In the eyes of wealth managers, few markets are as enticing and alluring as India’s.
New Delhi-based research firm Markets & Data tips the country’s wealth-management sector to grow at a compound rate of 10% between 2024 and 2032, with industry-wide revenues more than doubling over the period to $331.1 billion, from $154.3 billion.
If anything, that might be underplaying the speed at which new wealth is being created in the world’s fastest growing large economy, be it via stock listings by pioneering digital unicorns or via the prism of venerable family-run firms selling out to private equity to ensure the safe passage of wealth between generations.
Add to the mix soaring white-collar wages as local and foreign firms push ever further into a market offering the kind of promise and returns China once dished up, and you begin to understand why India’s private wealth business has so many ardent admirers.
“If I was to set up a new firm these days, it would be in asset and wealth management,” the country CEO of a global lender tells me as we sit in his Mumbai office, the monsoon rains lashing his windows and the city beyond.
Elsewhere,
