Pvt Banking Booms as Super-Rich Ranks Swell

Salaries go through the roof, headcount of private bankers doubles

- Sneha Shah

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.

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 to three years, data compiled by Native, a homegrown head-hunting 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.

Similarly, the number of people earning more than ₹1 crore in annual compensation has doubled from around 250 people in 2022 to 500 as on date. This effectively means every one in five private bankers earns more than ₹1 crore in annual salary today.