Rising millionaires driving India’s wealth mgmt boom: Experts

India’s wealth management industry is entering a defining phase as a swelling pool of high-net-worth (HND and ultrahigh-networth (UHNI) individuals fuels demand for sophisticated financial advice and innovative investment products, top executives said at the Business Standard BFSI Summit 2025.

- BS REPORTER

The country’s millionaire households have nearly doubled since 2021, with smaller towns and cities adding significantly to the growth. This surge — driven by economic expansion and a shift towards financialisation — is transforming the wealth management landscape, making services more accessible and technology-driven, echoed most panellists during a discussion with Samie Modak of Business Standard.

Anas Rahman Junaid, founder and chief researcher at Hurun India, said, “From a wealth creation standpoint, India is now on steroids.”

He pointed out that India’s gross domestic product (GDP) grew by $1 trillion over the last four years and is expected to rise by another $2 trillion by 2030. This could double the country’s HNI and UHNI base.

Rajesh Saluja, managing director (MD), ASK Private Wealth, said India still has considerable headroom to grow.

“India now has about 1,600 dollar billionaires compared to 11,000 in the US. While the US has nearly 3.4 million dollar millionaires, India has fewer than 600,000. We have a massive runway ahead,” he said, adding that HNI and UHNI populations are growing at around 8-9 percent annually.