New Delhi: Around 28 percent of ultra high net worth individuals in India are optimistic that wealth creation would be easy in 2019 despite being election year, more than two times of the global average of 12 percent, according to a survey.
The Attitudes Survey of ultra high net worth individuals (UHNWI) by Knight Frank found that 28 percent of respondents in India believe that economic and political factors would be favourable for wealth creation this year, up by 3 percent from last year.
Around 36 percent of Indian respondents think that wealth creation would be difficult in the country as opposed to the global average of 68 percent, indicating a largely positive outlook in 2019 for India, the survey said.
In the context of global markets, around 56 percent of 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 property consultancy major said.
The survey added that 56 percent of Indian respondents feel that global environment is likely to make it difficult to create and protect wealth in 2019, 33 percent felt that there will be no change while only 11 percent cited that it will be easier.
"Despite being election year, Indian UHNWIs are more optimistic of the country's growth journey and expect 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 ease of doing business etc have further ensured investors to have a positive outlook towards the country.
"This in juxtaposition to the uncertainty around US-China trade tensions, a China economic slowdown and Brexit have impacted overall global growth sentiment but has further strengthened Indian UHNWIs outlook for domestic markets," Shishir Baijal, chairman and managing director, Knight Frank India said.
The survey also asked respondents to indicate whether it was easy or difficult to create and maintain wealth in 2018.
About 56 percent of respondents from India revealed that it was difficult for them to create and protect their wealth in 2018 as compared to 2017 due to political and economic environment within their country of residence and globally.
Globally, 70 percent respondents felt that it was more difficult to create wealth in 2018 compared to 2017, the survey added.
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.