News Life and Health12 Dec 2018

India:Number of wealthy people to increase to > 500K in 5 years

12 Dec 2018

The number of wealthy Indians is expected to rise by 87% over the next five years to 529,940 people, according to a study by IIFL Wealth Management and Wealth-X.

The Indian economy is currently home to 284,140 wealthy individuals with a combined fortune of INR95trn ($1.3trn). This is forecast to increase to INR188trn by 2021, says the IIFL Wealth Management Wealth Index 2018 report.

Some of the key findings include:

  • Rich Indians, in choosing an investment advisor, search for the very best with their choices influenced by the global outlook the wealth manager can provide.
  • India’s wealthy are careful in managing their assets, adopting a diversified and sophisticated strategy for their financial investments. Their reach is global.
  • India’s 4,470 ultra high net worth individuals (UHNWIs) are richer than their global counterparts, holding an average wealth of INR8.65bn compared with the average equivalent of INR7.8bn for the typical global UHNWI, according to the study.
  • India’s UHNWIs are also slightly younger than their global counterparts, with an average age of 58 compared with 62 globally.
  • Compared with their peers overseas, the Indian ultra rich hold a smaller proportion of their wealth in liquid assets, with one third invested in their primary businesses.
  • About 55% of India’s UHNWIs rely on some form of inheritance compared with the global UHNW average of 34%.
  • While 45% of Indian UHNWIs are self-made, 66% of their global counterparts made their own fortunes.

IIFL Wealth Management is a leading wealth management company in India while Wealth-X is a global ultra high net worth intelligence and data company.


 

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