Globally, 70 percent of survey respondents said that the political and economic environment within their country of residence made it difficult for them to create and protect their wealth in 2018 compared to 2017
Despite being an election year, Indian ultra high net worth individuals (UHNWIs) are more optimistic of the country’s growth story and expect the wealth to increase in the year 2019. As many as 28 percent Indian respondents said that political and economic factors in their country of residence will be favourable for wealth creation and protection in 2019, more than twice of the global average that stands at 12 percent, says the Attitudes survey by Knight Frank.
As many as 36 percent expect wealth creation might become difficult due to domestic factors in their country of residence, indicating a largely positive outlook in 2019 for India. This was in comparison to 68 percent of the global respondents feeling that wealth creation might become difficult. In the context of global markets, around 56 percent of all respondents from India said it would be more difficult to create and protect wealth due to global factors in 2019 as opposed to 62 percent of global respondents, the report noted.
“Despite being an election year, Indian UHNWIs are more optimistic of the country’s growth journey and expect the wealth to increase in the year 2019. This is a solid testimony of strong economic fundamentals built in the country owing to the various economic reforms and structuring.
India remains one of the key growth engines of the world economy which, coupled with improving indices like its ease of doing business, have further ensured that investors have a positive outlook towards the country. This in contrast to the uncertainty around US-China trade tensions, China's economic slowdown, and Brexit having impacted overall global growth sentiment but has further strengthened Indian UHNWIs outlook for domestic markets.” says Shishir Baijal, chairman and managing director, Knight Frank India.
Taking stock of the developments from previous year, the survey also asked respondents to indicate whether it was easy or difficult to create and maintain wealth in 2018. Globally, 70 percent of survey respondents said that the political and economic environment within their country of residence made it difficult for them to create and protect their wealth in 2018 compared to 2017.Almost the same percentage has echoed similar sentiment for the year 2019.Knight Frank conducted the survey to understand how UHNWIs perceive the influence of political and economic environment –Globally and within the country of residence to create or protect their wealth.
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