New Delhi, November 26: Individual wealth in financial assets increased by 10.96% and rose to Rs 262 lakh crore in FY19, up from Rs 236 lakh crore in FY18, according to a recent study.
The study suggests that direct stocks, term deposits, insurance, savings accounts and cash continue to become the top five investment vehicles for individuals in fiscal 2019, with a total contribution 72.33% in all financial assets.
Karvy Private Wealth in its report – India Wealth Report 2019 – estimates that individual wealth will increase at a CAGR of 13.39% to reach almost Rs 799 lakh crore in FY24. It forecasts that the allocation to financial assets is estimated at 66.11%, while the allocation to physical assets would be 33.89%.
Individual wealth in physical assets increased 7.59%, with gold and real estate covering 92.57% of that space. During this exercise, the total wealth held by individuals in physical form stood at Rs 167 lakh crores, according to the study.
There is a net inflow of Rs 92,693 crore into MFs via SIPs, which is a 38% increase from FY18, he said. While the AUM of equity mutual funds rose 20.27% to Rs 9.53 lakh crore and the AUM of debt mutual funds rose 12.89% to Rs 4.23 lakh crore, alternative investments reached Rs 1,49,118 crore in FY19, the study notes.
“Over the past 5 years, the HNI population in India has grown by 64.10% to reach 256,000 in 2018, up from 156,000 in 2014. The wealth of individuals in Mumbai and Delhi is home to over 70% of the very people. wealthy (UHNI), ”he said.