'Indian Millionaire' to compliment India's phenomenal economic progression

The publication aims to profile the Indian high net worth individuals (HNWI) in addition to providing an insight on fashion, lifestyle and high-end infotainment for this niche.

India today, is home to a growing number of millionaires; a fact that is supported by reports witnessing the country's achievement in the fastest growth of 'millionaire' population in the world during the year 2007.

The annual World Wealth Report released by Merrill Lynch and Capgemini has recorded that India saw its millionaire population rising in 2007 by 22.6 percent, which is higher than any other country in the world. The number of High-Net Worth Individuals (HNWIs) in India grew to about 1, 23,000 at the end of 2007 from 100,015 a year ago, the report said.

"India is adequately equipped with the purchasing power and brand consciousness is surging among Indians. While the country witnesses the impressive growth within its HNWI population the trend of this segment is also becoming exclusive and posh,"

said Aldrin Fernandes, Chairman and Group CEO - Concept Group.

"Indians enjoy high level of awareness of the global market. If high-end holidays and top line cars were on one's luxury list a few years ago, today witnesses an increasing demand for yachts, private jets and state-of-art residences" , he added.

One of the key factors that authored the rise in the number of wealthy people in India was the boom in the stock market. Reports have stated that India's two largest exchanges, namely the Bombay Stock Exchange and the National Stock Exchange, ranked among the world's top twelve exchanges towards the end of 2007.

Accelerating along with the increase in millionaire population is India's demand for luxury and high end retail goods. This is also evident by India's fast progress towards becoming a lucrative market for international luxury brands. In addition, global consulting firm AT Kearney placed India at the top of a list of emerging market for global retailers in its 2007 Global Retail Development Index.

"Indian Millionaire is a magazine that aims at bringing global trends, brands and lifestyle to the cream of Indian society with exclusivity and style. The magazine will also serve as a unique platform for global brands and retailers to reach out to their specific target population and cater to their needs" concluded Aldrin Fernandes.