UK investors aged 40 and over appear to be most convinced by the Indian stock market over other regions for offering the best opportunity to make returns from equities in 2016, a study suggests.

Over half of older UK investors (52%) name India as one of their top investment destinations for 2016, according to a survey by Legg Mason Global Asset Management, which gathered the views of more than 5,000 high net worth investors globally.

The Indian equity market is also no longer viewed as particularly risky by UK investors, with just 18% of older investors labelling it as a high risk market for 2016, researchers said.

Adam Gent, head of UK sales at Legg Mason, said: “India is one of the fastest growing economies in the world, outpacing China last year, and clearly it has caught the attention of UK investors. As such it stands out among the emerging markets, while US equities also fared very well among both older investors and millennials.

“In comparison, sentiment has soured somewhat for China, with investors likely spooked by the dramatic falls in share prices seen in the second half of last year, as well as from its slowing growth rate.”

Following a tumultuous year which saw its economy slow, Chinese equities have fallen down the rankings. Having topped the poll in 2015 with 50% of older investors believing the best investment opportunities could be found there, the number has now fallen to 31%.

This correlates with investors’ outlook on risk within the region, with UK investors now rating China amongst the most risky countries to invest in. In total, 39% labelled it as a risky market to own in 2016, up from 24% last year.

When it comes to the best opportunities elsewhere, the US equity market came second with 47% of older investors favouring it, while Europe (ex-UK) was third with 35%.

Meanwhile, the study found millennial investors (aged 39 and under) are sticking with developed market equities this year.

Millennials named the US as an attractive region (47%), with Europe (excluding UK) and Japan second and third (with 42% and 33% of the vote respectively).

Conversely, the least attractive investment opportunity is Russia, with only 10% of Millennials and 7% of older investors flagging it as one of the best investment opportunities this year.

Amid ongoing geopolitical risks, the region was also voted the most risky to back in 2016.