India’s rich to double their wealth

India’s rich to double their wealth in 3 yrs

There’s good news for the moneyed in India – the rich will double their wealth in the next three years, according to a report. “We expect that wealth held by individuals in the country will almost double over the next three years and we are looking at it to grow from the present Rs 73 lakh crore to Rs 144 lakh crore by 2013,” said Karvy Private Wealth Chief Executive Officer Hrishikesh Parandekar while releasing the India Wealth Report.


Individual wealth of the high networth individuals (HNIs) will grow at compounded growth rate of 26 per cent annually, which is over four times faster than that of the world rate, the report said.


According to the report by the wealth management services provider, the wealth of the HNIs across the globe is estimated to grow from $39 trillion in 2009 to $48.5 trillion by 2013. “Therefore, it may be observed that the individual wealth in the country, which is growing at 26 per cent compounded rate, will grow at more than four times the world rate,” the report stated.

Source : Mumbai Mirror