BhutanKing invented in 1972 the concept of Happiness Index, launched in 2008. India ranks 125th in terms of happiness,Denmark on top. InIndia, National Human Development index is working on this formula in more structured way along with Welfare economists of Organization for Economic Co-operation and Development.
The parameters for measuring happiness are:
Housing, Incomes, employment, social relationships, education, environment, administration of institutions, health, general satisfaction, security and the balance between work & family.
The indicators of index include economy, educational and healthy attainment, demography, amenities, governance and crime.
For 2nd consecutive year, India is 12th largest super rich with 1,53,000 millionaires (China 5,35,000), due to robust economy, equity market, 9% GDP growth, 25% increase in market capitalization, top choice for wealth management providers (26,000) HNWIs with investible assets $ 1 million.
Due to economic boom there has been unprecedented level of wealth creation. Average income levels have risen manifold many individuals have become millionaires ready for luxury revolution.
India ranks 138th in per capita income, 119th health and education. Premium stock index (30 share) is up by 17%.
Largest growing millionaires (21%, world average 8%) flamboyant Indians are lavishly spending hell of a lot on luxury travel, high end cars, jewellery, watches, swanky homes in Europe. Most spending (20%) is on fixed income instruments, 37% on real estate, 33% in to equities. Bulk of billionaires inIndiaare first generation entrepreneurs.
Nielsen Global Consumer Confidence survey 2011 in 51 countries rates Indians as most optimistic due to strong economic growth and expanding job market. Indians also rank best about their personal finances. True savings oriented economy, India ranks 4th. Indians give savings top priority after meeting essential living expanses. Now Indians spend on new technology products (top ranking), clothes, vacations, O-O-H entertainment, home improvements, decorating.
Indians believe they will emerge from economic recession within this financial year.
Within 20 years India has under gone radical Transformation from agrarian with modest growth rate to world’s most dynamic economy. Its GDP has grown @ 8% per Annam in last 3 years. There has been unprecedented level of wealth creation. Industries in technology and financial services have also catapulted many middle income group individuals into ultra high HNI bracket.
India has 55 billionaires with Rs. 11 trillion.
219,000 ultra wealthy households will be in 2016, (net worth Rs. 25 crore).
Net worth of ultra wealthy households will rise 6 times by 2016, (Rs. 235 trillion.)
Ultra HNIs invest 20% of income for wealth creation into their own business instead of others where they have no control.