India is a country of stark economic disparity. On the one side, it has millions reeling under poverty even after nearly seven decades of independence. On the other, it has its share of the super rich, who control a sizeable amount of its wealth.
A report released earlier this year by Kotak Wealth Management shows that, as of 2015-16, India was home to more than 1,46,000 ultra-high net worth households, which together control a staggering Rs 135 trillion in assets. It is estimated that this figure could go up to nearly 300,000 by 2020-21, with the estimate of their net worth likely to zoom to almost Rs 320 trillion.
An ultra-high net worth household is defined as one with a minimum net worth of Rs 25 crore, mapped over a 10-year period.
So, what do these super rich people do with all this money? For one, they save and invest more than half of it, the report says. The rest goes toward expenses and charity. While a little over a fifth of their money is ploughed back into their business, 16% is invested as personal wealth.
Nearly 40% of the wealth controlled by high net worth individuals is invested in the equity market, while real estate makes up for about 28%, the data show.
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