Mumbai: The wealth of individuals in the country is expected to double to 1.79 lakh crore in the next four years, according to a report by Karvy Wealth.

"The wealth in the hands of Indian individuals continues to grow at a decent pace," financial services company Karvy's Chief Executive and Group Head (Wealth Management) Hrishikesh Parandekar told reporters here.

The report says the individual wealth in the country grew to 92,26,090 crore as on March 2012 from the year-ago's 86,49,764 crore.

It will double to 1,79,000 crore in the next four years and grow to 2,14,000 crore the next year, the report said.

Direct equity will continue to be the largest asset class, while insurance and fixed deposits and bonds will be joint second, it said.

By FY'17-end, direct equity will form 28.7 percent of total assets, up from 25.4 percent in FY'12, which reflects the increase in confidence of investors, the report said.

In the year gone by, the proportion of debt as an asset class for investments grew sizeably due to the volatile equity markets, it said, adding that debt instruments constituted for 72.3 percent of the investments from 67.9 percent a year-ago.

This was primarily driven by reduction in equity from 31.8 percent to 27.4 percent, it said.

Within debt, bank fixed deposits constituted the highest component at 94.42 percent or 21,82,666 crore invested in FY'12, it said.