The rich in India added to their wealth twice as fast as their peers in the rest of the world last year.
Global wealth grew at 13.8 per cent, while it was twice as fast in India at 27.47 per cent, according to Karvy Private Wealth’s fifth annual India Wealth Report released on Tuesday. This was also faster than the Asia-Pacific region, which grew at 18%, according to the report.
The report is an annual survey of total individual wealth. This rose to Rs 257.41 lakh crore in India for the financial year ending in March 2014, 27.47 per cent higher than the figure last year.
The mix of this wealth includes Rs.33.76 lakh crore in equity, 100.58 lakh crore in debt and Rs.72.67 lakh crore in the form of assets like gold and precious gems; in addition to Rs.50.38 lakh crore in real estate.
“Indian individual wealth is expected to grow at a CAGR of 14.9% and double over the next five years. Wealth held by individuals in financial assets is expected to double in next 4 years at a CAGR (Compounded Annual Growth Rate) of 18.3%. Wealth in physical assets is expected to grow at a CAGR of 10% in the next five years,” said a statement issued on the report.