Tax planning and advisory asset management are currently the most in-demand services among India's high net worth individuals, with fixed income products leading the rankings of asset class choices, a new report by MarketsandMarkets reveals.

Entitled HNWI of Indian Wealth Management Industry - Trends, Analysis and Forecast (2010-2015), the report discusses investment trends in one of Asia's fastest growing and most watched markets. According to its findings, HNW individuals in India presently constitute 8 per cent of the total wealthy households, although the same small group constitutes around 45 per cent of the total wealth. Among the total HNW individuals in the country, only 20 per cent consult with financial advisors.

The majority of the wealth coming in is attributed to business income, or 30 per cent, the report said, effectively translating to a high demand for wealth protection and risk mitigation services. Asset advisory and tax planning services currently top the list of most demanded services among HNW individuals, followed by financial planning.

The report also added that 69 per cent of India's HNW demographic is between the ages 30 and 35, a market, it says, that prefers wealth accumulation, risk mitigation, and sophisticated investment products that offer high returns in shorter periods.

"The report will provide new insights and give recommendations for wealth management firms intending to capitalise on the HNWIs in India. Intensive bifurcation of wealth management products and services needs will enable product development and provide a roadmap to the future of novel wealth management practices for the HNWIs," the report noted.

Indian banks highlighted as top players in the wealth management industry include ICICI, HDFC, and Kotak.