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20% of India's rich plan to give their money away
Twenty per cent of wealthy Indians are looking to give their money away during their lifetime - four times the corresponding figure in the UK and five times the number in the United States. One out of five high net-worth individuals, with at least $1 million to invest, plan to give away their entire wealth, either to charity or their own family and friends, according to a study by global financial services provider Barclays.
“Many HNWIs around the world now prefer to give their money to family and friends and charitable causes in their lifetime rather than as inheritance,” said a note from the firm.
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20% of India's rich plan to give their money away
Globally, 37 per cent of the rich are looking to do so, according to the report. The figure for the UK is five per cent, while for the US it is four. The report, Origins and Legacy: The Changing Order of Wealth Creation, is based on a global survey of 2,000 such individuals. There were 100 Indian respondents.
Satya Narayan Bansal, chief executive, Barclays - wealth and investment management, India, suggested more people in the country are looking to plan wealth transfers in their lifetime rather than after.
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20% of India's rich plan to give their money away
“There was earlier a thought that such a transfer would result in giving up control, which is a fallacy. People now believe this will allow them to continue retaining control while not leaving such issues to chance,” he said. The report noted 84 per cent believe wealth creation today is faster than in the past.
India was second of all the countries surveyed, after Monaco (85 per cent) in contrast to respondents in the UK and US at 44 per cent and 31 per cent, respectively. Fifty-two per cent of Indian respondents said their wealth has increased following the global economic downturn.
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20% of India's rich plan to give their money away
Indians have a tendency to allocate more of their resources to saving and investments than to tangible items or personal property according to the report.
“On average, respondents are more likely to hold their wealth largely in cash savings (28 per cent of wealth), followed by investments (27 per cent). By contrast, just 14 per cent of wealth is held in tangible assets and 16 per cent in personal property,” said a note on the report.
