India's high net worth population dips: Report

India's high net worth individual (HNI) population shrank by 31.6 per cent to 84,000 in 2008, mainly due to a drop in the pace of economic growth and erosion in market capitalisation, according to the Asia-Pacific Wealth Report released by Merrill Lynch Wealth Management and Capgemini.

This is the second largest decline in the world. In 2007, India had posted 22.7 per cent growth, the fastest in that year.

As per the report, HNIs are those individuals who have investable assets of more than $1 million, excluding primary residence, collectibles, consumables, and consumer durables.

The financial crisis has made a dent in the wealth of HNIs in India. But the high pace of economic growth gives them a chance to increase wealth. In fact, their ranks are expected to swell in the next 10 years. India would have over 250,000 people in the HNI club by 2018.