India 2014 Wealth Book

This report reviews the performance and asset allocations of HNWIs and Ultra HNWIs in India. It also includes an evaluation of the local wealth management market.

Scope

• Independent market sizing of India's HNWIs across five wealth bands

• HNWI volume, wealth and allocation trends from 2009 to 2013

• HNWI volume, wealth and allocation forecasts to 2018

• HNWI and UHNWI asset allocations across 13 asset classes

• Geographical breakdown of all foreign assets

• Alternative breakdown of liquid vs. investable assets

• Number of UHNWIs in major cities

• Number of wealth managers in each city

• City-wise ratings of wealth management saturation and potential

• Details of the development, challenges and opportunities of the wealth management and private banking sector in India

• Size of the Indian wealth management industry

• Largest private banks by AuM

• Detailed wealth management and family office information

• Insights into the drivers of HNWI wealth

Key Highlights

• There were 248,176 HNWIs in India in 2013. These HNWIs held US$1.26 trillion in wealth, and wealth per HNWI was US$5,077,042.

• In 2013, Indian HNWI numbers fell by 1.2%, following a 2.9% decrease in 2012.

• Growth in HNWI wealth and volumes is expected to improve over the forecast period. The number of Indian HNWIs is forecast to grow by 34% to reach 358,057 by 2018, and HNWI wealth is expected to grow by 44% to reach US$1.99 trillion by 2018.

• At the end of 2013, Indian HNWIs held 20.1% (US$253 billion) of their wealth outside their home country, which is line with the global average of 20–30%.

Reasons to buy

• The WealthInsight Intelligence Center Database is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the database comprises dossiers on over 95,000 HNWIs from around the world.

• The Intelligence Center also includes tracking of wealth and liquidity events as they happen and detailed profiles of major private banks, wealth managers and family offices in each market.

• With the Database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions we cover.

• Report includes comprehensive forecasts to 2018.

• It also provides detailed information on UHNWIs in each major city.

Companies mentioned

ICICI Bank

HDFC Bank

Kotak Mahindra Bank

ING Vysya Bank

Bank of Baroda

Canara Bank

State Bank of India

Union Bank of India

Vijaya Bank

Table of Contents

Table of Contents

Table of Contents

LIST OF TABLES

LIST OF FIGURES

1 Introduction

1.1 Details of this Report

1.2 Definitions

2 Executive Summary

3 Wealth Sector Fundamentals

3.1 Political Background

3.2 Economic Background

3.3 Social Background

3.4 Benchmarking Indian Wealth in Context

3.4.1 Distribution of wealth in India

3.5 HNWI Volume and Wealth Trends

4 Findings from the WealthInsight HNWI Database

4.1 Trends in HNWI Wealth to 2018

4.1.1 HNWI trend analysis

4.1.2 Wealth band trends

4.1.3 Demographic breakdown of HNWIs

4.1.4 HNWIs – job titles

4.1.5 HNWIs – industry breakdown

4.1.6 HNWIs – industry performance

4.1.7 HNWIs – breakdown by city

4.1.8 HNWIs – city performance

4.1.9 HNWIs – city population densities

4.1.10 HNWIs – city forecasts

4.1.11 HNWIs – breakdown by state

4.1.12 HNWIs – state performance

4.1.13 HNWIs – state population densities

4.2 UHNWIs

4.2.1 UHNWI volume trend analysis

4.2.2 UHNWI wealth trend analysis

4.2.3 Demographic breakdown of UHNWIs

4.2.4 UHNWIs – industry breakdown

4.2.5 UHNWIs – city breakdown and performance

4.3 UHNWIs – Billionaires

4.3.1 Billionaire volume trend analysis

4.3.2 Billionaire wealth trend analysis

4.3.3 Billionaire per capita net worth trend analysis

4.3.4 List of billionaires

4.4 UHNWIs – Centimillionaires

4.4.1 Centimillionaire volume trend analysis

4.4.2 Centimillionaire wealth trend analysis

4.4.3 Centimillionaire per capita net worth trend analysis

4.5 UHNWIs – Affluent Millionaires

4.5.1 Affluent millionaire volume trend analysis

4.5.2 Affluent millionaire wealth trend analysis

4.5.3 Affluent millionaire per capita net worth trend analysis

4.6 Core HNWIs

4.6.1 Core HNWI volume trend analysis

4.7 Core HNWIs – Mid-Tier Millionaires

4.7.1 Mid-tier millionnaire volume trend analysis

4.7.2 Mid-tier millionaire wealth trend analysis

4.7.3 Mid-tier millionaire per capita net worth trend analysis

4.8 Core HNWIs – Lower-Tier Millionaires

4.8.1 Lower-tier millionaire volume trend analysis

4.8.2 Lower-tier millionaire wealth trend analysis

4.8.3 Lower-tier millionaire per capita net worth trend analysis

5 Analysis of Indian HNWI Investments

5.1 Analysis by Asset Class

5.1.1 Trends in alternative assets

5.1.2 Trends in ‘art, wine and wheels’

5.1.3 Trends of investments in real estate

5.1.4 Trends of investments in cash and deposits

5.1.5 Trends of investments in fixed income

5.1.6 Investment trends in equity

5.1.7 Investments trends in business interests

5.2 Analysis of Foreign Investments

5.2.1 Investments in Europe

5.2.2 Investments in North America (including the US, Mexico and the Caribbean)

5.2.3 Investments in Asia-Pacific

5.2.4 Investments in Central and South America

5.2.5 Investments in the Middle East

5.2.6 Investments in Africa

5.3 Alternative Breakdown: Liquid vs Investable Assets

5.4 Analysis of Indian UHNWI Investments

6 Competitive Landscape of the Wealth Sector

6.1 Competitive Landscape

6.1.1 Domestic private banks

6.1.2 Foreign private banks

6.1.3 Partnerships

6.1.4 Wealth managers

6.1.5 Family offices

6.1.6 Financial advisors

6.2 Developments in the Indian Private Banking Industry

6.3 Wealth Management and the Private Banking Industry

6.4 Indian Wealth Management Industry – Clientele Model and Maturity

6.5 Behavioral Mapping of Wealth Management and Private Banking in India

6.6 Porter’s Five Force Analysis – the Wealth Management Industry

7 Appendix

7.1 Additional Components of the Wealth Sector in India

7.1.1 Philanthropy

7.1.2 Demand for intergenerational wealth transfer

7.1.3 Human resource availability for the wealth management industry

7.2 Tax Regulations

7.3 Regulations Related to Immigration, Investment and Employment

7.4 Key Drivers

7.4.1 INR to US$ exchange rate

7.4.2 Real GDP growth

7.4.3 Per capita GDP

7.4.4 Domestic market capitalization

7.4.5 Commodity index

7.4.6 Foreign direct investments – inflow and outflow

7.4.7 Inflation rate

7.4.8 Interest rate

7.4.9 Balance of payments

7.4.10 Government debt

7.4.11 Stock market performance

7.5 Wealth Breakdowns

8 About WealthInsight

List of Tables

LIST OF TABLES

Table 1: HNWI Wealth Band and Group Definitions

Table 2: Cities in India by Population (Volume), 2013

Table 3: Indian HNWIs – Volume Distribution (%), 2013

Table 4: Indian HNWIs – Wealth Distribution (%), 2013

Table 5: Indian HNWIs – Industry Performance, 2009–2013

Table 6: Indian HNWIs – Cities, 2013

Table 7: Indian HNWI Growth in Top Cities (Thousand), 2009–2013

Table 8: Indian HNWI Population Density in Major Cities (Thousand), 2013

Table 9: Indian HNWIs in Top Cities (Thousand), 2009–2018

Table 10: Indian HNWIs – Growth Rates for Top Cities (%), 2009–2018

Table 11: Indian Volume of HNWI by States (Thousand), 2013

Table 12: Indian HNWI State Performance (%), 2009–2013

Table 13: Indian HNWIs Population Density by State (Thousand), 2013

Table 14: Indian UHNWI Gender Performance (%), 2009–2013

Table 15: Indian UHNWI Source of Wealth (%), 2013

Table 16: Indian Volume of UHNWIs in Top Cities, 2009–2018

Table 17: Indian UHNWI Growth Rates in Top Cities (%), 2009–2018

Table 18: Indian Billionaires Market Overview (Volume and US$ Billion), 2009–2018

Table 19: Indian Top-10 Billionaires (US$ Billion), 2013

Table 20: Indian Billionaire Wealth Growth (US$ Billion), 2009−2013

Table 21: Indian Centimillionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Table 22: Indian Affluent Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Table 23: Indian Mid-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Table 24: Indian Lower-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Table 25: Indian Allocations of HNWI Assets (%), 2009–2018

Table 26: Indian HNWI Holdings Growth (%), 2009–2018

Table 27: Indian HNWI Alternative Asset Composition (%), 2009–2018

Table 28: Indian HNWI Trends of Investments in Alternative Assets (%), 2009–2018

Table 29: Indian Trends in ‘Art, Wine and Wheels’, 2009–2013

Table 30: Global Prime Real Estate Prices per m2 (US$), 2012

Table 31: Indian HNWI Foreign Investment Allocations (%), 2009–2018

Table 32: Indian HNWI Liquidity Breakdown (US$ Billion), 2009–2018

Table 33: Indian HNWI Liquidity Breakdown (%), 2009–2018

Table 34: Indian UHNWI Allocations and Share of HNWI Assets (%), 2013

Table 35: Leading Domestic Banks in India by Local AuM (US$ Million), 2013

Table 35: Leading Foreign Private Banks in India by Local AuM (US$ Million), 2013

Table 36: Leading Wealth Managers in India by AuM (US$ Million), 2013

Table 37: Leading Indian Family Offices by AuM (US$ Million), 2013

Table 38: Indian Wealth Management Industry – Recent Deal Activity, 2013

Table 39: Indian Income Tax Bands (INR), 2013–2014

Table 40: INR per US$ Exchange Rate, 2009–2018

Table 41: Indian Real GDP Growth (%), 2009–2018

Table 42: Indian GDP per Capita (US$), 2009–2018

Table 43: Indian Domestic Market Capitalization (US$ Billion), 2009–2013

Table 44: Indian Commodity Indices, 2009–2018

Table 45: Indian Foreign Direct Investment (US$ Billion), 2009–2018

Table 46: Indian Inflation Rate (%), 2009–2018

Table 47: Indian Money Market Rate (%), 2009–2018

Table 48: Indian Balance of Payments (US$ Billion), 2009–2013

Table 49: Indian Government Debt as a Percentage of GDP, 2009–2018

Table 50: Indian Stock Market Performance, 2009–2013

Table 51: Indian HNWI Wealth vs GDP Ratio, 2009–2018

Table 52: India – Appendix One

Table 53: India – Appendix Two

List of Figures

LIST OF FIGURES

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of India

Figure 3: Indian Asset Price Performance (%), 2009–2013

Figure 4: Indian HNWI Performance (US$ Billion and HNWI Volume), 2009–2018

Figure 5: Indian vs Global HNWIs (%), 2009–2018

Figure 6: Indian HNWIs – Growth Factor Correlation, 2009–2013

Figure 7: Indian HNWIs – Wealth Pyramid (Volume Distribution), 2013

Figure 8: Indian HNWIs – Wealth Pyramid (Distribution), 2013

Figure 9: Indian HNWIs – Age Distribution (%), 2013

Figure 10: Indian HNWIs – Job Titles (%), 2009–2013

Figure 11: Indian HNWIs – Distribution by Industry (%), 2013

Figure 12: Indian HNWIs – City Performance (%), 2009–2013

Figure 13: Indian HNWIs – Volume of HNWIs by City (Thousand), 2009 and 2013

Figure 14: Indian HNWIs – City Forecasts (%), 2014–2018

Figure 15: Indian Volume of HNWIs by City (Thousand), 2014–2018

Figure 16: Indian UHNWI Wealth Share vs Volume Growth (%), 2009–2013

Figure 17: Indian UHNWI Volume by Wealth Band (Thousand), 2009–2018

Figure 18: Indian UHNWI Wealth by Wealth Band (US$ Billion), 2009–2018

Figure 19: Indian UHNWI Age Distribution (Percentage Share), 2013

Figure 20: Indian UHNWI Distribution by Industry (%), 2013

Figure 21: Indian Billionaires Market Overview (Volume and US$ Billion), 2009–2018

Figure 22: Indian Centimillionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Figure 23: Indian Affluent Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Figure 24: Indian Mid-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Figure 25: Indian Lower-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Figure 26: Indian HNWI Asset Class Composition (%), 2009–2018

Figure 27: Indian HNWI Trends in Alternative Assets (US$ Billion), 2009–2018

Figure 28: Indian Trends in ‘Art, Wine and Wheels’, 2009–2013

Figure 29: Indian HNWI Foreign Investment Allocations and Growth (%), 2013

Figure 30: Indian HNWI Global Distribution of Foreign Investments (%), 2009–2018

Figure 31: Indian HNWI Liquidity Breakdown (%), 2009–2018

Figure 32: Indian UHNWI Asset Class Composition (%), 2009–2018

Figure 33: Indian Wealth Management Industry – Maturity Level of Operators, 2014

Figure 34: Indian Wealth Management Industry Behavioral Mapping, 2013

Figure 35: Indian Wealth Management Industry – Five Forces Analysis

Figure 36: INR to US$ Exchange Rate, 2009–2018

Figure 37: Indian Real GDP Growth (%), 2009–2018

Figure 38: Indian GDP per Capita (US$), 2009–2018

Figure 39: Indian Domestic Market Capitalization (US$ Billion), 2009–2013

Figure 40: Indian Commodity Indices, 2009–2018

Figure 41: Indian Foreign Direct Investment (US$ Billion), 2009–2018

Figure 42: Indian Inflation Rate (%), 2009–2018

Figure 43: Indian Money Market Rate (%), 2009–2018

Figure 44: Indian Balance of Payments (US$ Billion), 2009–2013

Figure 45: Indian Government Debt as a Percentage of GDP, 2009–2018

Figure 46: Indian Stock Market Performance, 2009–2013

Figure 47: Indian HNWI Wealth vs GDP Ratio, 2009–2018

Figure 48: Indian HNWIs – Volume by Wealth Band, 2009–2018

Figure 49: Indian HNWIs – Wealth by Wealth Band (US$ Billion), 2009–2018

Figure 50: Indian HNWIs – Wealth per Capita (US$ Million), 2009–2018

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