India is among the top prospective markets for luxury brands worldwide, with the country expected to see over two-fold growth in this segment in the next 10 years, says a report.
According to the study by New World Wealth, India, along with Sri Lanka, Vietnam, Mauritius and China, offers strong opportunity for growth in luxury and wealth management space.
“These markets are not yet fully developed and still offer strong opportunities for growth, especially in the luxury and wealth management space,” the report said.
Regarding India, the report said large number of entrepreneurs, good educational system and a large English speaking population is a big positive for the growth of the luxury segment, adding that the 10-year growth forecast stands at 120 per cent.
Other major contributing factors include strong growth forecast in the local financial services, IT, business process outsourcing, real estate, healthcare and media sectors.
Within India the cities to look out for include Pune, Hyderabad and Bengaluru.
Other promising cities in the region include Colombo (Sri Lanka), Ho Chi Minh City and Hanoi (Vietnam), Port Louis and Grand Baie (Mauritius) and Hangzhou (China).
India is among the 10 richest countries in the world with total individual wealth of US$ 5,600 billion.
According to New World Wealth, at the end of 2015, around 2,36,000 high net worth individuals were living in the country, with a combined wealth of US$1.5 trillion.
Millionaires or high net worth individuals (HNWIs) refer to individuals with net assets of US$ 1 million or more.
The major factors responsible for growth in wealth performance in the country include strong growth in local construction, financial services, IT, business process outsourcing and healthcare sectors as well as solid economic growth and increased levels of entrepreneurship.