Karvy's India Wealth Report predicts doubling of individual wealth in 5 yrs

BS ReporterHyderabad, 13 December: Karvy Private Wealth, the wealth management arm of Hyderabad-based Karvy group has forecasted the doubling of individual wealth in India to Rs 638.89 lakh crore by 2022. In its latest India Wealth Report, Karvy projected a CAGR of 13.18 percent in individual wealth in the next five years while expecting a significant shift in investment preference towards financial assets.According to the report, the financial assets will account for 63 percent of the total individual assets by 2022 as compared to 59.27 percent in 2017 while the share of physical assets during the same period would come down to 37 percent from the present level of 40.73 percent.Karvy Private Wealth chief executive officer Abhijit Bhave said that both the financial assets and real estate would be the preferred choice of the millennials as they see investments in gold not as attractive as the other two in terms of returns.Influenced by measures such as GST, RERA and Insolvency and ...