New Delhi— India’s wealth management landscape is on the brink of a major transformation, with the number of dollar millionaires in the country projected to rise by over 55% between 2024 and 2029 — significantly outpacing the global average increase of 21%, according to a new report by Boston Consulting Group (BCG) released on Wednesday.
The report highlights that from 2014 to 2024, wealth managers in the Asia-Pacific (APAC) region achieved an organic asset under management (AUM) growth rate of 50% — more than double the pace seen in Europe, the Middle East and Africa (EMEA) and North America. This growth has been fueled primarily by emerging markets such as India.
“A generational wave of first-time wealth creators, especially millennial entrepreneurs and corporate leaders, is reshaping the industry,” said Mayank Jha, Managing Director and Partner at BCG. “As India emerges as a wealth management powerhouse, sharp customer segmentation and full-scale integration of AI and GenAI — from prospecting to advisory and service — will be critical to staying ahead.”
India’s financial wealth grew by 10.8% from 2023 to 2024, outpacing the Asia-Pacific average of 7.3%, underscoring the country’s expanding economic strength.
The APAC region is projected to maintain a compound annual growth rate (CAGR) of 9% through 2029, far ahead of North America’s 4% and Western Europe’s 5%. Within this trajectory, India is expected to play a pivotal role in driving global financial wealth expansion.
The report describes India’s wealth management market as undergoing a “fundamental transformation,” opening up unprecedented opportunities for advisors and financial institutions ready to meet growing demand.
BCG also notes that GenAI-driven prospecting tools are revolutionizing client acquisition. These AI systems use external data to build detailed profiles of potential clients — such as business owners, expatriates, and high-earning professionals — and track digital signals that often precede investable wealth. Crucially, they not only identify prospects but also rank them by priority. Early adopters of these tools have reported a fivefold increase in lead generation and double the conversion rates.
With these technological advances and demographic shifts, India is poised to lead a new era of wealth creation and financial advisory innovation. (Source: IANS)
