Mumbai : KARVY Private Wealth, the wealth management arm of the KARVY Group, a leading financial-services conglomerate, launched its 4th edition of India Wealth Report today.
From left to right – Mr. Sunil Mishra, CEO, Karvy Private Wealth and Mr. Hrishikesh Parandekar, CEO & Group Head – Broking, Wealth Management & Asset Management, Karvy at the launch of India Wealth Report 2013
The Report provides an overall perspective on wealth held by individuals in India across Financial assets and Physical assets (including Gold and Real Estate), the first time someone has attempted to provide such a comprehensive report.
As on end of FY13, total individual wealth in India stands at Rs. 202 lakh crore. Despite the stupendous growth and development in financial markets in the last two decades since liberalization, Indian individuals still prefer to invest a large amount of their wealth in physical assets (Gold & Real Estate), which stands at Rs.92 lakh crore of individual wealth and the balance Rs. 110 lakh crore is held in financial assets.
While GDP Growth is expected to remain at 5% in FY14, the growth is expected to increase at a faster pace in the next 5 years. Wealth held by individuals is expected to double to Rs 411 lakh crore by FY18.
Commenting on the occasion, Mr. Hrishikesh Parandekar, CEO & Group Head – Broking, Wealth Management & Asset Management – KARVY Group said, “We are proud to continue in our efforts in understanding and explaining Indian Household wealth. We are enthused about India’s prospects and look forward to being active participants in aiding this growth in wealth and managing it”.
Mr. Sunil Mishra, CEO – KARVY Private Wealth, said, “Presenting for the first time, a single-view of Indian Wealth across Financial Assets and Real Assets has been an eye-opener. While value of Real Estate holding with Individuals is very large, 73% of that is in primary homes, and the rest Rs 31 lakh crore forms the Wealth in Real Estate. Also, in the coming years, we see a reversal in the trend of very high fresh inflows going into Physical Assets, as we believe that macro-environmental conditions should bottom out in 2014, and Financial Assets will start finding favour again. The India Story has only taken a break; we are not done yet!”
Source : Lokesh Shastri