Almost three decades after opening up its economy in 1991, India is on the brink of a quantum leap in wealth generation with the number of wealthy Indians and their affluence is expected to rise by an astonishing 87% over the next five years. India’s super rich are expected to vastly exceed their global contemporaries, making India a trailblazer among the world’s most powerful fortune builders. The economy is home to 284,100 wealthy individuals with a combined fortune of Rs 95 trn. By 2021, that figure will reach Rs 188 trn, according to IIFL Wealth Index 2018.
In fact, India’s high net worth (HNW) population growth of 40% over the past five years has eclipsed that of its rivals in economies elsewhere in the world, placing the nation in a league of its own. By comparison, the global HNW population and its wealth grew by 3.2% and 4.2%, respectively, over the same period.
IIFL Wealth Management, one of the leading wealth management companies in India, unveiled the IIFL Wealth Index 2018 series, in a strategic partnership with Wealth-X, the leader in global wealth information and insights.
According to the survey, India’s Quantum Leap takes a meticulous look at the factors that are contributing to this robust growth in India, as well as providing insight into demographics of the wealthy population across the country, including analysis of age, gender, education, and source of wealth, to name a few.
The Indian wealthy may have a fiercely domestic focus in business but, when it comes to choosing an investment advisor, their search for the very best is influenced by the global outlook the wealth manager can provide. Despite economic and political uncertainties on the horizon, ranging from fear of terrorism to the historic tense relationship with neighbouring Pakistan, India’s wealthy believe the future is bright not only for India but the world economy too. The second volume of the index explores how that confidence translates into a powerful sense of economic destiny, with 96% of those surveyed believing they will achieve their goals in the next five years.
The third volume of the IIFL Wealth Index 2018 shows that India’s wealthy are not afraid of risk, but they are careful to manage it by adopting a diversified and sophisticated strategy for their financial investments. The survey also shows that while wealthy Indians want to make their entrepreneurial and charitable mark at home, there is no doubt that their realm of influence will extend globally. As they move towards the top of the global wealth league table in the coming years, many will be looking to increase their international investments. The wealth investors of India are ready to shake up their assets.