E
CO
S
COPE
The Economy Observer
16 August 2024
Household financial net worth at 97.2% of GDP in FY23
Posting the highest improvement in the post-pandemic period vs. many other major economies
The RBI
published
an article in Jul’24 in its Bulletin, which presented the first-ever quarterly estimates of the financial
wealth of Indian households from FY12 to FY23 (Jun’11-Mar’23). These efforts go a long way in bridging the data gap and
providing more insights into household financial position in India. In this note, we highlight the key conclusions from the
RBI’s study and compare the financial net worth (FNW) of Indian households with that of few other major nations in the
world.
Key headline data:
As of Mar’23 end, household gross financial assets (GFAs) stood at 135.0% of GDP, up from 121.8% of GDP as of Dec’19
(pre-Covid) and 110.5% in FY12
(Exhibit 1).
At the same time, their financial liabilities (=debt) were at 37.8% of GDP in
FY23 vs. 33.4% in Dec’19 and 29.8% in FY12
(Exhibit 2).
It means that FNW of Indian households was at 97.2% of GDP in
FY23, much better than 88.4% in Dec’19 and 80.7% in FY12
(Exhibit 3).
In other words, while GFAs increased at a CAGR of
12.8% between FY12 and FY23, household debt increased at a slightly faster pace (13.2%), implying a CAGR of 12.7% in
households’ FNW
(Exhibit 4).
Compositional of household GFAs:
Unfortunately, although the article estimated household GFAs using all major components (except the unlisted equity), it
did not provide data regarding the components of GFAs. While discussing the compositional shifts in GFAs, the article
highlighted that the share of currency and deposits (including small savings) in FY23 was lower than in FY12, while it
increased for other components such as insurance & pension funds, equity & investment funds and debt securities
(Exhibit 5).
The share of deposits in FY23 was 43% of household GFAs, down from 51% in FY12, while the corresponding numbers for
currency were 8.6% and 10.1% respectively. In contrast, the share of insurance & pension funds increased to 29.5% (from
27%), and the share of equity & investment funds increased to 17.6% in FY23 from 11.2% in FY12.
It also means that while total GFAs increased 3.8x between FY12 and FY23, the exposure to equity & investment funds
rose by 5.9x during the same period.
The article further stated that the share of listed equity holdings was 11.1% of household GFAs in FY23. Accordingly, the
reverse calculation suggests that households held INR40.4t worth of equity as of Mar’23 or 15.6% of total market
capitalization (INR259.1t). As per the article,
“…the equity wealth of households stood at 10.3% of GDP in Q1:2011-12,
which rose to a peak of 19.4% of GDP in Q3:2021-22, and then subsequently moderated to 14.9% of GDP in Q4:2022-
23….”
Some details of household debt (outstanding liabilities):
Like other emerging market economies, the banking sector accounted for 79.3% of household debt in India in FY23, down
from 86.4% in FY12. It means that the share of non-bank debt increased by about 50% during the past 11 years.
The RBI article also mentioned that
“…Mortgages make up the lion’s share (more than 50%) of household debt in
advanced economies (AEs), while in emerging market economies (EMEs) non-mortgage debt forms at least two-third of
the total…”.
It fell short of sharing the same data for Indian households; however, as we have
highlighted
many times
earlier, our estimates suggest that mortgages account for less than 30% of household debt in India.
Household leverage ratio:
Lastly, the household leverage ratio – defined as the ratio of household debt to financial assets – has remained largely
flat and range-bound since FY12
(Exhibit 6).
At 28% in FY23, household leverage in India was not significantly different
from 27.4% in Dec’19 or 27% in FY12.
Nikhil Gupta
– Research analyst
(Nikhil.Gupta@MotilalOswal.com)
Tanisha Ladha
– Research analyst
(Tanisha.Ladha@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
Comparison of India household financial balance sheet vs. other major global economies:
A comparison of household financial wealth in some of the world’s major economies confirms that GFAs of Indian
households are much lower than in other nations, due to which FNW is also much lower
(Exhibits 7 and 8).
Please note
that we have excluded investments in unlisted equity to make data comparable.
It is, however, interesting to note that household FNW (excluding unlisted equity, but including listed equity &
investment funds) increased the most in India in the post-pandemic period (between Dec’19 and Mar’23). As discussed
above, India’s household FNW increased to 97.2% of GDP in Mar’23 from 88.4% in Dec’19, which means a rise of 8.8
percentage points (pp) in 13 quarters. Household NFW declined by 11.7pp of GDP in the US, as much as 42.8pp of GDP in
the UK, 3.3pp of GDP in Germany (DE), 6.2pp of GDP in France (FR) and 9.9pp of GDP in Canada (CA) during the
corresponding period. It increased by 6.6pp of GDP in Japan (JP), lower than that in India
(Exhibit 9).
The rise in the post-pandemic period (i.e., 13 quarters between Dec’19 and Mar’23) in household FNW in India was
higher than the increase witnessed between the previous nine years (between Jun’11 and Dec’19). Household NFW was
85.7% of GDP in Jun’11 (and 80.6% in Mar’12), which rose to 88.5% in Dec’19. This was in stark contrast to rich
economies, where the improvement in the pre-pandemic years was much better than in the post-pandemic period
(Exhibit 9).
It is also interesting to note that while household GFAs have risen by 1.0-1.2x in the post-pandemic period in all
advanced economies covered in this study, they have increased 1.5x in India. At the same time, the surge has been in the
range of 1.3-2.0x between Jun’11 and Mar’23 in household GFAs in advanced nations, while the rise has been almost
double (at 3.9x) for Indian households
(Exhibit 10).
Key conclusions:
New data suggests that FNW of Indian households improved rapidly in the post-pandemic period, which certainly eases
some concerns related to the rapid surge in financial liabilities in the past couple of years. Nevertheless, we must
remember that the holders of assets and liabilities could be very distinct within the household sector, thus more
research/data is required to be able to protect the financial stability of the economy in a more proactive and timely
manner.
Overall, we appreciate the efforts of the RBI to prepare and publish quarterly estimates of household balance sheet (with
some limitations). This complements the quarterly estimates of household net financial savings that the RBI had started a
few years ago. It is very encouraging and helps the participants to appraise the financial position of households in India in
a more informed manner.
Exhibit 1: Indian household GFAs at 135% of GDP in FY23,
from 110.5% in FY12
160
145
130
115
100
110.5
119.3
Exhibit 2: Household debt stood at 37.8% of GDP in FY23,
from ~30% in FY12
41
HH GFAs (% of GDP)
147.7
135.0
HH debt (% of GDP)
38.9
34.7
29.8
37.8
37
33
29
25
Source: RBI, MOFSL
16 August 2024
2
 Motilal Oswal Financial Services
Exhibit 3: Household FNW improved to 97.2% of GDP in
FY23, from 80.7% in FY12
120
110
100
90
80
70
80.7
84.6
Exhibit 4: Household outstanding liabilities grew faster than
GFAs
(CAGR, %)
FY12-FY23
13.6
12.8
Dec'19-Mar'23
14.3
13.3
12.7
HH FNW (% of GDP)
108.8
97.2
13.2
Financial net worth = Gross financial assets - liabilities
Source: RBI, MOFSL
Exhibit 5: Composition of gross financial assets (% of total)
At end-Mar'12
0.7 10.1
27.0
Currency
Deposits
Equity & invt funds
11.2
Insurance & pension
funds
Debt securities
Deposits = Bank and non-bank deposits and small savings, Equity & investment funds = equity (listed firms) and mutual funds, Insurance &
pension funds = Life insurance funds, pension schemes, EPFO provident and pension funds and state provident funds
Source: RBI
43.0
17.6
At end-Mar'23
1.3 8.6
29.5
51.0
Exhibit 6: Household leverage has been range-bound in the past decade
HH debt (% of GDP, ls)
44
38
32
26
20 24.9
27.4
37.8
28.0
Leverage (Debt/GFAs, ls)
HH GFAs (% of GDP, rs)
135.0 150
125
100
75
50
Source: RBI, MOFSL
16 August 2024
3
 Motilal Oswal Financial Services
Exhibit 7: Indian household GFAs lower vs. other major
nations…
US
450
350
250
150
50
185.6
135.0
Exhibit 8: …and so is the case with FNW, notwithstanding
low household debt
Financial net worth* (% of GDP)
IN
US
350
250
150
50
132.0
97.2
UK
DE
FR
JP
CA
284.7
IN
Gross financial assets* (% of GDP)
UK
DE
FR
JP
CA
359.3
*Excluding unlisted equity in all economies
DE = Germany, FR = France, CA = Canada, JP = Japan, IN = India
*Excl. unlisted equity, but including listed equity and mutual funds
Source: RBI, MOFSL
Exhibit 9: Comparison of the change in Household FNW in the pre- and post-pandemic years
Change in FNW* (pp of GDP)
75.6
25.9
24.9
24.3
CY11-19
58.5
16.8
8.0
-9.9
JP
CA
IN
8.8
CY19-Mar'23
6.6
-11.7
US
-42.8
UK
DE
-3.3
FR
-6.2
CY11 = Dec’11 and CY19 = Dec’19
* Excluding unlisted equity from GFAs
Source: Various national sources, CEIC, RBI, MOFSL
Exhibit 10: GFAs have risen at the fastest pace in India in the post-pandemic period (or the past decade)
Cumulative surge in GFAs* till Mar'23 (x)
Dec'19-Mar'23
Dec'11-Mar'23
3.9
2.0
1.2
1.0
1.3
1.1
1.7
1.1
1.6
2.0
1.1
1.3
1.2
1.5
US
* Excluding unlisted equity
UK
DE
FR
JP
CA
IN
Source: Various national sources, CEIC, RBI, MOFSL
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 Motilal Oswal Financial Services
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