Private banking booms as super-rich ranks swell

There has never been a better time than now to manage the wealth of the rich, after the parabolic rally in equities in the post-pandemic era swelled the ranks and bank balances of super-rich Indians.

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Private bankers, whose job it is to manage the finances of such wealthy individuals, have mushroomed; salaries are skyrocketing as well, as they switch jobs and demand shoots through the roof.

The number of private bankers in the wealth management industry has almost doubled in the past two-three years, data compiled by Native, a homegrown headhunting firm, shows.

Today, there are around 3,200 private bankers in India across metro, tier-I and tier-II cities, compared to just around 2,000 bankers two years ago, the data compiled exclusively for Mint shows.

Compensations have kept pace too. Those earning more than 2 crore annually have doubled from 100 executives in 2022 to around 200 as on date, the data from Native shows.