catering-to-indias-young-millionaires

Catering to IndiaÆs young millionaires

ICICI says the growing number of Indian rich requires a new way to approach wealth management.
ICICI BankÆs wealth management business is growing 18.3% per annum in terms of new customers thanks to an upsurge of newly rich Indians, says Anup Bagchi, global head of private banking in Mumbai.

He argues that India offers a more attractive stomping ground for private bankers than China. It is growing millionaires faster than any market bar Singapore.

ôMany people think that if the economy grows, you have more wealthy people, but that is not entirely true,ö Bagchi says. ôChinaÆs GDP growth is faster than IndiaÆs, but it has fewer millionaires. ThatÆs because IndiaÆs growth is driven by entrepreneurialism. We have a huge service sector. ChinaÆs growth has been state-driven. GDP growth is not enough.ö...
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