Global financial meltdown resulting in collapse of capital markets had its impact on India’s HNWIs (high networth individuals or dollar millionaires), as their number dwindled by 39,000 (or 31.6 per cent) from 123,000 (2008) compared to 84,000 in the previous year (2007). This is the first drop recorded for India in the past seven years. An HNWI is defined as the one who owns net assets of at least $1 million, excluding his/her primary residence and consumables
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HNWIs ($millionaires) decline by 31.6% in India; first drop registered in 7 years