Indian Wealth Management Forum 2019 - Highlights - Shweta Shah
Head - Wealth Structuring & Tax
Edelweiss Private Wealth Management
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This is a very nascent industry in India as compared to global industries. Globally, estate planning, wealth structuring is at a very-very large scale as compared to what India is today. So, there is a huge opportunity. As per various wealth reports, there are around two lakh-odd millionaires in India, which is estimated to rise quite substantially in the next five years. So of course, with the growing wealth, the opportunity for this space is going to be much-much more. At the same time, I would say the challenges are the diverse culture in which India operates as compared to its global counterparts. So for example, in the US, I would say, the culture would be defined as more individualist as compared to India; you can say it's (India) still an honor culture where you still respect authority, where you still respect your patriarch. It may happen, sometimes, that the individual who deserves or who has the merit does not get the authority because he's not senior enough. So, of course, there are challenges which a family faces and therefore they may not be very open. Though that changing a bit. But, of course, that's a challenge: I think that, as a culture, India needs to become more open towards the services.