India’s rich think making money is easy even in hard times

There’s something about the super rich which sets them apart from others. No, we are not talking about the amount of wealth they have, but about there outlook towards wealth generation.

According to a survey conducted by Barclays Bank Plc, high net-worth individuals (HNIs) — those who have an investible surplus $1 million/ Rs 6 crore—  think that tough times, like an economic slowdown or even high inflation, are a good opportunity to create wealth.

The surveyors approached 100 HNI families, comprising 15 females and 85 males with and average age of 38 years and found that 84 percent of Indian HNIs believe that wealth can be created faster today than in the past. Further, 52 percent said their wealth had increased since the 2008 crisis. 14 percent of Indian respondents stated that their level of wealth increased dramatically as compared to their parents. Globally, this is the lowest.
As far as HNIs investment choices go, 47 percent preferred financial instruments that offer good liquidity like, cash, open-ended mutual funds and shares. However, Indian HNIs are not too keen on giving more than 50 percent of their wealth to charity. Mere 2 percent of HNI Indians expressed a desire to donate more than 50 percent of their wealth to charity.  When it comes to spending money, 43 percent said they used the money for lifestyle and experience (social life) as their first choice.

Fifty five percent of Indian respondents believed a person’s income and position in society is mostly the outcome of elements outside of their control. Globally, this is the second highest after China at 61%. And 51 percent of Indian HNIs actually inherited wealth.

Source: http://to.ly/mfcL