High Net Worth Families Rise By 12%, Total Wealth Gains 5%

High Net Worth Families Rise By 12%, Total Wealth Gains 5%

An interesting study had been conducted which shows that the high end families have increased in 2017, though the net worth of their wealth has not seen much hike.

Mumbai: India has always faced the issue of unequal distribution of wealth and this concern once again saw light when a recent study showed fast growth of families with over Rs 250 crores of assets; at present there are 1.6 lakh such households and the number has increased at a faster rate in India than most of the countries around the world. The collection value of wealth of these families is Rs 153 trillion. When more clearly observed the growth rate in net worth of assets for these families has been low, with just 5%.

High Net Worth Families Rise By 12%, Total Wealth Gains 5%

This research was done by Kotak Wealth Management and proves the point raised by economists Thomas Piketty and Lucas Chancel that the imbalance in the distribution of wealth has increased over the years. This same point was also highlighted by a non-profit organization, Oxfam before the start of the World Economic Forum, which was held at January 2018. As per Oxfam the top 1% of the wealthy families of the world has 73% of the assets generated in 2017.

Jaideep Hansraj, the chief executive of Kotak Wealth Management also informed that their main intention in this report was to check the current status, future and saving intentions of this class instead of dealing with issues like inequality.

He also commented that despite demonetization, this class of the society have been successful in retaining their wealth and have grown financially as expected over the years.

The data points used to come to this result has not only been the GDP growth rate but also amount of savings made in mutual funds, real estate, gold and in the equity market.

Categorised as News

By Hunter Mariner

Hunter Mariner was born and raised in Wawa Ontario (no really he was!). He has written for CBC Thunder Bay, The Business Insider and Buzz feed. In regards to academics, Hunter earned his BBA from the University Of Guelph. Hunter covers local news and culture stories here at Cambridge Daily Mirror.

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