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2017- A Year of Indian Financial Success

Jun 18, 2018 | India

2017 proved to be a fruitful year for India.

According to 2017’s survey, India ranked first in the global wealth market. New World Health reported that India’s private wealth went up by 25% from 6,584 billion dollars in 2016 to 8,230 billion dollars in 2017.

India in the real sense is making money and assets unlike before. India has almost 131 billionaires, ranking in the third position after USA and China, as of May 18, 2018. India also ranks seventh among the millionaire countries all across the world with its 20,700 millionaires.

People with possessions more than $1 saw a growth of 18% between 2016 and 2017, according to the Boston Consulting Group’s (BCG) Global Wealth Report 2018.

Almost 50 Indians, having assets of more than $1 billion had a 16% share in India’s total share at the end of 2017. This share received was higher than the share provided to the billionaires at the global level and in the Asia Pacific (Japan excluded).

Similarly for people with fortunes between $100 million-$1 billion witnessed 17% increase in their wealth.

2017 marked a phenomenal year for India which saw 15% growth rate for personal wealth all over the world.
Between 2017- 2022, India is expected to register a compounded annual growth rate of 13% towards the total personal wealth and reach to around $5 trillion by 2022 from that of $3 trillion in 2017. And hence, India’s total personal wealth is expected to register a CAGR of 7% in order to reach $281 trillion.

The report said, “Allocation to equities and investment funds would continue to gain momentum and account for around one-third (32 per cent) of the overall asset allocation in India by 2022, against a current share of 22 per cent.”

Investment and equity funds saw a stead fast growth of 22% in 2017 from that of 17% in 2013. Moreover currency share and deposit share dropped from 42% in 2013 to 39% in 2017.

When assessed globally, equities and investment funds grew 13% from 2016-2017 whereas equities and investment funds in India grew at twice the global growth rate. Indian equities and investment funds would continue a CAGR registry of 21% from 2017-2022 followed by 12% offshore funds, 10% bonds, 10% life insurance and pensions and 9% currency & deposits, as per the BCG.

Data survey revealed that in 2017 the global personal financial wealth grew by 12% to account $201.9 trillion in terms of US dollar. This growth rate is higher when compared to that of the previous year, which recorded a global wealth increase of 4%, representing the strongest annual growth rate in the last five years in terms of dollar. “The main drivers were the bull market environment in all major economies—with wealth in equities and investment funds showing by far the strongest growth—and the significant strengthening of most major currencies against the dollar,” the data reported.

The report of the BCG’s eighteenth annual study of the global wealth management industry is based on the global and regional outlook. The topics studied to determine this outlook are the evolution of personal financial wealth, the past and present revenue gap and how management narrows it, and the condition of the offshore business.

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