India’s Dollar Millionaires Set To Rise 55% By 2029: Report

From 2014 to 2024, organic growth varied sharply by region, with wealth managers in the Asia Pacific region achieving rates of 50 per cent, more than double that of their peers in EMEA & North America

India’s wealth management market is undergoing a fundamental transformation

Source : Freepik

India’s wealth management market is undergoing a seismic shift, with the number of dollar millionaires expected to grow by over 55 per cent from 2024 to 2029 -- far outpacing the global average of 21 per cent, according to a Boston Consulting Group (BCG) report released on Wednesday.

From 2014 to 2024, organic growth varied sharply by region, with wealth managers in the Asia Pacific region (APAC) achieving rates of 50 per cent -- more than double that of their peers in EMEA (Europe, Middle East and Africa) and North America, driven decisively by emerging markets like India, the report states.

“A generational wave of first-time wealth creators, especially millennial entrepreneurs and corporate leaders, is reshaping the industry. As India rises as a wealth management powerhouse, sharp customer segmentation and the end-to-end integration of AI and GenAI -- from prospecting to advisory to service -- will be critical to staying ahead,” says Mayank Jha, Managing Director & Partner, BCG

According to the report, India’s financial wealth rose by 10.8 per cent between 2023 and 2024, surpassing the Asia-Pacific average of 7.3 per cent and underscoring the country’s growing economic muscle.

With Asia-Pacific projected to grow at 9 per cent annually through 2029 -- well ahead of North America’s 4 per cent and Western Europe’s 5 per cent growth rates -- India is poised to be a key engine powering this global shift in financial wealth.

India’s wealth management market is undergoing a fundamental transformation. The rapid expansion marks a significant shift in the financial landscape and signals unprecedented opportunity for advisors and institutions ready to serve this emerging demand.

Organic growth of AUM from 2014-24 varied sharply by region, with wealth managers in APAC achieving rates of 50 per cent -- more than double that of their peers in EMEA and North America, driven largely by emerging markets like India. A generational surge in first-time wealth creators, especially millennials, has enabled both new and established advisors to attract fresh clients and assets, the report points out.

GenAI-powered prospecting engines are now leveraging external data to map detailed client archetypes -- like business owners, expats, and high-income professionals -- and track the digital signals that often precede investable wealth. What makes them powerful is not just identifying names, but prioritising them. Early movers have already seen a fivefold increase in leads and double the conversion rates, the report added.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)