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2011
2009

2009

2008
2011 2600
100

2009

2009

Donie Lochan Sameer Chishty


Philippe Debacker

2011

2010 62 2009
19%

2010 1 50
3 15

2011 59
18

2010 1 15 2008 4
50%

1
2010 GDP 2008
2009-2010 4

2010 2 62 2009
19%2008-2010 55%
40% 1
2008-2010 100%
2008-2010 100%

32010 50 2009
9 22%4 2 5
7 2010 15
3
3.4 2008 16%
22% 2 3
1 -5 1
5 -1 2
2009-2010 1
1
500
2008-2010 2008 23%
2010 24% 2011 25%
2011
72 16%
59 16% 18
18% 2 3

3
1
4
1
2

1 2008-2011

()

CAGR CAGR CAGR


(08-09) (09-10) (10-11E)

80

39%
160%
160%
9%
13%

19%
49%
44%
17%
26%

16%
28%
27%
26%
20%

106%

17%

18%

63%

21%

7%

19%

16%

16%

72

62
60

52

40

38

20

2008

2009

2010

()

2011E

2
-

2 2008-2011

1
58.5
>1

60
50.3

CAGR
CAGR
CAGR
(08-09) (09-10) (10-11E)
36%
22%
16%
82%
33%
22%

5000-1

23%

14%

11%

10005000

36%

23%

17%

41.1

40
30.2

20

2008

2009

2010

2011E

3 2008-2011

)
CAGR
CAGR
CAGR
(08-09 ) (09-10 ) (10-11E )

20

15.0

15

17.7

38%

24%

18%

> 1

74%

38%

28%

5000 -1

25%

14%

8%

1000 5000

34%

23%

17%

12.1
10

8.8

2008

2009

2010

2011E

2009-2010 2011
2009-2010
2009 2010
4 2010 GDP 10.3%GDP
2010 CPI 4.7% CPI 3.3%

2010
M2 2009
2010 M2 28% 20% 32% 20%
50% IPO
A
500
2009
10 2010

2008-2010 40%
30%

2010
15%
20%

2009-2010
2010
2009 40%

2010
2009 30%

2010 2010
2009 80%

2010
2009 30%

2011
2011
GDP GDP
2011
3700

2010
2011

2011
2011 IPO

2011

2011

2011

2010
2011

2010
2011
2011

2011
2010 QDII
2011

2010 5 3
10 1-3
1
2008 4
15 4

10

42010

>1
>4

3 - 4
2 - 3
1 - 2

0.5 - 1
<5

15 80%
2010 1 15 40
80% 3 5 24
50%2010
7.0 15% 4.7
4.4

2.4 1.7
1.6

3
4

2.5-3
5

11

52010

2010
50

40

30

40

38

37

34

33

31

30

29

28

27

26

25

25

24

23

20

10

12

1 15 2008-2010 5
30% 3
26-30%
16% 25% 6
25%

2008-2010 1
3 40%
50%

62008-2010

08- 10
31- 40%
26- 30%

16- 25%

<1

15
1999

13


2015

15

14

15

70%
2009 10%

72009 2011

100%

80

60

40

20

2009

2011

16

2011 8

20%

- /


100%

80

60

40

20

2009

2011

17

2009
80% 2011 70%

5 4 9

100%

80

5.4%

0.3%
-1.9%

4.0%

-1.4%

-4.3%

5.3%

-7.4%

60

40

20

2009

2011

- 25% 18%
7

- 2009

18

2009

-
2011
60%

80%

10

11

19

10

100%

80

60

40

20

11 2011

20%

10

-10

-20

12

20

12

44%
35%


68%

34%

32%

42%

25%


28%

5%

20

19%

17%


IPO

11%

21%

40

2009

2011

60

80%

(%)

13%
8%

2009

4%

1
0% 10

2011
20

30

40 50%

(% )

70% 2009 20

2009 10 40% 30%


2009
5 1

2009

21

22

2010 1 10 40%2011
1 26
60%

30 300
2011

2009 17.9% 2011 13.7%


1-2 )
90%
1-2
10% 40%

13

13



100%

80

100
%
80


60

60

40

40

20

20

23


2008-2010 100%
2008-2010
70%2011

5 73%
2010 80 160
2010 25 50
60%
14 1
27%
47%

14
60%

100%

80

60

40

20

20%2009 23
15

24

15

58%


43%


32%

16%
7%

6%

6%
0

20

4
0

60%

(% )

2009 16% 2010 19%


45%

40%

25

50

5
5 1
1
//

2009 70% 61%


2009 11%
17%
13%
10%
5 1
2009 3% 6% 16

16


100%

1
5 - 1

80

60

40

1 - 5

20

/
/

26


1%

50% 40-50
2009 5 1
40 5
EMBA
80%
40
30% 21
40 30
49

17

17

100%
80

60

40
20
0

(<5 )


(5 -1 )


(1 )

/
/

27

18

18

100%

80

60
40

20

(<5)

(5-1)

/
(1) /

50%

19

28

19

100%
80

60
40
20
0


(<5 )


(5 -1 )


(1 )

/
/

2007

45%
2009
30

30%
20

29

20


100
%

30%

80

20

60

40

20

2009

2011

10

-10

21 56%
2009 10

30

21/

60%

2009
2011

56
48

47

40
30
24
19

20

17
8
2

60%

22

31

22

60%

100%
80

60

46%

31%

24%

40
20
0

20%




vs.

16%
0

10

20

30

40 50%

(% )

46%
32%

23

32

23

46%

32%

27%

26%

26%

0 1 20 30 40 50%
0
(% )

85% 60%

20%
24

33

24/
85%

60%

85%

80

38%

60

15%

40

8%

100%

20

8%

20

40

60

80 1.0

80%
10% 25

25/


100%

80

60

40

20

2009

201
1

34

2009

35

26

26

5000

36

1000 100

2009

2008

37

85% 60%

38

39

2008 2009-2010 4

120% 40% 30%

2010 62 2009 19%


2009 2011 72
2010 50
2 5 7

//

40


2009

10% 20%

41

42


2011

2009
Bain &
Company HNWI Income-Wealth Distribution Model 2009
2011

Bottom-Up
Under SamplingTop-Down

2009

QDII

Lorenz Curve

GDP

2011 2600
100 28
37

43

2009
-
2009

44

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2011

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