Around 60% of India's uber-rich's wealth parked in Real Estate and Gold: Bernstein Report
Around 60 per cent of India's Uber rich wealth is still parked in real estate and gold, according to a report by Bernstein. Uber rich individuals includes Ultra High Net Worth Individuals (UHNI), High Net Worth Individuals (HNI), and the Affluent class.The report stated "Uber Rich own approx. USD 2.7 Tn in serviceable assets, approx. 60 per cent wealth still parked in real-estate & gold".
As per the report, India's total household assets are valued at USD 19.6 trillion.Out of this, USD 11.6 trillion, which is 59 per cent, is held by the top wealth bracket referred to as the "Uber Rich".This group includes the Ultra High Net Worth Individuals (UHNI), High Net Worth Individuals (HNI), and the Affluent class.
Together, they account for just about 1 per cent of Indian households but hold 60 per cent of the total assets and 70 per cent of the financial assets in the country.Of the USD 11.6 trillion held by the Uber Rich, only USD 2.7 trillion is considered to be in serviceable financial assets like direct equity, mutual funds, insurance, and bank or government deposits.This USD 2.7 trillion is defined as the "Serviceable Addressable Market (SAM)" for wealth managers, suggesting that this segment of financial assets can be actively managed, advised on, or invested.As per report, the remaining USD 8.9 trillion is parked in non-serviceable assets such as physical real estate, gold, promoter equity, and currency assets, areas that are traditionally not managed by wealth managers or are harder to reallocate easily.Breaking down the Uber Rich group further, the report showed that there are around 35,000 UHNI households with a net worth of over USD 12 million.These households have an average income of USD 4.8 million and average assets of USD 54 million, out of which USD 24 million are financial assets.Together, the Uber Rich control USD 4.5 trillion in financial assets, nearly 70 per cent of the country's total financial assets.
The report also highlighted that there is a significant opportunity for Indian wealth managers, especially in servicing the country's ultra-wealthy households. It pointed out that income disparity in India is significant, but wealth disparity is even more striking.The top 1 per cent earns 40 per cent of all income, while the bottom majority, or the "Rest of India," holds a very small portion of both income and assets.
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