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The number of new rich in
India will almost double over the next five years, posting the fastest
growth of 47%, a latest study says. In comparison, the number of such
individuals with a wealth of over $1,00,000 will grow 7% globally and
10% in Asia by 2020, the study says. The study , conducted by EIU and
commissioned by Citibank, for the first time focuses on new wealth
builders (NWBs) -a term used to describe self-made individuals who are
either salaried, self-employed professionals or entrepreneurs in new-age
startups. In India, the number of such new wealth builders is expected
to be close to five crore and the total value of their financial assets
is expected to be $879 billion in 2020 -almost double of what it was a
decade ago.
According to the report, the NWBs represent a new breed of self-generated suc cess, are humble and focus on making progress for those around them. “Nearly eigh in 10 NWBs acquired most o their wealth in the past 10 ye ars. Almost none attribute current wealth to inheritan ce,“ the report said.
According to Kartik Kaushik, Citi India global he ad of consumer banking two additional trends for In dia were that there was a ve ry high savings rate and a majority of them would be young -in their mid-20s to 30s. He said the growth of this segment provides a big opportunity for banks like Citi. “Until now we had nothing in between Suvidha, Citibanking and Citi Gold.To address this category, we are launching Citi Priority as an integrated offering for those who maintain a Rs 15 lakh relationship with the bank,“ said Kaushik. He explained that this was not a bundling of separate services but a comprehensive product where the customer gets debit card, credit card and other services as part of the offering.
According to the report, the NWBs represent a new breed of self-generated suc cess, are humble and focus on making progress for those around them. “Nearly eigh in 10 NWBs acquired most o their wealth in the past 10 ye ars. Almost none attribute current wealth to inheritan ce,“ the report said.
According to Kartik Kaushik, Citi India global he ad of consumer banking two additional trends for In dia were that there was a ve ry high savings rate and a majority of them would be young -in their mid-20s to 30s. He said the growth of this segment provides a big opportunity for banks like Citi. “Until now we had nothing in between Suvidha, Citibanking and Citi Gold.To address this category, we are launching Citi Priority as an integrated offering for those who maintain a Rs 15 lakh relationship with the bank,“ said Kaushik. He explained that this was not a bundling of separate services but a comprehensive product where the customer gets debit card, credit card and other services as part of the offering.
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