Indians’ wealth grows 18% versus 9.7% for global HNIs in the last year.

Individual wealth of Indians is expected to triple by FY16 to a whopping Rs 249 lakh crore, according to Karvy Private Wealth.

Individual wealth has grown from Rs 73 lakh crore last year to Rs 86.5 lakh crore at present, the wealth management arm of Hyderabad-based Karvy Group said in the India wealth report.

The wealth of individuals has grown 18 per cent, as compared to a mere 9.7 per cent for global high net worth individuals in the last year, Karvy Private Wealth said.

The report studied patterns of individual investments across financial asset classes, excluding physical assets like gold and real estate. The amount of overall wealth in India was calculated on the basis of the sum of all investment assets. Karvy considered only financial investments with individuals, and did not include government and institutional holdings.

Fixed deposits and bonds have become the top contributor to overall wealth held by individuals in India, replacing the last year's topper, direct equity, primarily due to the uncertainty in the financial markets, the report said.

In terms of growth, alternative assets topped the list with a rise of 59 per cent, followed by provident fund and insurance, both rising 46 per cent. The performance of mutual funds, small savings and savings bank deposits were dismal, rising four, one and nine per cent, respectively.

"We have added as much wealth in the last five years as we have done in the first 50 years post-Independence," said Sunil Mishra, CEO, Karvy Private Wealth.

"The combination of continuous reforms and favourable demographics has, in the long run, placed India's GDP firmly on the high-growth path. Add to this the nation's middle-class values of high savings and we are clearly poised at an inflection point in terms of wealth accumulation," he added.