India's richest people's secret revealed! 60% of super-rich invest money in only these 2 things, they are…
Around 60 per cent of India's Uber rich wealth is still parked in real estate and gold, according to a report by Bernstein. Uber rich individuals include Ultra High Net Worth Individuals (UHNI), High Net Worth Individuals (HNI), and the Affluent class.
The report stated 'Uber Rich own approx. USD 2.7 Tn in serviceable assets, approx. 60 per cent wealth still parked in real-estate & gold'. As per the report, India's total household assets are valued at USD 19.6 trillion.
Out of this, USD 11.6 trillion, which is 59 per cent, is held by the top wealth bracket referred to as the 'Uber Rich'. This group includes the Ultra High Net Worth Individuals (UHNI), High Net Worth Individuals (HNI), and the Affluent class. 1% Hold 60% Of Total Assets
Together, they account for just about 1 per cent of Indian households but hold 60 per cent of the total assets and 70 per cent of the financial assets in the country.
Of the USD 11.6 trillion held by the Uber Rich, only USD 2.7 trillion is considered to be in serviceable financial assets like direct equity, mutual funds, insurance, and bank or government deposits.
This USD 2.7 trillion is defined as the 'Serviceable Addressable Market (SAM)' for wealth managers, suggesting that this segment of financial assets can be actively managed, advised on, or invested.
As per report, the remaining USD 8.9 trillion is parked in non-serviceable assets such as physical real estate, gold, promoter equity, and currency assets, areas that are traditionally not managed by wealth managers or are harder to reallocate easily.
(With Inputs From ANI)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
'Unreasonable': India hits back at Trump tirade on Russian oil
External Affairs Minister S Jaishankar (ANI file photo) In its first direct public pushback against US President Donald Trump's repeated targeting of India over trade with Russia, the Centre termed his criticism "unjustified and unreasonable". It said like any major economy, New Delhi will take all necessary measures to safeguard its national interests and economic security. In an official statement, ministry of external affairs said the US itself continues to import uranium hexafluoride for its nuclear industry, palladium for its EV industry and fertilisers as well as chemicals from Russia. The response, a rare outpouring of frustration with Trump's rants, followed another outburst by the US president in which he accused India of buying massive amounts of Russian Oil and selling it in the open market for big profits, while threatening to substantially raise tariffs on imports from India. MEA added that India's imports are meant to ensure predictable and affordable energy costs to Indian consumers and are a necessity compelled by global market situation. "...It is revealing that the very nations criticising India in trade with Russia. Unlike our case, such trade is not even a vital national compulsion," said spokesperson Randhir Jaiswal.
Time of India
2 hours ago
- Time of India
GCC GDP 2024: Real and nominal figures differ, but both show non-oil sectors make up over 70%
In 2024, non-oil sectors made up 77.9% of nominal GDP and 70.6% of real GDP across the GCC/ Image: FIle The Gulf Cooperation Council (GCC) economies showed steady growth in 2024, with rising contributions from non-oil sectors offsetting a decline in oil output. Real GDP rose 3.3% in the fourth quarter, backed by strong performance in manufacturing, trade, and construction. This marks a continuing shift away from oil dependence, reinforced by national reform programs and increased investment in non-hydrocarbon industries. Real GDP – Growth despite oil sector contraction In constant price terms, or real GDP, the total output of the six GCC countries rose by 3.3% in Q4 2024, reaching USD 456.3 billion, compared to USD 442.3 billion in Q4 2023. Quarter-on-quarter, the region's economy expanded by 1%, rising from USD 452.2 billion in Q3 2024. The bulk of this real GDP came from non-oil sectors, which made up 70.6% of total real GDP in Q4. In contrast, oil-related activities contributed the remaining 29.4%. Looking at the year as a whole, the overall real GDP across the GCC rose by 2.4%. However, this masks a notable divergence between sectors: Non-oil GDP increased by 3.7%, driven by robust growth in industry and services. Oil GDP declined by 0.9%, primarily due to voluntary production cuts under the OPEC+ framework. Country-wise, Qatar recorded the highest annual increase in real GDP at 4.5%, followed by the UAE at 3.6%, and Saudi Arabia at 2.8%. In Saudi Arabia, non-oil activities grew by 4.6%, while oil activities contracted by 4.5%, indicating a substantial shift in the country's economic composition. Nominal GDP – Growth tempered by market prices In nominal terms (i.e., unadjusted for inflation), the GCC's GDP rose by 1.5% year-on-year, reaching USD 587.8 billion by the end of Q4 2024, up from USD 579 billion in Q4 2023. Unlike real GDP, nominal GDP reflects current market prices, and can be influenced by inflation or deflation. While the overall increase was modest, the non-oil sector's contribution to nominal GDP was higher at 77.9%, showing a broader diversification trend in monetary terms. The remaining 22.1% came from oil activities, a significantly lower share compared to their contribution in real terms. This disparity suggests that while oil remains a large physical output driver, price pressures and production curbs have diminished its monetary weight in the economy. Sector contributions – Manufacturing and trade lead A closer breakdown of nominal GDP reveals the growing role of diverse non-oil industries: Manufacturing: 12.5% Wholesale and Retail Trade: 9.9% Construction: 8.3% Public Administration and Defence: 7.5% Finance and Insurance: 7% Real Estate Activities: 5.7% Other Non-Oil Activities: 27% These sectors have underpinned the GCC's non-oil expansion, with each contributing steadily to national and regional outputs. In Saudi Arabia specifically, the National Industrial Development and Logistics Program (NIDLP) contributed SAR 986 billion (USD 262.8 billion) to non-oil GDP, accounting for 39% of Saudi Arabia's non-oil economic output. Non-oil activities now represent 55% of Saudi Arabia's total GDP. This growth has been supported by government spending, which increased by 2.6% in Saudi Arabia during 2024, enabling momentum in infrastructure, services, and industry. Reform agendas and future outlook The GCC's shift from oil-dependency to broader economic resilience is no longer just policy ambition — it is increasingly reflected in macroeconomic data. Growth in 2024 was driven by sectors aligned with national strategic reforms: Saudi Vision 2030 UAE Economic Vision Qatar National Vision 2030 Oman Vision 2040 These plans emphasize tourism, logistics, manufacturing, finance, and digital infrastructure, backed by regulatory changes and significant public-private investment. The year's data confirms that these structural transformations are not only underway but are starting to deliver tangible economic diversification. Despite setbacks from oil market volatility, the region is expanding in real output, broadening its industrial base, and recalibrating its sources of long-term growth. Real vs. nominal GDP – Simplified To help readers understand the two metrics used: Real GDP adjusts for inflation, showing actual physical output growth or contraction. It's more useful for comparing economic performance over time. Nominal GDP is the economy's total value of goods and services using current prices, reflecting the monetary size of the economy but can be skewed by price changes. In the GCC's case, real GDP growth (3.3%) outpaced nominal GDP growth (1.5%), which suggests that while the region is producing more goods and services, price effects (like lower oil prices) dampened the apparent value increase.
NDTV
2 hours ago
- NDTV
India's Wealthiest 1% Holds 60% Assets In Real Estate, Gold: Report
New Delhi: The top 1 per cent of India's wealthiest citizens have parked 60 per cent of their money in real estate and gold, according to a report on Monday. This segment of 'wealthiest citizens' is comprised of Ultra High Net Worth Individuals (UHNI), High Net Worth Individuals (HNI) and the affluent class, which accounts for only 1 percent of Indian households but controls nearly 60 per cent of the country's total assets, the report by US-based wealth management firm Bernstein said. This segment holds $11.6 trillion in total wealth and 70 per cent of India's financial assets, the report said. India's total household wealth is estimated at $19.6 trillion, out of which $11.6 trillion, or 59 per cent, is held by this wealthy segment of the population. Out of this, only $2.7 trillion is invested in serviceable financial assets that can be actively managed or reallocated, such as mutual funds, equities, insurance, and bank or government deposits. The remaining $8.9 trillion is held in non-serviceable assets, including gold, cash holdings, promoter equity, and physical real estate, according to the report. The report indicates huge growth potential for asset management firms to grow their assets under management (AUM) over the next decade, as India's affluent class is looking for avenues to diversify their portfolios beyond gold and real estate. The report highlighted how this wealth segment remains largely underpenetrated by formal wealth management services, with a considerable portion of financial wealth unmanaged. In a previous report, Bernstein had mentioned that specialised wealth managers currently hold only 11 per cent share in the liquid financial asset pool of India. The findings also underscore a broader structural trend in India: while income inequality is high, wealth inequality is even starker. "The top 1 percent earns 40 percent of all income, while the 'Rest of India' holds only a small fraction of both income and assets," the report said. There are approximately 35,000 UHNI households whose net worth surpassed $12 million (Rs 100 crore). These households have an average asset value of $54 million (Rs 472.5 crore), including $24 million (Rs 210 crore) in financial assets. According to the report, this affluent segment collectively held $4.5 trillion in financial assets, which amounts to 70 per cent of the country's total financial wealth.
