India Wealth Landscape: Market Sizing and Opportunities to 2022
Based on our proprietary datasets, this report analyzes India’s wealth and retail savings and investments markets, with a focus on the HNW segment. This includes overall affluent market size (both by the number of individuals and the value of their liquid assets) as well as a breakdown of liquid vs. illiquid HNW holdings. The report also provides an analysis of the factors driving liquid asset growth, including a breakdown and forecast of total retail savings and investments split by the deposits, mutual funds, equities, and bonds asset classes.
The affluent population (including high net worth [HNW] and mass affluent individuals) accounted for only 1% of Indian adults in 2018. Despite this low percentage, India has the third-largest affluent population in Asia, after Japan and China. The two population segments collectively held 87% of India’s total onshore liquid assets in 2018, with the mass affluent segment alone holding more than half. India’s economy is performing steadily, with reforms such as the goods and services tax taking effect and encouraging growth. While there are challenges - including the weak rupee and high oil prices - the positive momentum is expected to continue as the year progresses. Growth in retail holdings is forecast to be particularly pronounced in the mutual funds space as the government’s awareness-building campaigns continue to bear fruit.
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