The higher income levels of millennials have led to increased household savings which is making their way to the financial assets through mutual fund route.
Individual wealth in India grew by over 14 percent to reach Rs 392 lakh crore in FY18. This was achieved by a huge 17.42 percent wealth growth in financial assets and 9.24 percent growth in physical assets.
Karvy Private Wealth, the wealth management arm of the Karvy Group has published ninth edition of the ‘India Wealth Report 2018’.
The study provides a holistic view of all the asset classes that have contributed to wealth creation in the last one year.
The study highlights proportion of financial asset in overall individual asset is gradually indicating a shift in preference for investments and saving.
“This is due to strong economic outlook, better equity market performance due to favourable environment for corporate sector, non-performing asset (NPA) resolution in banks, etc. has led to strong growth in direct equity and related asset classes,” Abhijit Bhave, Chief Executive Officer of Karvy Private Wealth said.
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