11th October 2011: The Indians are second to none, apparently. Before discriminating against them, remember the findings of a London-based study. It reveals India has more affluent households than many European countries
“India and China have overtaken many European countries in this measure of consumer wealth”, says a new Global Affluent Investor study by leading research company TNS.
The study indicates India appears in the top five countries where the affluent have more than one million dollars investable assets on average.
TNS Director Business and Finance Reg van Steen comments: “…emerging markets will become new centres of affluence in coming years. India and China have already surpassed major European markets like Germany and France”.
The study goes on to show a huge contrast in wealth distribution, as only around one per cent are affluent in India. Indian investors are keen investors in precious metals, study adds.
Responding to the findings, Indo-American statesman Rajan Zed, in a statement in Nevada (USA), said that although India was on track to become a global power, but her new prosperity had remained evasive for many. Despite economic miracle, many Indians still lived in desperate poverty. Inequalities in opportunities blocked poor people from participating in the growth process and they remained trapped in vicious cycle of poverty. It was blight on a country, which prided herself on having joined the league of hottest growth economies.
Zed, who is Chairperson of Indo-American Leadership Confederation, also appealed to India’s billionaires/millionaires, who had enormously benefitted from India’s economic growth, to pledge some of their wealth to charitable causes aimed at poverty eradication. Quoting scriptures, Zed said that charity was a duty, which should be undertaken with sympathy and modesty.
Rajan Zed urged India to wake up and deal with her monumental poverty crisis at an emergency level as according to an estimate, about one third of world’s poor lived in India.
The Global Affluent Investor delivers insights into the investment behavior of affluent households worldwide.
TNS advises clients on specific growth strategies around new market entry, innovation, brand switching and stakeholder management. Kantar, of which TNS is a part, claims to be one of the world’s largest insight, information and consultancy groups.
Kantar is a company of WPP which claims to be world’s largest communications services group. Headquartered in London, Sir Martin Sorrell is WPP CEO while Eric Salama is CEO of Kantar and TNS.