the country.

The total outstanding value of PNotes witnessed a steady rise since January and the momentum continued till March.

The combined wealth of Asia Pacific's super rich will surpass its 2014 total of $15.8 trillion and overtake that of their North American counterparts -- currently the world's richest group with a shared wealth of $16.2 trillion last year, the study said.

A joint report by New World Wealth and LIO Global said the change in domicile, along with a rise in second citizenship applications, has increased dramatically since the turn of the century.

Investments through participatory notes (P-Notes) into India's capital market stood at Rs 2.85 lakh crore (about USD 45 billion) at the end of May, the highest level in more than seven years.

The number of high net worth individuals (HNWIs) in China has passed the one million mark for the first time last year following a surge in the "innovative industries" sector, a study has shown.

It said the total wealth held by Christians stood at USD 107,280 billion, which account for over 55 percent of worldwide wealth, followed by Muslims at the second place with wealth of USD 11,335 billion (5.8 percent) and Hindu (USD 6,505 billion, 3.3 percent).

According to the World Wealth Report 2014, more than 90 percent of India's HNWIs seek to achieve more than just monetary returns while managing their wealth.