In the latest wealth report released by Boston Consulting Group revealed that in 2020 the financial wealth in India grew from 2015 to 2020 by 11% p.a. to USD 3.4 trillion.
The report, titled “Global Wealth 2021: When Clients Take the Lead” states that India represents 6.5% of the region’s financial wealth in 2020. 13.7% were the region’s real assets in 2020 which grew from 2015 to 2020 by 12.1% p.a. to USD 12.4 trillion. Liabilities grew by 13.3% p.a. to USD 0.9 trillion and Liabilities are expected to grow by 9.4% p.a. to USD 1.3 trillion by 2025. Bonds are expected to grow the fastest with 15.1% p.a. Life Insurance & Pensions will be 3rd largest asset class in the future. India’s cross-border wealth is Growth is expected to be at 6.3%.
While the number of ultra-high-net-worth individuals in the U.S. will increase 36% to about 28,000 in 2025, China and India should lead percentage growth of fortunes worth $100 million or more for the same period by almost doubling the number of ultra-wealthy individuals to 13,600 and 1,400, respectively. There are currently 60,000 ultra-high-net-worth individuals worldwide with a combined wealth of $22 trillion.
Ashish Garg, a member of Boston Consulting Group’s Center for Digital Government, and a core member of the Financial Institutions and Public Sector practices said, “The next five years have the potential to usher in a wave of prosperity for individuals and wealth managers alike. They now have a chance to put that perspective into practice in their own work and pursue a client agenda. The report lays out what it takes to attract and retain clients and serve them in a competitively sustainable way. We hope that our detailed analysis will prompt stimulating conversation an reorient the entire business model accordingly.”