Affluent Indians unaffected by rising prices, 19 per cent rise in HNIs predicted

MUMBAI: A simple root canal, done by a well-qualified dentist in Mumbai at 7,000 per tooth, is probably the only lifestyle-related service that has seen a decline in prices over the past one year.

Sitting charges for a root canal have fallen 5% while business-class airfares, to name just one, from Mumbai have surged 51% since last year, a wealth survey conducted by Swiss private bank Julius Baer says.

The rise in prices, however, has not punctured the money-purse of affluent Indians. Bank Julius Baer estimates a 19% growth in the number of HNIs.

“Barring the rupee, which saw wild volatility, none of the other major inputs depleted the overall wealth quotient of rich Indians. Firm property prices helped rich Indians to maintain their pecking order,” said Stefan Hofer, executive director – emerging markets strategy research, Bank Julius Baer said.

“We’re quite bullish on Indian equities. I feel India would outperform other emerging markets this year,” Hofer said.