In the luxury industry, there exists a constant endeavor to attract people who belong in the UHNW category. For the uninitiated, UHNW is the abbreviated form for individuals with “ultra high net worth“. In simpler terms, it refers to the fabulously rich. Over the years, UHNW individuals have been limited to developed nations of the world, mainly Western nations like the US, UK, France and so on.
However, the emergence of nations like India and China is changing the status quo. Both these nations are producing more and more millionaires and billionaires nowadays. So much so that leading wealth intelligence firm WealthX has released its most recent Intelligence Briefing, which studies the UHNW of India.
WealthX’s studies are known for their wealth of data and insight. So professionals within the luxury industry will welcome the new study. Moreover, the firm is practically the global authority on the UHNW group. According to the wealth intelligence firm’s estimates, 8,200 Indians worldwide (including Non-Resident Indians) are worth over $30 million. Together, they clock in a collective net worth of $945 billion. WealthX put to use its data on over 5,000 UHNW individuals in India, and combined this with information from various other sources to come up with its estimates.
On further study, WealthX estimates that taken together, some 115 Indian billionaires are collectively worth $195 billion. Over 275 people have a collective net worth of over $500 million. Together, these tycoons represent a third of India’s UHNW group and their collective net worth is about $300 billion. The WealthX briefing takes into consideration individuals with ultra high net worth across 8 wealth tiers. The lowest tier stands at $30 million and the highest at $1 billion. The collective net worth of the entire group stands at a whopping $945 billion. This sum includes company shares, real estate, art collections, planes, cash and other assets. Since this is the India story, jewelry investments would form a considerable part of the investments of people in the ultra high net worth group.
Understanding UHNW individuals is key to success for the luxury industry. WealthX attempts to zero in on their interests, passions and more, which is why the company’s reports are taken very seriously by brands from the luxury sector.
As in other sectors, knowing the client helps build campaigns. Last month, we heard that VisitBritain, Britain’s state tourism body, was planning a big campaign to convince luxury travelers to set out on magical, fairytale vacations. Earlier, in January, Japan hosted Blossom Japan, the very first appointment-based event targeting the country’s luxury travel market, both inbound and outbound.
Reports like this by WealthX are extremely important for the luxury sector. The significance of such reports become clearer when you consider that a report in 2010 reported that the number of rich people in New York was greater than the population of Boston.
Mykolas Rambus, CEO of WealthX, admits that India is “one of the biggest opportunities for wealth managers around the world”. With the country’s growing economy throwing up new millionaires frequently, his opinion will find plenty of takers.
Via: PR Newswire