THE GROWTH OF INDIVIDUAL WEALTH IN INDIA

Karvy Private Wealth, a subsidiary of the Karvy Group, announced yesterday that individual wealth in India grew by 14% in the last financial year to reach Rs 392 lakh crore. Moneycontrol reported that the results of Karvy’s research that were released in Mumbai on December 6 provide a good overall view of all the asset classes that contributed to wealth creation in the last 12 months. It noted that the growth included a 17.42% growth in financial assets as well as a 9.24% growth in physical assets.

One interesting thing Karvy found was that investors preferred putting their money in the equity market in FY18 overtaking the traditional favorite - fixed deposits. Individual wealth in direct equity rose an impressive 30.32% to Rs 48.97 lakh crore in the last fiscal. Similarly, mutual funds and other alternative investments also experienced healthy growth in FY18. Abhijit Bhave, CEO of Karvy Private, said, “Direct equity has emerged as the preferred asset class in FY18. The volatility in world markets and the Indian market has been noteworthy of late, but India still stands tall and has reclaimed the world’s fastest growth large-developing economy’ tag from China.”