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India’s individual wealth jumps to Rs86.5 lakh crore in FY10-11

The significant growth in FY10-11 was led by fixed deposits, insurance, equity and alternative assets. The estimate excludes wealth held by government and institutional holdings. Further, only financial assets have been taken into account and not physical assets such as real estate and gold, financial services provider Karvy said

New Delhi: Individual wealth of Indians surged by over 18% to Rs86.5 lakh crore in 2010-11 fiscal with fixed deposits and bonds accounting for nearly one-third of their total investments, reports PTI.

According to estimates from financial services provider Karvy, individual wealth is projected to nearly triple to Rs249 lakh crore by 2015-16.

“The total wealth in India held by individuals is estimated to be Rs86.5 lakh crore in FY10-11 (financial year ended March 2011),” Karvy said in a report released on Wednesday.

In the previous fiscal, the amount stood at Rs73 lakh crore.

The significant growth in FY10-11 was led by fixed deposits, insurance, equity and alternative assets.

Investments in fixed deposits and bonds accounted for Rs26,76,878 crore or about 31% of total amount.

The estimate excludes wealth held by government and institutional holdings. Further, only financial assets have been taken into account and not physical assets such as real estate and gold.

“... the wealth of India’s high networth individuals (HNIs) has grown by over 18% compared to a mere 9.7% for global HNIs in the last one year,” the report by Karvy Private Wealth—the wealth management arm of Karvy Group—said.

Against the backdrop of global economic uncertainties and high inflation in the country, many individual investors shifted towards safer investment avenues like fixed deposits, in FY10-11.

For the next couple of years, the report noted that fixed deposits are expected to remain the largest and preferred investment class.

“... despite formidable headwinds in recent years, including the 2008 global financial crisis, the subsequent Eurozone debt impact, and the persistently high inflation, India continues to be one of the fastest-growing nations in the world,” it said.

As per the report, with current annual household savings of about 34%, and expected to grow 8% on average, India is well poised to lead wealth creation in the global arena.

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