Wednesday, April 21, 2021
Home Business 84% Indian UHNWIs Reassed Succession Planning Due To COVID

84% Indian UHNWIs Reassed Succession Planning Due To COVID

According to the survey, 30 per cent of ultra-wealthy Indians placed 'transferring of wealth to the next generation' in the top three worries than 16 per cent who see it as an exciting opportunity

Knight Frank, an international property consultancy, in their Attitudes Survey 2021, cited that 84 per cent of Indian ultra high net worth individuals (UHNWIs) have reassessed their attitudes to succession planning in light of Covid-19.

UNHWIs from countries such as Canada (90 per cent), Turkey (85 per cent) and South Africa (80 per cent) has primarily redefined succession planning; globally, 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 placed ‘transferring of wealth to the next generation’ in the top three worries than 16 per cent who see it as an exciting opportunity.

Please Follow NewsGram on Facebook To Get Latest Updates!

In the global context, 28 per cent of UHNWIs respondents positioned this in the top three worries, and 23 per cent of respondents see opportunity in 2021.

When asked respondents whether they had reviewed their succession plans towards property investment owing to the on-going pandemic, globally, 48 per cent of family offices have reassessed their attitudes to succession planning, compared with almost 60 per cent of UHNWIs.

Business
Knight Frank, an international property consultancy, in their Attitudes Survey 2021, cited that 84 per cent of Indian ultra high net worth individuals (UHNWIs) have reassessed their attitudes to succession planning in light of Covid-19. Pixabay

Shishir Baijal, Chairman & Managing Director, Knight Frank India said,”The hard-hit global pandemic has disproportionately affected the older generations for growing wealth, making them reassess their succession planning attitudes. The younger generation can lead their wealth to new heights as they come equipped with a different thinking process and tech-savvy background. 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.”

In the Attitudes Survey, 89 per cent of Indian UHNWIs respondents opined that new investments opportunities opening up in the post-Covid world will largely excite them for wealth creation. While 61 per cent expects that technology disruption will also play a vital role, 23 per cent of ultra-wealthy Indians expect an improvement in domestic government policy will help them grow wealth.

ALSO READ: Captain Ajit Pal: 1975 World Cup Hockey Title Was Best Thing Happened In My Life

The overall Attitudes Survey is based on responses from more than 600 private bankers, wealth advisors and family offices representing a combined wealth of more than $3.3 trillion. (IANS/KR)

STAY CONNECTED

19,507FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

All In The Mind: The State Of Mental Health In Corporate India

A study highlighting the role of the workplace in causing, furthering, and perpetuating mental illness, launched by Gi Group India, a leading human capital...

Instagram’s New Feature To Protect People From Abusive DMs

Facebook-owned Instagram on Wednesday announced a new feature to protect people from seeing abusive direct messages (DMs), as well as the ability to prevent...

Spiritual Power To Guard: Devotees Of Lord Ram Spread Message Of Covid19 Norms

In the wake of Bengaluru witnessing an unprecedented surge in Covid cases since the last month, devotees of Lord Ram wore costumes of Ram,...

Know What Lies Behind Tehreek-e-Labaik Pakistan’s Challenge To The State?

Pakistan's government has been put under a severe challenge and test by an Islamist party, which has wreaked havoc in the country this week...

Religious Hardliners Bring Pakistan Govt To A Standstill

The current ruling government of Pakistan, led by Prime Minister Imran Khan, may have come with a vision of progress and open-mindedness to create...

Football And Its Evolution

By- Khushi Bisht Football, also known as soccer, has a long and illustrious history. According to a global study conducted by FIFA, over 250 million...

Nikola Tesla: A Man Ahead Of His Time

BY- JAYA CHOUDHARY When discussing the greatest inventors of all time, Nikola Tesla is sometimes overlooked in history lessons at school. We often hear names...

The Best Documentaries You Can Watch On The Internet Today

By Nauman Abrar As children, most of us disliked documentaries because they were long, boring, very close to reality, and based on the truth. That...

Recent Comments