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From luxury malls selling sparkling jewels to top of the range motor vehicles, India’s new rich are keen to spend their wealth.The wealth of Asia’s high net worth individuals those with liquid assets of at least million jumped 31 percent last year to .7 trillion, surpassing Europe’s .5 trillion, according to a report by Merrill Lynch Wealth Management and Capgemini. It is young millionaires who are shaping the luxury retail market in India. The Emporio mall has been built by India’s biggest real estate group DLF and focuses on high-end items. Sudeep Chhabra, the marketing head of DLF Emporio mall says that wealthy consumers can find the most exclusive brands all under one roof.”Never before, a format like this has been created. 74 International brands, 100 Indian designers all in one place. We are a big, huge, growing economy and you have the right market sitting there to be tapped so it is very logical to say that India is the next big thing.” he says. India’s spending on luxury clothes, watches, jewelry and cosmetics was about US7 million last year, according to a Bernstein Research report.Chabbra says that middle class shoppers are also spending more. “I would say it is a mixed kind of clientele, a lot of it is entrepreneurial but we are seeing more and more working people come in. The so called “double income no kids variety”, you know, the DINKS. We only see the market growing.”Indivar Arora is one of India’s new millionaires. He runs a engineering firm …
