Till last year, India was Asia’s billionaire capital. But Forbes’ billionaires list 2009 has revealed that India is no longer the top spot in Asia for billionaires, owing to the global financial crisis. Still, the Indian billionaire club is thriving, with 24 Indian billionaires as compared to just nine in 2004. And, that is why Morgan Stanley Private Wealth Management is all set to tap the Indian super-rich market with a private investment club, with membership restricted to those with a minimum investible surplus of $1 billion. Himanshu Bhagat, executive director, Morgan Stanley Private Wealth Management India, said, “India was the world’s second fastest growing economy and the number of billionaires would go up with the kind of wealth creation that was happening in the country.” The investors will get customized and separately-managed accounts from Morgan Stanley besides a multi-asset class portfolio comprising equity, debt, structured notes, private equity etc. Morgan Stanley will launch the service on Sept. 16 and expects only a dozen members initially. India will be the fifth country after the US, UK, Hong Kong and Singapore to boast this prestigious wealth management service.

Via: Reuters
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