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India's Millionaire Count Surges, Set to Rise 55% by 2029
The Business Guardian
|June 26, 2025
The number of individuals in the top wealth brackets-those with more than a million dollars in financial wealth-is set to grow by over 55 percent from 2024 to 2029-far outpacing the global average of 21 percent, Boston Consulting Group (BCG) said in a report Wednesday.
From 2014 to 2024, organic growth varied sharply by region, with wealth managers in Asia Pacific achieving rates of 50 percent-more than double that of their peers in Europe, the Middle East and Africa (EMEA) and North America, driven decisively by emerging markets like India.
Mayank Jha, Managing Director and Partner, BCG, said, "India's wealth management market is undergoing a seismic shift, with the number of dollar millionaires expected to grow by over 55 percent from 2024 to 2029-far outpacing the global average of 21 percent." He said, "A generational wave of first-time wealth creators, especially millennial entrepreneurs and corporate leaders, is reshaping the industry.
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