India’s ultra rich: younger, richer and buying gold

http://www.mineweb.com/mineweb/content/en/mineweb-gold-analysis?oid=168203&sn=Detail

India’s community of high net worth individuals is growing fast and, for them, the most favoured form of investment is gold.
The HNI population in India rose by around 20.86% in 2010, and their wealth is estimated to have grown by more than 11%, to $530 billion. India is one of the fastest growing HNI segments in the world, currently contributing approximately 1.2% to the global HNI wealth.

“The number and wealth of the ultra HNIs has leapfrogged in the last decade. With an estimate that in the next five years, there would be about 219,000 such households, up from the current 62,000 households, their net worth is also expected to grow five times,'' says Rupesh Nagoria, product head at broking firm, Alchemist House.
And, importantly, while their assets are growing the members of this class are also getting younger.
The average age of Indian high networth individuals (HNIs) has fallen to the mid-40s from the early 50s in just five years. Though precious metals still holds the roost, Indian HNIs are experimenting with a gamut of investments, from fixed income instruments, commodities to art and private equity firms.