Skip to main content

Private wealth soars by 10% in FY19


The individual wealth in India has swelled by 10% in the last fiscal backed by strong growth in financial assets.

The individual wealth in India has swelled by 10% in the last fiscal backed by strong growth in financial assets, a report said on Wednesday. However, compared to financial assets which grew by 10.96%, physical assets growth was at a slower pace of 7.59% and individual investors are making more investments in financial assets, Karvy Private Wealth, the wealth management arm of financial-services conglomerate Karvy Group said. Direct Equity, mutual funds, pension funds, alternative investments and international assets saw the most favorable return rate. “Direct Equity continues to hold the fort in terms of investment preference in India. This shows the belief of investors in the Indian equity markets notwithstanding the volatility it has been through,” Abhijit Bhave, Chief Executive Officer, Karvy Private Wealth, said in a statement. 
Further, Prime Minister Narendra Modi’s goal of making India a $5 trillion economy will also have a surge effect on the private wealth by 2024. “We expect the HNI population to touch 1 million over the next five year,” Abhijit Bhave added. For the last fiscal year, individual wealth soared up by 9.62% to Rs 430 lakh crore.

In financial assets, Direct Equity, Fixed Deposits, Insurance, Saving Accounts and Cash are the top five picks for investment allocation as they contributed to a total of 72.33% of financial assets. These assets have been last year’s best investment picks as well. In physical assets, Gold and Real Estate together covered 92.57%. According to the Karvy report, the total wealth held by individuals in physical form, in this fiscal year, stood at Rs 167 lakh crore.
Forecasting that the individual wealth will grow at a CAGR of 13.19% by FY24, the Karvy report added that the private wealth will almost double to Rs 799 lakh crore from the current wealth of Rs 430 lakh crore. Going further, “massive investment in Infrastructure and Green Energy, backed with a regulatory boost with tax reforms, aided by a huge young workforce, will accelerate the Indian economy towards the $5 trillion target once there is a pickup in consumption,” the report said, adding that both urban India and the semi-urban and rural Bharat will go together to witness this. 

Visit - https://www.financialexpress.com/market/private-wealth-soars-by-10-in-fy19-these-are-top-5-investment-picks/1738344/

Labels:
Location: Mumbai, Maharashtra, India

Comments

Post a Comment

Popular posts from this blog

The World This Week – 31st Oct – 6th Nov 2020

Indian Equity Summary- ·         On the back of improving the country 's macro scenario and strengthening of the rupee, the domestic stock market rallied in line with returns from major global peers. With the midcap stock also having stellar rise; whopping gains over five percent for the Nifty and more than twelve percent for the Bank Nifty on a weekly basis and a broad-based rally, shows that the market feels that the uncertainty is behind us and in the foreseeable future we are likely to see some powerful rally. ·         Going forward, with the uncertainty due to US elections moving out of the way volatility will reduce substantially leading to money moving towards the riskier assets; domestic factors like ongoing Q2 corporate earnings season, supreme court moratorium decisions and FII/DII inflows and USD/INR rates ; will continue to dictate the trend of the domestic equity market. We expect the trading range f...
Post a Comment
Read more

Debt Advisory Services

Here at  Karvy Private Wealth,  we offer comprehensive solutions in the fixed income segment. We suggest debt investment options of various tenures and risk-reward profiles suitable to your portfolio. DEBT MUTUAL FUNDS ·  Gilt Funds:  Gilt Funds invest in government securities of medium to long-term maturities. There is no risk of default and liquidity is considerably higher in case of government securities. ·  Income Funds:  Income funds are total return products, which means, the return is made up of both interest income and capital appreciation or depreciation, depending upon profits or losses. The value of bond held in a long term portfolio, changes with changes in interest rates. ·  Monthly Income Plans:  Monthly Income Plans are debt oriented hybrid funds which has around 70%-85% of the portfolio in debt and rest in equity ·  Liquid Funds:  Liquid funds invest in safer short-term instruments such as Treasury Bills, Cert...
Post a Comment
Read more