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 18th September 2020 to 25th September 2020

Indian Equity Summary: ·          The Indian market closed negative during last week. Equity market volatility was high as Nifty and Sensex dropped by 3.95 percent and 3.75 Ø percent respectively on a WoW basis as it tracked poor global cues ,in the midst of economic recovery uncertainty due to increasing COVID-19 infections and expiry of the September derivatives contract. Talks are on for another round of fiscal measures by the GOI before the festive season which may give necessary impetuous to the consumption side and may prove positive for the equities market. On the other hand the $2.2 trillion coronavirus package that could be voted on next week in US can give a massive boost to the US economy and the world markets.   ·          Going forward, global factors like development on the US -China relationship front , US elections ,India Ø & China border issues while domestic factors like FII/DII inflows , inflation trajectory and USD/INR rates ; will continue to dictate the
Post a Comment
Read more

KARVY GROUP STARTS CORPORATE RESTRUCTURING

Appoints Mr. Amitabh Chaturvedi as Group CEO – Financial Services Mumbai, December 31, 2019: The Karvy Group announced today that it is in the process of restructuring its overall business into two verticals - Financial Services and Non- Financial Services. As a part of this process, the company has also initiated a major management reshuffle. The move is expected to improve the overall governance and functioning across the enterprise. Mr. C Parthasarathy, Chairman, Karvy Group, announced the appointment of the industry veteran Mr. Amitabh Chaturvedi as Group CEO - Financial services with a mandate to completely overhaul the governance processes, ensure best practices and to bring in greater fiduciary discipline to these businesses. He has previously been associated with leading organizations such as Dhanalakshmi Bank, Reliance AMC, ICICI and the Essel Group and has over 30 years of experience in the financial services space. Speaking on this development, Mr. C Parthasar
Post a Comment
Read more

Individual investor wealth up 10% at ₹430-lakh cr

Individual investor wealth across various investment avenues registered an impressive growth of 10 per cent to  ₹ 430-lakh crore last fiscal compared to  ₹ 392-lakh crore logged in the financial year ended March 2018. According to 10th Karvy Private Wealth report released here on Wednesday, individual investors’ wealth in financial asset increased 11 per cent to  ₹ 262-lakh crore ( ₹ 236-lakh crore) with direct investment in equity, fixed deposit and insurance topping the chart. Investments in physical assets such as real estate and gold increased eight per cent to  ₹ 167-lakh crore ( ₹ 156-lakh crore) in FY19. The proportionate of financial assets has moved up to 61 per cent from 57 per cent in the last five years. Interestingly, investments in gold exchange traded fund (ETF) fell five per cent to  ₹ 2,661 crore against  ₹ 2,798 crore in FY18 largely due to emergence of sovereign gold bond which attracted an investment of  ₹ 7,960 crore ( ₹ 6,960 crore). Karvy Private Wealt
Post a Comment
Read more