Number of India's dollar millionaires to surge 55% by 2029
New Delhi: 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.
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