Financial Express: New Delhi: The individual wealth of Indians is set to register a compounded annual growth rate of 23 per cent over the next four years and touch a staggering Rs 249,00,000 crore, says a report by Karvy Private Wealth. The report said individual wealth of Indians surged by over 18 per cent to Rs 86.5 lakh crore in 2010-11 fiscal with fixed deposits and bonds accounting for nearly one-third of their total
investments. Noting that the individual wealth in the country has been growing consistently since the past few years, the report says the growth rate will outshine the rest of the world and treble by 2016. According to estimates from Karvy, individual wealth is projected to nearly triple to Rs 249 lakh crore by 2015-16. “The total wealth in India held by individuals is estimated to be Rs 86.5 lakh crore in FY’11 (financial year ended March 2011),” Karvy said. In the previous fiscal, the amount stood at Rs 73 lakh crore. The significant growth in FY’11 was led by fixed deposits, insurance, equity and alternative assets. Investments in fixed deposits and bonds accounted for Rs 26,76,878 crore or about 31 per cent of total amount. The estimate excludes wealth held by government and institutional holdings. and only financial assets have been taken into account and not physical assets such as real estate and gold. Current annual household savings is at 34 per cent, and expected to grow 8 per cent on average, it said. Source: Financial Express
