India is home to the second largest number of affluent people with a whopping three million households which have over USD one lakh of investible funds
With as many as one-third of its population still living in poverty, the country is also home to the second largest number of affluent people with a whopping three million households which have over USD one lakh of investible funds.
According to a survey by the global market research agency TNS, while the US still is the world's most prosperous country with 31 million affluent households, India, China and Brazil have overtaken many European countries in this measure of consumer wealth with three million affluent households each in these countries which have over USD one lakh investible funds.
In other words, as many as 27% American households are affluent, while this is only 1.25% and 0.75% in regard to India and China respectively, thanks to the sheer size of their population. Though the cut-off money is USD 1 lakh for all the countries it is just USD 40,000 in Brazil, where this 3 million households constitute five per cent of the overall number of households.
Releasing the report, TNS business and finance director Reg van Steen said, "our research confirms that emerging markets will become new centres of affluence in coming years. India and China have already surpassed major European markets like Germany and France in this. It's interesting to see that the entrepreneurial spirit of people in these markets is already paying off in terms of personal wealth."
TNS India senior vice-president Chandrasekhar said, "a lot of people believe that there is considerable level of latent affluence in this country. And this study gives some pointers on the extent of the investment potential that the country offers as well as some relevant insights for tapping this potential."
The study titled the TNS Global Affluent Investor Survey, is based on interviews of 12,092 affluent decision-makers across 24 markets, including the US, India, China, Canada, Brazil, France, Germany, Britain, Belgium, the UAE, Israel, Hong Kong, Singapore and Australia. The online survey was carried out during May-August this year.
The findings also demonstrate regional contrasts in terms of what the affluent actually invest in. While in China, India and Germany the affluent are keen investors in precious metals (35, 33, and 23 per cent of respondents respectively), this is only 3 per cent in Sweden, Norway and the Netherlands, and even lesser at 2% in Denmark and Israel.
DSP BlackRock MF new fund closes on 11th October
DSP BlackRock Mutual Fund has launched DSP BlackRock FMP-Series 15-3M, a close-ended income scheme.
The investment objective of the scheme is to generate returns and capital appreciation by investing in a portfolio of debt and money market securities.
The scheme will invest only in such securities, which mature on or before the date of maturity of the scheme. The tenure of the scheme is three months.
The new fund offer closes on 11 October 2011. The minimum investment amount is Rs5,000.
CRISIL Liquid Fund Index is the benchmark index. Dhawal Dalal is the fund manager.
HDFC Gold Fund issue closes 21st October
HDFC Mutual Fund has launched HDFC Gold Fund, an open-ended fund of funds (domestic).
The investment objective of the scheme is to seek capital appreciation by investing in units of HDFC Gold Exchange Traded Fund (HGETF).
The new issue closes on 21 October 2011. The minimum investment amount is Rs5,000.
The benchmark for the HGETF fund is the domestic price of physical gold. Anil Bamboli is the fund manager.