Private banking booms as ranks of super-rich swell

According to the Hurun India Rich List 2024, India saw one new billionaire every five days in the past year

- FROM PAGE 1

decade, thus becoming the fastest growing segment in the financial services industry. "The next decade is going to be a golden era for the wealth management industry, where a significant amount of wealth creation will happen across all segments of the society, from retail clients to the ultra HNI clients," said Raghav Gupta, joint CEO of IIFL Capital.

Gupta added that the wealth management industry is likely to grow exponentially driven by the addition of high-net-worth individuals (HNIs). "The annual likely growth is minimum 20% over the next decade," he said.