India had high net worth individuals with at least $1 million holding collective wealth of $350 billion at end 2006, according to the latest Asia-Pacific Wealth Report published by Merrill Lynch and Capgemini.

With a growth rate of twenty per cent India, now has the second largest population of HNWs in the Asia-Pacific region. A majority are in the age group 41-55. Of these 858 have more than $30 million of financial assets. The greatest concentration of non-resident Indians in the Asia-Pacific region is in Hong Kong, followed by Singapore, Indonesia, Thailand and Japan.

There were 2.6 million HNWs in Asia Pacific at the end of 2006, home to over 27 per cent of the world’s HNW population. The wealth of the region’s HNWs totalled $8.4 trillion in 2006, an increase of 10.5 per cent. HNW wealth was concentrated in Japan and China, which accounted for 43.7 per cent and 20.6 per cent respectively, of the region’s total wealth.