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Wealth Management Discussion

January 03, 2008. Wealth Management Discussion. Executive Summary. The Indian-American community is a highly-educated, rapidly growing demographic that has been amassing significant levels of personal wealth. Estimated 200,000+ Indian American millionaires in the U.S.

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Wealth Management Discussion

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  1. January 03, 2008 Wealth Management Discussion

  2. Executive Summary • The Indian-American community is a highly-educated, rapidly growing demographic that has been amassing significant levels of personal wealth. • Estimated 200,000+ Indian American millionaires in the U.S. • Generally prefer to hold their wealth in private business ventures and/or real estate assets. • Significant need for credit capital, a key Wealth Management revenue stream. • Although an attractive candidate for Wealth Management/Private Banking services, this community has largely been under-penetrated/ignored by Wall Street. • Lack of awareness by “Street” as to size/resources of this community. • Lack of a “focused’ effort targeting this community. • “Traditional” marketing methods typically utilized may be less effective in reaching this community. • A direct strategy utilizing personal contacts and networks in conjunction with Indian-American community, religious and business organizations has a much higher probability of success. • Community tends to be very “culturally-centric”. • Herd mentality often reflected in investment decisions, i.e “I need to put my money in Hotels because Untapped Market Offers Wachovia A Significant Opportunity To Take A First Mover Advantage

  3. With a median household income well above other demographic groups, Indian Americans are one of the wealthiest communities in the United States. There are an estimated 200,000+ Indian-American millionaires. With High Levels of Income and Household Wealth… Median Household Income Source: U.S. Census Bureau. “One in every nine Indians in the US is a millionaire, comprising 10% of US millionaires. - Merrill Lynch 2003 SA Market Study

  4. With a high focus on education achievement, nearly 40% of Indian Americans possess a post-graduate or professional degree. Indian Americans are the fastest growing Asian demographic and the second fastest growing ethnic group overall, second only to Hispanics. …Indian Americans are a Highly-Educated, Rapidly Growing Demographic… Educational Qualifications Bachelor’s Degree or Higher Graduate or Professional Degree Source: U.S. Census Bureau Historical and Projected Indian American Population CAGR: 7.6% Source: U.S. Census Bureau and Kang & Lee estimates

  5. …Driven By A Continuing Focus on Entrepreneurship and Business Ownership “Indian Americans own 50% of all limited service hotels and 35% of overall hotel properties in the United States, with a combined market value of almost $40 billion.” - Little India Magazine In 2002, there were over 223,000 Asian-Indian owned firms in the United States, employing more than 610,000 workers, and generating more than $88 billion in revenue. - U.S. Census Bureau “An estimated 7% of Silicon Valley high-tech firms are led by Indian CEOs. - Silicon India Magazine All U.S. Firms Asian Indian Owned Firms Growth: 10% Growth: 34% Source: U.S. Census Bureau

  6. The Indian-American Population Is Largely Concentrated Within The Wachovia Footprint Top 10 States With Indian American Residents Source: U.S. Census Bureau Top 10 Indian American Metropolitan Areas Source: U.S. Census Bureau Source: U.S. Census Bureau

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