Knight Frank Attitudes Survey 2021: The Corona epidemic has affected everyone, even if they have immense wealth. An international property consultancy Knight Frank conducted a survey on the impact of the Corona epidemic on Ultra High Net Worth Individuals (UHNWIs). In the Attitudes Survey 2021, it was found that due to the corona epidemic, about 84 percent of ultra-rich people have reconsidered their property’s succession plan. In UHNWIs category, such people are kept, whose assets are more than $ 3 million (218 crores).
According to the survey, 902 percent of Canada, 85 percent of Turkey and 80 percent of ultra-rich people of South Africa evaluated their heritage plans. Globally, this figure was 60 percent. The survey is based on feedback from 600 private bankers, wealth advisors and family offices around the world. The wealth of the people involved is more than $ 3.3 trillion.
Considering transferring inheritance
According to the survey, 30 percent of ultra-rich Indians put their wealth transfer to the next generation among their three main concerns, while 16 percent of ultra-rich people see 2021 as an excellent opportunity this year due to the corona epidemic. In the global context, 28 per cent of the highly wealthy admitted that their biggest concern is to transfer their wealth to the next generation, while 23 per cent of people are looking at 2021 as a new opportunity.
When asked by the ultra-rich people involved in the survey whether they have reviewed the succession plan they had prepared due to the Corona epidemic, 48 percent of the family offices agreed to do so. In the case of ultra-rich, this figure was around 60 percent.
Positive outlook for 2021
89 percent of Indian ultra-rich people in the Attitudes survey believed that new investment opportunities were coming up in the post-Corona epidemic. However, 61 per cent believe that technology disruption (obstruction) will also play an important role in this and 23 per cent believe that their assets may increase if Indian Government policies are improved.
According to Shishir Baijal, chairman and MD of Knight Frank India, the older generation has been affected by the increase in wealth due to the corona epidemic and they have reviewed their heritage plan. According to Baijal, the new generation can take the inherited property to new heights because they have a different way of thinking and they are technically knowledgeable.
This year is challenging for the Indian economy and some sectors, but Indian UHNWIs are positive about increasing their wealth. According to Baijal, due to many economic reforms and changes in policies, India has attracted global investors, due to which there is a positive atmosphere about the economy.