India continues to be a key source of UHNW activity, although in the case of the superyacht industry it also retains a certain elusiveness. In terms of UHNW population, India ranks third in Asia behind Japan and China in the Wealth-X and UBS World Ultra Wealth Report 2013 with more than 7,800 UHNW individuals, defined as those with at least US$30 million in assets. The combined net worth of India’s UHNW population is US$935 billion in 2013, up by 1.1 per cent from the previous year. There are 103 billionaires in India with a combined net worth of US$180 billion.
Mykolas D. Rambus, Wealth-X CEO, commented: “Wealth-X’s business in the Indian subcontinent is set to grow rapidly. In addition to the financial services sector that will continue to use our intelligence, the major consumers of our intelligence are from the luxury, NGO and charity sectors. Wealth-X works closely with organisations and institutions that are prepared to challenge traditional ways of marketing in order to grow their businesses in this ever-competitive landscape.”
Jay Jhaveri, Wealth-X’s head of sales for Asia, said: “We are delighted to welcome Sahil Mehta to the Wealth-X team. He brings with him experience in the financial services sector and a deep understanding of the ultra wealthy community, at both the macro and micro levels.”