India’s Wealth Management Market Poised for Explosive Growth: BCG Report
India is set to witness a dramatic transformation in its wealth management sector, with the number of dollar millionaires projected to surge by over 55% between 2024 and 2029 more than double the global average of 21%, according to a Boston Consulting Group (BCG) report released on Wednesday.
The report highlights that from 2014 to 2024, Asia-Pacific (APAC) wealth managers experienced a 50% growth rate, significantly outpacing counterparts in Europe, the Middle East and Africa (EMEA), and North America. This surge was largely driven by emerging markets like India, where economic momentum is accelerating.
A new generation of first-time wealth creators—millennial entrepreneurs and young corporate leaders is reshaping the financial landscape. “As India rises as a wealth management powerhouse, sharp customer segmentation and AI/GenAI integration across all touchpoints from prospecting to advisory will be key,” said Mayank Jha, Managing Director & Partner at BCG.
India’s financial wealth rose by 10.8% in 2023-24, surpassing the APAC average of 7.3%. With the region expected to grow at 9% annually through 2029, India is set to play a pivotal role in driving global wealth growth. The sector presents a massive opportunity for agile advisors and institutions.
