Ten years ago, conversations around managing wealth for high net worth individuals (HNIs) and ultra HNIs started to move from which product, stock or bond to buy to a simple detail around asset allocation. This discussion got accentuated post demonetisation with greater emphasis on financial assets over traditional real estate and gold. As the industry matures further, the discussions are now about greater value addition for clients by introducing real-time portfolio analysis with the help of technology.
According to the latest Global Wealth Report from Credit Suisse, the top 1% Indians hold around 52% of the country’s wealth and the top 10% hold around 77%. The report also estimates that the current number of dollar millionaires in India is at 343,000. $1 million is roughly ₹7.35 crore. Moreover, of the 149,890 adults classified globally as ultra-high net worth (with net worth above $50 million), an estimated 3,400 are in India. Unlike in Europe, this number grows every year for India.
