India To Lead Global Wealth Growth With 55% Rise In Millionaires By 2029 | Business News

India To Lead Global Wealth Growth With 55% Rise In Millionaires By 2029 | Business News

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India’s financial wealth grew by 10.8% between 2023 and 2024, exceeding the Asia-Pacific average of 7.3%.

Global financial wealth surged to a record $305 trillion in 2024, propelled by an 8.1% rise in financial assets amid strong equity market performance.

India’s wealth management market is expected to see a seismic shift, with the number of dollar millionaires projected to increase by over 55% from 2024 to 2029, significantly outpacing the global average of 21%. From 2014 to 2024, organic growth in the APAC region reached 50%, driven by emerging markets like India. Millennials, particularly entrepreneurs and corporate leaders, are reshaping the industry. According to Mayank Jha, Managing Director & Partner at BCG, the integration of AI and GenAI in client prospecting and advisory services will be crucial for staying competitive.

Global financial wealth reached an unprecedented $305 trillion in 2024, an 8.1% increase driven by robust equity market performance. However, the industry’s organic growth needs renewed strategic focus.

Boston Consulting Group’s latest analysis shows only 28% of wealth manager asset growth over the past decade came from existing advisors, decreasing to 22% in mature markets. Firms have increasingly relied on mergers and acquisitions, market performance, and advisor recruitment, which are no longer sustainable for revenue growth.

Key Findings For India

India’s financial wealth grew by 10.8% between 2023 and 2024, exceeding the Asia-Pacific average of 7.3%. With the region expected to grow at 9% annually through 2029, India will play a vital role in this global shift. The number of dollar millionaires in India is set to grow by over 55% from 2024 to 2029, presenting significant opportunities for wealth managers.

Wealth managers in APAC achieved 50% organic growth from 2014 to 2024, driven by emerging markets like India. Millennials have enabled advisors to attract new clients and assets. GenAI-powered prospecting engines are now mapping detailed client archetypes and tracking digital signals preceding investable wealth, leading to fivefold increases in leads and doubled conversion rates for early adopters.

Global Trends and Strategic Imperatives

BCG’s Global Wealth Report 2025 highlights Asia-Pacific’s leading role in wealth creation, with an expected 9% CAGR. Cross-border wealth grew by 8.7%, reaching $14.4 trillion in 2029. Singapore and the UAE emerged as standout booking centres. Wealth management assets under management expanded by 13% in 2024, but revenue growth lagged at 7.1% due to changing rate environments. Universal banks outperformed pure-plays in organic growth.

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Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More

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