The stock market crash is like rains. There is no respite no matter who you are, and irrespective of your wealth and social status.
The similarity though ends here. The impact of loss – notional or real – is different for different people.
So while the Ambani brothers can face some trillion rupees loss with no more than just a shrug, for millions of others even a lakh rupees loss can be immeasurable.
Needless to say I belong to the latter category. And these days I often stare at the proverbial bottomless pit through which the stock prices are hurtling down in every session.
Howsoever I may wish that the tide will turn soon there is no relief in view. The torrent of bad news continues to come abated to which the latest addition is the possibility of a general election taking place by year-end.
In times such as these a resilient economy comes to rescue. But that too seems doubtful especially, as experts say, because of high international crude price and the rate of inflation arising thereof.
The picture is however not that gloomy for all. In fact for some people the last several years of spectacular economic performance has been a great boon. There has been a spurt in the number of high net worth individuals or the HNIs.
A study by Merrill Lynch and CapGemini has found that India’s HNIs number 123,000 in 2007, up from 100,000 in 2006.
This has helped India to show the fastest growth of wealth globally, the super rich swelling by 22.7%. Refer the graphic below taken from the TT.