The pandemic has influenced 84 per cent of ultra-wealthy Indians, more than the international typical, to reassess their attitudes to succession arranging, according to a survey. The survey was based on responses from more than 600 private bankers, wealth advisors and family members offices representing a combined wealth of more than USD 3.3 trillion. According to the Knight Frank Attitudes Survey 2021, India is amongst the best 4 nations exactly where ultra-wealthy Indians have reassessed their attitudes to succession arranging in light of COVID-19 pandemic.
As numerous as 90 per cent of ultra-higher-net-worth folks (UHNWIs) in Canada redefined succession arranging throughout the pandemic, though in Turkey the figure stands at 85 per cent and South Africa (80 per cent). Globally, about 60 per cent of UHNWIs have reassessed their succession arranging throughout the pandemic. According to the survey, 30 per cent of ultra-wealthy Indians placed ‘transferring of wealth to the next generation’ in the best 3 worries, though 16 per cent respondents see it as an thrilling chance.
In the international context, 28 per cent of UHNWIs positioned this in the best 3 worries though 23 per cent of respondents saw it as chance in 2021. “The hard-hit global pandemic has disproportionately affected the older generations for growing wealth, making them reassess their succession planning attitudes,” stated Shishir Baijal, Chairman & Managing Director, Knight Frank India.
The younger generation can lead their wealth to new heights as they come equipped with a distinctive pondering method and tech-savvy background, Baijal stated. In the survey, 89 per cent of Indian UHNWIs stated new investments possibilities opening up in the post-COVID globe will largely excite them for wealth creation. Around 61 per cent respondents count on that technologies disruption will also play a important function, though 23 per cent of ultra-wealthy Indians count on an improvement in domestic government policy will assist them develop wealth.
“Despite being a challenging year for the Indian economy and some sectors, Indian UHNWIs are more optimistic about the country’s economic growth and expect their wealth to increase in the year 2021. With its various economic reforms and policy amends, India has attracted global investors, which resulted in a positive outlook for the economy,” Baijal noted.