Despite the worst recession since World War II, affluent Indians have not only managed to survive but in fact grew wealthier than before.
More affluent Indians along with other Asians say they are wealthier now compared to six months ago. According to HSBC Affluent Asian Tracker survey, savvy wealthy Indian investors came through the financial turmoil at the end of 2009 relatively unscathed.
Leading Asia's affluent are 70% of mainland Chinese respondents who reported a rise in net worth compared to only 46% six months ago. Similarly, across Asia, the number of affluent respondents reporting an increase in wealth in the past six months nearly doubled. In India, 68 % have reported higher accumulation of wealth compared to 28% six months ago. In Taiwan 61% reported a similar trend against 33% six months ago. In Malaysia, 55% have seen their wealth multiplying in last six months.
Majority of respondents claimed they gained their wealth through their employment comprising 89% in mainland China, Malaysia, Singapore and Japan, 88 % in Indonesia, 87% in Australia, 84% in Taiwan and 79% in India.
Sandy Flockhart, chief executive officer of HSBC Asia-Pacific has commented: "Asia's workforce is powering the region's affluent who are fast becoming savvy about growing and managing their newly-created wealth. Riding on Asia's recovery and improved market sentiment, the affluent in the region, most particularly in mainland China, are regaining their confidence as investors and are providing momentum towards a more robust wealth management market in Asia." The number of affluent Asians reporting a decline in net worth over the past six months decreased significantly compared to six months ago.
On planned changes in investment risk appetite over the next six months, the survey showed that 31% of affluent mainland Chinese are willing to accept greater risk followed by 30% in India and 28% in Malaysia.
