High net worth individuals of India not comfortable with traditional methods of estate planning

By Vipin Agnihotri

Image courtesy of the Hindu Business Line

High profile slug-fests such as the Birla-Lodha spat regarding inter-generational wealth transfers in big business families and those of high net worth individuals (HNWIs) have exposed the inadequacies of the traditional methods of estate planning. Taking this into account, I'm not surprised that the number of financial services providers are now stepping in to remedy this.

In my opinion, plenty of high net worth individuals of India are no longer comfortable leaving estate planning issues only to professionals such as lawyers and chartered accountants. As a matter of fact, they are now seeking the security of institutional backing for the entire routines.

DSP Merrill Lynch Trust Services, a subsidiary of the investment bank, was among the first wealth managers to offer trusteeship services this year. If experts are to be believed, it has around 2,000 families as customers for wealth management in India. Indications are that DSP Merrill Lynch Trust Services hopes to convert few of them to customers of its trust services as well.

Point to be noted here is that DSP Merrill Lynch helps to form trusts for proprietary wealth that is managed by it, while others, such as IL&FS, oversee assets managed by third parties. IL&FS offer trusteeship for around Rs 100 crore belonging to over 20 High Net Worth Individuals. According to sources, SQ Private Banking and a few other foreign banks are also planning to offer such services.

The main attraction is the flexibility that trusts give as compared to wills. The pivotal factor here is that once a trust is formed, the trustee in these cases, the financial services firm becomes responsible for overseeing the management of the trust assets in accordance with the wishes of the settlor, the original owner of wealth. In my opinion, the main benefit it offers is that the trust settlor can put the structure in place in his/her lifetime and, therefore, avoid disputes and litigations later.

It is quite important that one must understand the differences between a Will and a Trust. In general, a last Will and a Testament is implemented on death of testator. On the other hand, probate is basically a lengthy and often expensive routine that results in public disclosure of wealth, required prior to distribution. Furthermore, assets are subjected to legitimate claims against testators estate. Remember that it may be amended and superseded at any time during the testators lifetime.

Talking about Trusts, it is implemented during the lifetime of the settlor. Apart from that, assets do not form part of the settlors estate. More importantly, management of assets and timing of distribution to beneficiaries can be arranged on the basis of settlors preferences.

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Luxury Trains, Planes, Automobiles... and Buses

Well why not discuss luxury transportation here for those that enjoy the finer things in life. Borrowing in part from a movie with a similar title, I wanted to explore how Indian’s can travel in style now and in the future. Therefore, below we have highlighted a few of the best options.

Automobiles

Gallardo	Gallardo Spyder	Murcielago

India witnessed the entry of the Lamborgini earlier last year. Three of its latest international models that rolled out in India were the luxury Sports sedan Gallardo, the convertible 'Gallardo Spyder', and the 2-door coupe Murcielago.

While Lamborghini has sold only 7 cars thus far, the company expects greater sales as India’s infrastructure (read highways) improves. Who wants to drive a car that can go 322 kph (200 mph) on roads that don’t support much faster than 1/3 that speed. Also, due to the dusty roads and the potential for vandalism, most Lamborghini owners will be too jittery to leave the car for any length of time unless it’s in one’s garage.

Luxury Buses

Ashok Leyland plans a luxury upgrading of its fleet
Before	After

Ashok Leyland is planning to roll out super luxury passenger buses to rival Volvo and other high-technology buses. When asked about the company’s plan, Ashok Leyland chief operating officer Vinod K. Dasari said; “The chassis will be made by Ashok Leyland, TVS and a leading automobile firm of Spain would manufacture the body jointly; he said that “they had not yet decided the name to be given to the vehicle.”

Well that’s a relief, up till now Ashok Leyland buses have looked like they were designed right after India’s independence. See what a little competition can do for the population?

Dasari said; “that through extensive market research based on feedback from customers, they were changing the specifications of the vehicles and rolling out new models to suit Indian road conditions. So far, the response from the clients was overwhelming.”

Really? I thought it may because the old Ashok Leyland design was so bad that competitors would soon trounce the company. I have always said Monopolies breed apathy and this holds true here.

Volvo, on the other hand, is well known its luxurious fleet which is boosted by safety and luxurious features.

Volvo has been newsworthy recently due to the increased Multi-National Corporation (MNC) competition in the bus business and partly because of the consolidation in the market.

We found an interview at The Economic Times (ET) in which ET spoke with Eric LeBlanc, CEO, Volvo India.

ET Question: What are the company's plans in the luxury bus segment? What is the potential of the market in India and what is the targeted market share that you hope to achieve by 2010?

Volvo answer: In the bus segment Volvo's focus is the air-conditioned inter-city coaches and city buses. The overall bus market has remained quite steady over the years. While we expect the overall market to remain steady in the near future too, we do expect a steady (but not significant) growth in the segments we address.

However, once we see a certain threshold of infrastructure development and conducive environment for bus transport there is no reason not to expect significant growth at a later stage.

What we expect now, is the emergence of new kind of buses such as 3-axle buses, articulated buses, rear engine buses etc and enhancement in the quality, specification and features of the current lot of buses.

Again, the entry of these types of buses and the growth of the segment would depend upon how well our infrastructure develops in cities and outside and how well we create a conducive environment for buses to become a key mode of public transport.

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Luxury Planes

I was surprised to find that there are luxury jet services in India catering to the private HNW individual or corporations. While there is a huge need, the country only recently opened up air travel to companies and private individuals. India’s Air Charter Services is one of the few I found that address this market.

Cessna Citation XL
Cessna Citation II
HS-125 700B

About: AIR CHARTER SERVICES PVT. LTD. (AVIATION INDIA)—(air charter india / air charter operator) based at IGI Airport New Delhi India, with a fleet ranging from low-cost piston engine aircraft to luxurious turboprops and jets—is playing the same role in Indian Aviation - air charters india.

We cater to the requirements of VIPs, Corporate houses, Travel Agents, Tour Operators, affluent tourists/pilgrims and air medical evacuation experts.

In the future, there will be a decent market for personal jets in India. Unless the infrastructure improves significantly in India, the market will be much larger than in Western societies. The latest personal jet being introduced in the US starts at $3 million and is a luxury business jet. Those who can afford the luxury are sure to buy this sleek plane that cruises at 480 miles per hour.

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Luxury Trains

The luxury train market in India is well underrepresented. With the second largest rail network in the world, connecting every nook and corner of the country, there should be more luxury options. One of the better options is the renowned Palace on Wheels. Some other famous luxury trains of India include the Deccan Odyssey, Royal Orient and Fairy Queen. These luxury trains take you to some of the most fascinating historic cities, monuments, wildlife parks and sanctuaries and much more of India.

Luxury Train Charges
Travel charges keep on fluctuating with the time of the year. Below are representative rates for the year 2006 -2007.

Oct 2006 to Mar 2007

Single Occupancy (per person per night) 300 US$

Double Occupancy (per person per night) 200 US$

Triple Occupancy (per person per night) 150 US$

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India High Net Worth Individuals and Children’s Parties

Three videographers and two still photographers documented the birthday party of Taisa Arora, shown here with her mother, Shivali, at a New Delhi hotel.

Recently I wrote about how there’s an immediate need for a Chuck E. Cheese or similar entertaining place for kids in India to address the lack of options for children. A week later I came across an article written by the Washington Post describing how birthday parties in India are the new weddings.

From the article; “Waiters in black tie waded through the crowd, serving endless silver trays of chicken tikka kebabs, grilled shrimp and samosas. Several DJs spun fast-tempo Punjabi pop that pulsated from refrigerator-size speakers. There were cocktails for the adults, and for the kids, cotton candy.”

The party the author is describing is one that is extravagant even for Western standards. The party was for a 2-year-old with 125 guests in attendance. Let’s ignore the fact that the party was for a 2-year-old child that will never remember the occasion (can you remember anything from 2 years-old?) but notice where the party was held. Hotels as children’s playgrounds do not work very well and are expensive to rent. I therefore again urge the entrepreneurs in India, this is a market that can make you a lot of money.

“The birthday party is the new wedding in India, and the sky is the limit,” said Rakesh Gupta, a party planner who has seen his business double in the past few years. “It's a serious industry now, and people want to spend lavishly and outdo each other. People in India don't like to save. They want to enjoy life and live for today after so many years of poverty and struggle.”

While the planner clearly has a biased view, most NRI’s returning to India understand that there are no real options in India for birthday parties or children’s entertainment besides that found in the home.

The author goes on; “When it comes to birthday parties, the change has been striking. Gone is the quiet birthday visit with grandparents to a Hindu temple and a simple box of Indian sweets. Now there's the frazzled party planner to hire, invitations with calligraphy to buy, elephant and camel rides to plan, a sports or cartoon theme to pick out, and a moon bounce to choose.”

While extremely premature to declare the birthday visit to temples are gone, it is a shift in culture which will only grow stronger as the economy matures. “If you have money in this country, anything is possible,” said Gupta, the party planner. “It's the best country in the world to be rich. But it's also the worst country in the world to be poor.”

Indians themselves are aware of the contrast but we must not look at India’s economic advancement as a fixed photograph in time. India must see the contrast as a moving picture with a happy ending for everyone. For if the India miracle continues, every Indian rich or poor will have the opportunity to increase their wealth.

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Article Attributes: Emily Wax | Washington Post

Note to Mukesh Ambani – Why rich should share wealth with poor

I came across this Mukesh Ambani press release today and while it offered little in detail it was a push in the right direction. While I am not a believer in a philosophy of giving for giving sake, I do believe that corporations should help the poor by creating meaningful jobs. Mukesh seems to believe in restructuring the rural farmer’s retail arrangement (let’s assume and hope he means cutting out the middlemen) with consumers.

Making a case for his retail outlets, he said: “Indian farmer bears the highest risks. So, by unleashing a genuine pro-farmer and pro-consumer retail, it would help both and put them in a win-win situation.”

I agree, but let’s add taking government out of the equation entirely. Why not let the farmer decide the price based on market demand? Currently, these farmers are lining up in long queues while their product rots. Why do local governments or quasi government officials need to be involved at all? Let the farmer decide how to sell his product and let the entrepreneurs in India decide how to best get it to market.

India’s wealthy corporations and high net worth (HNW) individuals should be pushing for economic reforms from India’s government to better empower the individual by offering meaningful jobs. The lesson of simply giving to the poor has been learned time eternal. By giving to the poor without any strings or just as bad without any working opportunities, you create a welfare situation. The US has (and still is) learning how difficult it can be to get people off welfare. Had the US implemented a 90 day financial safety net along with extensive training programs (instead of giving money without strings) the poor and their offspring would have been much better off.

I loathe the extremely wealthy preaching to the rest of us to help the poor without giving any details. It’s easy for the wealthy to make those statements because they can afford to make them. Most of these pitches to help the poor are simply public relations stunts and do nothing to actually help the poor. The HNW individuals I respect actually train the poor or offer them real jobs and opportunities with real career paths. It appears that Mukesh Ambani is doing just that by offering farmers a way to sell their goods bypassing the middlemen. While he profits in turn, welcome to the world of free enterprise. It’s a win-win situation that can be duplicated by all retailers across India. Reliance is not a monopoly (another free enterprise feature) and others can ride the success if Ambani manages to change the farmer/consumer retail paradigm.

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Reliance Industries Will be First Ever India Company to reach $100-billion Market Cap

By Vipin Agnihotri

Billionaires all around the world watch out for Mukesh Dhirubhai Ambani. He is all set to get the bragging rights as one of the worlds top three or four richest men. It is worth mentioning in this regard that Forbes has put him at a distant 14, with a net worth of $20.1 billion.

I am not saying this because he is an Indian. I have a valid point to say that. According to Wall Street, Reliance Industries could touch $100 billion (Rs 4,10,000 crore) in market cap sometime soon. If that happens, Reliance will be the first company in India to achieve that feat.

At this moment of time, Reliance Industries market cap is around $63 billion, and Ambani owns more than half of the company. Morgan Stanley analysts are of the opinion that Reliance Industries value will jump by 58 per cent?

I totally agree with their estimation because from next year onwards, Reliance Industries will start pumping oil from its proven reserves of 1.4 billion barrels. When one take into consideration the fact that Reliance Industries total proven and possible reserves presently of 5.4 billion barrels, the companys exploration and production (E&P) business will generate $3.5 billion (Rs 14,350 crore) in profits between 2010 and 2015.

But the question now arises: How Reliance Industries will unlock its share value to touch $100 billion? When The India Street contacted Reliance Industries spokesperson in this regard he said that that the company would have to opt for both organic and inorganic growth to achieve the target.

Apart from that, Reliance Industries would need to substantially increase its share of revenues from E&P presently just 2 per cent of its $22-billion turnover. Point to be noted here is that at present, 60 to 70 per cent of Reliance industries turnover of Rs 1,10,000 crore comes from the refining business.

However, some of the experts believe that one-third of the Reliance Industries value is coming from gas and if the government, which has a profit sharing agreement, fixes a lower price, Reliance Industries could suffer.

All in all, if the Sensex rises 30 per cent in the next one year, you could see Reliance Industries hitting the $100-billion mark sooner than expected. In short, Reliance Industries joining the $100-billion market cap club is not a matter of if, but when.

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High net worth individuals of India moving into luxury apartments as high-end properties booming

By Dr Suvrokamal Dutta

With the wide array of properties coming up in different parts of India, one can't help but feel that a large segment of the population probably plan to living in apartments or residential areas that boast the snazziest facilities.

The sheer magnitude and size of the projects that are being developed will make you wonder about the demand in the high-end luxury segment. The million-dollar question is: Why are individuals luring towards these properties that come attached with such a hefty price tag? Even more importantly, why are real-estate companies continuing to build these high-end properties?

For example, it has come into the notice of The India Street that Unitech Grande is being developed in Noida over 347 acres of sprawling land. According to sources, the 2,200 sq ft-plus apartments have been priced at Rs 7,750 per sq ft with the first installment comprising 10 per cent of the cost.

Generally speaking, the price of these apartments begins from around Rs 1.8 crore (Rs 18 million) and there is an every possibility that it can increase further in the coming years. It is worthwhile pointing that the project involves 10 global architectural and design consultants. Furthermore, it contains 90 towers, of which eight will be signature towers and four gateways, having 36-45 floors each.

“With a increase in incomes and property prices, a large number of real-estate companies are giving, besides their other projects, high-end properties for consumers,” pointed out Raghuvar Dayal, senior business journalist based at Noida.

Apart from Unitech Grande, Omaxe has a project along identical lines but on a somewhat lower scale in Faridabad. Called The Forest, this one has apartments ranging from Rs 4,000-6,500 sq ft and attracts a price tag of Rs 2.25-4.5 crore (Rs 22.5-45 million).

In my opinion, there is a continuing burst of luxurious villas and penthouses in the Indian real-estate market because prices are skyrocketing and therefore the middle segment is losing its lustre in the process. I don’t believe it will be the case for too long, as the market will finally see some sort of stability. I had a talk with some of the experts and most of them were of the opinion that the market for high-end properties is no doubt booming, but as a result the mid-rung is still not being ignored.

The pivotal factor here is that with increasing disposable incomes, the definition of 'mid-rung' too is quickly changing with almost everyone spending more to settle into more comfortable, more luxurious apartments. The question now arises: Is the high-end market getting crowded? The answer is no because plenty of high net worth individuals who reside in old kothis and bungalows are now moving into luxury apartments simply because it is very tough to manage palatial houses.

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India's High Net Worth Watch - $500,000 Autos and Social Status

On our India wealth watch report we note that Cruise Norway’s Antarctic voyages cost as much as $10,000 an expensive proposition from anyone. It’s interesting that Indians have been perusing the company’s website by the thousands thus prompting the cruise line to act. In the past, only the extremely wealthy could dream of spending their disposable income on a $10,000 boat trip.

“We were getting so many hits from India that we felt that there was a market here,” says John Ambat of Cruise Norway, which has now opened offices in several Indian cities. “Indians were booking suites and the most expensive cabins.”

While India’s share of the global luxury market is still small, these small signs of spending largesse add to the growing trend of high net worth Indians looking for ways to spend their hard earned money. The luxury trend is being noticed by companies such as Bang & Olufsen (high end audio equipment) and fashion designers Escada and Brioni have recently opened shops in New Delhi and Mumbai, joining Fendi, Versace, Chanel, Louis Vuitton, and Valentino. Ermenegildo Zegna (luxury clothing retailer), has launched the India’s largest luxury store, a 3,000-square-foot shop at the Taj Mahal Palace and Tower Hotel in Mumbai.

Car makers Bentley, BMW, Maybach (Mercedes) and Rolls Royce are opening dealerships in India which actually surprises me since the roads are very bad in India. I can’t see maintaining those cars (a Bentley cost almost $500,000 in India) in any meaningful way. Those that are buying them must have disposable income because it will be very expensive to fix the cars due to the lack of qualified mechanics and access to parts. Can you imagine having only one place (the dealership) in the country to fix your car? The dealership will be able to charge any price they want since in the short term there will be a lack of competition.

It’s estimated that 1 million Indians buy luxury products and services. Another 8 million can afford to buy the same services, but many either don’t want to show off their wealth or don’t recognize the benefits of Western style luxury goods.

Therefore luxury sellers will have to spend a lot of time building their brand image and advertising the luxury goods and services in such a way that makes high net worth (HNW) Indians feel motivated to spend high amounts of money. Like any emerging market, many of the newly wealthy like to “advertise” their wealth by buying expensive cars, clothing or jewelry. HNW’s also recognize that using their wealth can buy status and in India that means power, influence, and social cachet. This trend will increasingly happen more in India, but we’re still at the very early stages.

"India tends to be very status-conscious," says Raman Mangalorkar, a consumer market analyst in Mumbai for A.T. Kearney (global managerial consulting company). "A subtle hierarchy gets established in one's mind … and people use these symbols to put themselves in different levels of standing."

As India's middle class increases in wealth and is exposed to more Western products and services, it will increasingly seek to copy the buying habits of wealthy Westerners. We’re seeing that trend now, but the Indian Government’s restriction on foreign single brand retail is slowing progress.

In a recent study, Global Consulting firm McKinsey discovered the following trends:

•Overall Indian consumption will triple by 2025, and 80 percent of the spending will come through income growth.

•Spending across all economic segments is up 40 to 50 percent.

•The global class of consumers, who buy top-branded and luxury items is expected to grow tenfold by 2025 to 23 million.

The first Electronically Traded Fund (ETF) to follow this trend is Claymore (NYSE:VOY) (NYSE:CZC) (NYSE:RYJ) /Robb Report Global Luxury Index ROB. Claymore Securities based the ETF on an index created by CurtCo Robb Media, publisher of the Robb Report, a life-style magazine catering to the ultra-rich.

The smart money will follow the trend “a rising tide floats all boats” and make strategic investments in equities and real estate to capture higher returns. Moreover, the HNW economic class rarely stops spending money in slow periods of growth (in fact it increases in some cases due to lower prices) so finding the right investment mix to follow this trend will do you well over the long run.

- The Editor

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India now has over 100,000 Millionaires

In just a few short years, India has surpassed the 100,000 mark for millionaires. In fact, India is producing millionaires at a record rate with no let up in sight. Most interesting is that almost 7% of the millionaires are under 30 years old and have almost $300 billion in assets.

Thanks to the increases in the SENSEX and Nifty, with additional help from Indian Real Estate gains, India is now on pace to have 1,000,000 millionaires within a decade. According to the 11th annual world wealth report compiled by Capgemini and Merrill Lynch, India, Indonesia and Russia are believed to have the highest growth in High Net Worth Individuals.

A lot of India’s domestic wealth creation in the past few years has been poured back into domestic real estate investments. The India Street believes this response has helped push values up in most of the Tier 1 and 2 cities.

"Robust growth in the Indian economy and a booming stock market were the key wealth drivers,'' said Pradeep Dokania of DSP Merrill Lynch. “Over the last three years, we have seen a steady rise in the number of professionals being added to the HNWI population as against entrepreneurs.''

Some of India’s recent rich are now making investments outside of India thus increasing their returns and mitigating risk. Some foreigners are even calling on the new India wealthy class to fund their investments in the US and Europe.

What does this mean for you?

With an ever expanding wealth base in India, luxury products and services will be a necessity. Currently, very few foreign luxury products exist in India due to protectionism and an ever-present Nehru socialist philosophy. Smart businesses will recognize the need for the new wealthy class to underscore their wealth by buying status symbols. High priced cars, apartments, houses, clothes, purses and other items that easily distinguish the individual from everyone else. This is human nature (especially in a rapidly emerging capitalistic country) and will eventually sweep the country as more have access to higher paying jobs and wealth creating opportunities.

The following is a list of Indians by net worth. According to the Forbes magazine, India is home to the largest number of billionaires in Asia. The following data from the Forbes World's Billionaires 2007. There are 36 Indians (inclusive of non-resident Indians) on the list.

As of 2007, the following were the 40 richest Indians according to the Forbes magazine.

Rank	Name	Net Worth (US$ bil)	Age	City	Main Source	Industry
1	Lakshmi Mittal	33.7	56	London	Arcelor-Mittal	Steel
2	Mukesh Ambani	20.1	48	Mumbai	Reliance Industries	Diversified
3	Anil Ambani	18.2	46	Mumbai	Reliance Communications	Diversified
4	Azim Premji	17.1	60	Bangalore	Wipro	ITES, Software
5	Kushal Pal Singh	10.0	74	Delhi	DLF Universal	Real Estate, Construction
6	Sunil Mittal	9.50	48	Delhi	Bharti Airtel	Telecommunications
7	Kumar Mangalam Birla	8.00	38	Mumbai	Aditya Birla Group	Diversified
8	Shashi and Ravi Ruia	8.00	62	Mumbai	Essar Group	Textiles, Steel, Shipping
9	Ramesh Chandra	6.40	n/a	Delhi	Unitech	Construction, Real Estate
10	Shiv Nadar	4.00	60	Delhi	HCL	Consumer electronics, ITES
11	Tulsi Tanti	3.70	47	Pune	Suzlon	Wind Power
12	Pallonji Mistry	3.30	76	Mumbai	Shapoorji Pallonji Group, Tata Group	Textiles, Construction
13	Anurag Dikshit	3.10	n/a	Gibraltar	PartyGaming	Online gambling
14	Paul Brant	2.30	63	Mumbai	Godrej Industries	Diversified
15	Anil Agarwal	2.10	52	London	Vedanta Resources	Mining
16	Dilip Shanghvi	2.70	50	Mumbai	Sun Pharmaceuticals	Pharmaceuticals
17	Naresh Goyal	1.90	56	Mumbai	Jet Airways	Airlines
18	Indu Jain	1.70		Delhi	Bennett, Coleman & Co. Ltd	Media
19	Venugopal Dhoot	1.60	52	Mumbai	Videocon	Consumer durables
20	Malvinder & Shivinder Singh	1.55	NA	Delhi	Ranbaxy	Pharma
21	Rahul Bajaj	1.50	67	Pune	Bajaj	Diversified
22	Jindal family	1.40	NA	Delhi, Mumbai	Jindal Steel	Metals
23	Baba Kalyani	1.20	56	Pune	Bharat Forge	Metals
24	Brijmohan Lall Munjal	1.18	83	Delhi	Hero Honda	Automotive
25	Yusuf Hamied	1.15	69	Mumbai	Cipla	Pharma
26	Sanjay Kirloskar	1.10	49	Pune	Kirloskar Group	Engineering, Construction
27	N. R. Narayana Murthy	1.05	59	Bangalore	Infosys	IT, ITES
28	Uday Kotak	1.00	46	Mumbai	Kotak Mahindra	Finance
29	Vijay Mallya	0.95	49	Bangalore	United Breweries Group	Beverages, Airlines
30	Subhash Chandra	0.90	55	Mumbai	Zee	Entertainment
31	Vikrant Bhargava	0.87	33	Gibraltar	PartyGaming	Online gambling
32	Habil Khorakiwala	0.80	63	Mumbai	Wockhardt	Health
33	Ajay Piramal	0.77	50	Mumbai	Nicolas Piramal	Pharma
34	Nandan Nilekani	0.74	50	Bangalore	Infosys	IT, ITES
35	Kiran Mazumdar-Shaw	0.71	52	Bangalore	Biocon	Biotechnology
36	S Gopalakrishnan	0.70	51	Bangalore	Infosys	IT, ITES
37	Ramalinga Raju	0.67	50	Hyderabad	Satyam	Computer Services
38	Narendra Patni	0.65	63	Boston, Mumbai	Patni Computer Systems	IT
39	Karsanbhai Patel	0.64	61	Ahmedabad	Nirma	FMCG
40	Akshay Jari	0.62	24	Delhi		Telecommunications