$5-trillion economy to double individual wealth to Rs 800 trillion: Karvy

Overall individual wealth is currently estimated to be Rs 430 trillion

Wealth manager Karvy Private Wealth in its tenth annual India Wealth report said the individual wealth is likely to grow at a CAGR of 13.2 per cent to Rs 799 trillion as India becomes a $5-trillion economy. The report estimates this will happen around FY24.

Individual wealth grew at 9.6 per cent to reach Rs 430 trillion over the last year, helped by growth in the financial assets. Financial assets grew 10.96 per cent and physical assets like land grew at 7.59 per cent.

“Direct equity continues to hold the fort in terms of investment preference in India. This shows the belief