World's rich expect their wealth to increase in 2010

Rich in Europe, Asia and India have highest wealth targets and plans to enhance their wealth from current level by 6, 4.3 & 4.1 times. 10 highest salary-earners of India Inc

By PTI | Sep 23, 2009, 07.22 PM IST

MUMBAI: With the recovery in global financial markets in sight, as much as 78 per cent of world's rich expect their personal wealth to grow nearly four times in the next one year, a survey today said.

The survey, conducted by Scorpio Partnership and Standard Chartered Private Bank among 1,500 investors across the globe, found the participants expect their average wealth to grow four times to an average $8 million from $2 million at present.

The study was prepared in May and June 2009, comprising people of average wealth $2 million from all walks of life, including coporate executives, business owners and academics.

Those in Continental Europe, Asia and Indian sub-continent have the highest wealth targets and plans to enhance their wealth from the current level by 6, 4.3 and 4.1 times respectively, the report said.

Participants from Indian sub-continent expects their average wealth to grow to USD 9.07 million in 2010.

Nearly 80 per cent of the future wealthy in Asia said listed investments are likely to be a major source of their wealth as against 72 per cent in North America and 54 per cent in UK.

Despite the crisis, 41 per cent of the respondents in the survey said they have made money through the crisis and 25 per cent said that their wealth levels stayed the same.

Around 96 per cent of the survey respondents pointed out salary as the most important source of their wealth, followed by listed investments.

However, those in UK and Indian sub-continent cited entrepreneurship as the likely major source of future wealth in the period ahead.

Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.