Wealth management
Material wealth can be lost and can be expanded. To prevent the former and to accelerate the latter wealth management has developed as a growing industry. There were around 1.3 thousand investment advisors and around 800 portfolio managers in India in financial year 2022. A wealth manager often uses a personalized strategy towards his/her customers depending on their aims and income situation. Thereby, the range of services may vary from investments on financial markets, the accumulation of property, or gold deposits to investments in start-ups. A wealth management company usually gets paid for its services on basis of the client’s assets under management (AUM). India’s biggest asset management company in 2022 was SBI Funds Management, the portfolio management wing of the country’s largest public bank, State Bank of India.The wealthy in India
Clients of wealth management services are generally persons with significant accumulated wealth. In 2021, India ranked fifth on the list of countries with the most ultra high-net-worth individuals (UHNWI) worldwide. Around 13 thousand inhabitants gathered assets worth more than thirty million U.S. dollars. The list of ultra-high-net-worth individuals (UHNWI) was earlier headed by Reliance Group chairman Mukesh Ambani, but in 2022 Gautam Adani replaced him to become the richest man in India. Savitri Jindal was named as India’s richest woman.In line with a long history of supporting intellectuals, priests, and the poor, India’s rich did not only spend their wealth on investments. Philanthropic donations were one of the major trends in wealth management in recent years. However, a reduction in the average donated amount was seen during 2022. Spiritual and monetary wealth are not necessarily mutually exclusive. Some of the most popular spiritual leaders – or gurus – of India have made considerable fortunes. In setting up large networks of institutions from ashrams and training centers to retail shops and TV shows, they found a way to convert spirituality into monetary wealth.
