The Covid-19 pandemic has influenced 84 percent of ultra-wealthy Indians, more than the global average, to rethink their attitudes to succession planning, according to a survey.

The survey was based on responses from more than 600 private bankers, wealth advisors and family offices representing a combined wealth of more than USD 3.3 trillion. According to the Knight Frank Attitudes Survey 2021, India is among the top four countries where ultra-wealthy Indians have reassessed their attitudes to succession planning in light of COVID-19 pandemic.

As many as 90 percent of ultra-high-networth individuals in Canada redefined succession planning during the pandemic, while in Turkey the figure stands at 85 percent and South Africa (80 percent). Globally, around 60 percent of UHNWIs have reassessed their succession planning during the pandemic. According to the survey, 30 percent of ultrawealthy Indians placed 'transferring of wealth to the next generation in the top three worries, while 16 percent of respondents see it as an exciting opportunity.

 In the global context, 28 percent of UHNWIs positioned this in the top three worries while 23 percent of respondents saw it as an opportunity in 2021. "The hard-hit global pandemic has disproportionately affected the older generations for growing wealth, making them reassess their succession planning attitudes," said Shishir Baijal, Chairman & Managing Director, Knight Frank India. The younger generation can lead their wealth to new heights as they come equipped with a different thinking process and tech-savvy background, Baijal said.

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