It projects that by FY24, the total individual wealth in India will have a strong growth of over 13% p.a to reach Rs.799 lakh crore, which is nearly twice the current wealth holdings by individuals.
Here are other top trends in individual wealth
- Wealth held by individuals in India has grown by 9.62% to Rs.430 trillion. Individual wealth in financial assets grew by 10.96%, while that in physical assets grew by 7.59%
- Financial assets have continued its growth trajectory to create wealth and now constitute 60.95% of total individual wealth in India
- In the last 5 years HNI population in India has grown by 64.10% to reach 2.56 lakh in 2018 from 1.56 lakh in 2014
- The top 2 financial assets in FY19 are direct equity and FD & bonds accounting for 19.88% & 17.48% respectively
- Mutual funds grew by 17.90% in FY19 and the proportion of equity in MF stood at 69% and debt was 31%
- International assets, pension funds and alternative investments are the three areas within financial assets which have shown the highest growth in FY19 at 31.16%, 21.93% & 20.19% respectively
- Investments in equity as an asset class in India is 18.89% of the total investments whereas globally the figure is as high as 25.70%
- By 2024 total individual wealth is expected to grow at a CAGR of 13.19% to reach Rs.799 trillion. Financial assets will nearly double to Rs.528 trillion with CAGR of 15.04% and physical assets will grow at 10.03% CAGR to reach Rs.270 trillion
- Share of financial assets in total individual wealth is expected to increase to 66.11% in FY24 while that of physical assets would be only 33.89%