Bloomberg has released the “Bloomberg Billionaires Index,” the first daily global ranking of the richest people in the world as part of their coverage of wealth.
The index, changes daily depending on stock fluctuations and economic/company news dynamically measured on changing markets and will be updated every business day at 5:30 p.m.
Bloomberg Professional service customers can access each billionaire’s profile including detailed analysis of how that person’s fortune has been tallied drawing on Bloomberg data and reporting.
India’s luxury sales are expected to expand by a scorching 20 percent annually until 2015, as brand-smitten consumers snap up big names to flaunt their wealth.
Luxury sales were slow to take off in India a decade ago, disappointing retailers who had rushed into what they hoped would be the next China — a vast market of over a billion people with an eye for status symbols.
But now Indian consumers “are quickly catching up with global trends”, according to Neelesh Hundekari, author of the recent “Indian Luxury Review” report.
In booming India, being rich is not enough. For the moneyed classes, it’s increasingly about flaunting their wealth in ways typical of the nouveaux riches in Russia, China or the Middle East.
India’s well-heeled used to be more shy about displaying their wealth in the decades after independence from Britain when a tightly-controlled economy and dominant socialist thinking limited the opportunities for showing off.
But many prosperous Indians are embracing conspicuous consumption, turning their backs on the mantra of frugality espoused by independence hero Mahatma Gandhi, the father of the nation who eschewed possessions.
Carlos Slim Helu remained the world’s richest person, but Asia is where today’s big money is flowing, Forbes magazine said in its 2011 list of the world’s billionaires.
Slim, who is almost unknown to the general public outside Mexico, weighed in at a staggering $74 billion of net wealth thanks to his telecoms empire. Already the top dog last year, he increased his fortune by $20.5 billion dollars.
In a now familiar second place was Microsoft founder Bill Gates with $56 billion. The relatively lowly ranking reflected his enormous philanthropic give-aways over the year.
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Aircraft on 12th February 2011 |
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The growing list of billionaires in India is an enticing prospect for executive jet makers seeking to recover from a slump in demand caused by the financial crisis.
Prominent among exhibitors at the ongoing Aero India 2011 air show in Bangalore were manufacturers such as US-based Gulfstream and Brazil’s Embraer – both hoping to seduce corporate high-flyers with their luxury private planes.
The global private jet market had a hard landing in 2008-09, with jet prices plunging by up to 30 percent and actual flying time falling by an estimated 40 percent.
