The country’s rich are investing a major part of their wealth in gold, revealed in a report

Gold Allocation By Ultra-Rich: In this era of global economic crisis and inflation, central banks around the world are seen making huge purchases of gold. So even the rich-billionaires are not lagging behind in buying gold. The rich and billionaires of the country are very fond of investing in gold these days. These days the rich are investing a large part of their wealth in buying gold. According to a report, in 2018, where Indians with ultra-high net worth had invested only 4 per cent of their wealth in gold, it was increased to 6 per cent in 2022.

Real estate consultant Knight Frank has conducted an Attitude Survey according to which the rich of India are investing 6 per cent of their wealth in gold these days. According to the report, China’s ultra-high net worth people are also spending 6 per cent of their wealth on buying gold. Austria’s rich spend the most in the world on gold purchases. According to the survey, the ultra-rich people of Austria are investing 8 per cent of their wealth in gold.

Due to the rise in gold prices in recent years, the rich have invested a major part of their investment in gold. In 5 years, there has been a jump of almost 100 percent in the prices of gold. In April 2018, gold was trading at the level of Rs 31500 per 10 grams, which is now trading around Rs 60,600. Means the prices have increased by 92 percent during this period. According to the report, due to Corona epidemic, low interest rates, and the strategy of global central banks to make cash easily available, gold prices have increased. The rich of countries like America, South Korea, Italy and Ireland had invested one per cent of their wealth in gold in 2022. While two percent of UK and Australia have allocated their assets in gold.

This is a matter of the rich, but the RBI is also not lagging behind in cashing in on the rise in gold. The gold reserve with RBI has increased to 790.2 tonnes. Information has been revealed by quoting the World Gold Council. According to the World Gold Council, after this purchase by RBI, 8 percent of the world’s gold reserve is now with India. In the first quarter of 2022, India had a total of 760.42 tonnes of gold, which has reached 787.40 tonnes at the end of the fourth quarter of 2022. That is, in the last one year, RBI has bought around 30 tonnes of gold.

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