The pandemic has actually affected 84 percent of ultra-wealthy Indians, more than the global average, to reassess their mindsets to succession planning, according to a study. The survey was based upon reactions from more than 600 private bankers, wealth advisors and household offices representing a combined wealth of more than USD 3.3 trillion.
According to the Knight Frank Mindsets Survey 2021, India is amongst the top 4 nations where ultra-wealthy Indians have actually reassessed their mindsets to succession preparation because of COVID-19 pandemic.
As lots of as 90 per cent of ultra-high-net-worth people (UHNWIs) in Canada redefined succession preparation throughout the pandemic, while in Turkey the figure stands at 85 per cent and South Africa (80 percent). Worldwide, around 60 per cent of UHNWIs have reassessed their succession planning during the pandemic.According to the survey, 30 per cent of ultra-wealthy Indians positioned ‘transferring of wealth to the next generation’ in the leading 3 concerns, while 16 percent participants see it as an exciting opportunity In the worldwide context, 28 percent of UHNWIs placed this in the leading three worries while 23 per cent of participants saw it as opportunity in 2021.”The hard-hit international pandemic has actually disproportionately impacted the older generations for growing wealth, making them reassess their succession planning mindsets,” stated Shishir Baijal, Chairman & Handling Director, Knight Frank India The more youthful generation can lead their wealth to brand-new heights as they come equipped with a various thinking procedure and tech-savvy background, Baijal said.In the survey, 89 percent of Indian UHNWIs said brand-new investments chances opening in the post-COVID world will largely thrill them for wealth creation.Around 61 per cent respondents anticipate that innovation interruption will also play a vital role, while 23 percent of ultra-wealthy Indians anticipate an enhancement in domestic government policy will assist them grow wealth.”In spite of being a difficult year for the Indian economy and some sectors, Indian UHNWIs are more optimistic about the nation’s financial development and anticipate their wealth to increase in the year 2021. With its different economic reforms and policy amends, India has actually attracted international financiers, which resulted in a positive outlook for the economy,” Baijal noted.