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Hans India
8 hours ago
- Business
- Hans India
India Witnesses Surge in Wealth Growth, Outpaces APAC; Eyes 55% Rise in Millionaires by 2029: BCG Report
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. Yet beneath this headline growth, the industry's underlying engine, namely organic expansion, needs renewed strategic focus. New proprietary analysis by Boston Consulting Group reveals that just 28% of wealth manager asset growth over the past decade came from existing advisors, falling to 22% in mature markets. Instead, firms leaned heavily on external levers such as M&A, market performance, and advisor recruitment—all of which can no longer be relied on to increase revenue. 'India's wealth management market is undergoing a seismic shift, with the number of dollar millionaires expected to grow by over 55% from 2024 to 2029—far outpacing the global average of 21%. From 2014 to 2024, organic growth varied sharply by region, with wealth managers in APAC achieving rates of 50% —more than double that of their peers in EMEA and North America. driven decisively by emerging markets like India. 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 Key India Findings: India's financial wealth rose by 10.8% between 2023 and 2024—surpassing the Asia-Pacific average of 7.3% and underscoring the country's growing economic muscle. With Asia-Pacific projected to grow at 9% annually through 2029—well ahead of North America's 4% and Western Europe's 5%—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 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% from 2024 to 2029. This 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% —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 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 prioritizing them. Early movers have already seen fivefold increase in leads and double the conversion rates 'What defines winners today is no longer exposure to market performance or the ability to poach senior bankers, but their ability to grow from within,' said Michael Kahlich, managing director and partner at BCG. 'Firms that deliberately invest in advisor enablement, brand identity, and next-gen client strategies are outperforming peers—not just in revenue, but also in valuation multiples.' These are among the key findings of BCG's Global Wealth Report 2025: Rethinking the Rules for Growth: Cross-border wealth surged by 8.7%, reaching $14.4 trillion in 2024. This is an acceleration over the prior four-year average annual growth of 6.3%, given increasing demand for geographic diversification and safe havens. Singapore (11.9% growth) and the UAE (11.1%) emerged as standout booking centers, with Switzerland, Hong Kong, and Singapore expected to absorb two-thirds of all new cross-border wealth by 2029. Wealth management assets under management (AuM) expanded by 13% in 2024, significantly faster than overall financial wealth (8.1%), yet revenue growth lagged at 7.1%, as many firms saw falling margins on the back of a changing rate environment. Universal banks outpaced pure-plays in organic growth, generating 32% of their AuM growth from existing advisors—double that of pure-play firms (15%) benefitting from structural advantages in lead generation. Firms are starting to deploy GenAI for prospecting, with some early movers reporting fivefold increases in lead generation and a doubling of conversion rates. Meanwhile, those integrating data-driven client retention systems saw up to 15% increases in product revenue and 20–30% boosts in productivity. Strategic Imperatives: The report identifies four high-impact levers for firms looking to elevate their organic growth engines: Brand Differentiation: Building trust and relevance through clear identity and messaging while strengthening digital marketing GenAI-Driven Client Acquisition: Using agentic AI to identify high-potential prospects, build comprehensive profiles, and enable highly personal outreaches Data-Driven Recommendation Systems: By integrating data across all business lines, wealth managers can build a comprehensive view full of signals about what a client might need next. Next-Gen Client Engagement: Personalizing the client journey for younger investors with digital-native expectations 'The rules of the game are shifting. Firms that embrace AI-enabled prospecting, personalized onboarding, and digital tools that boost productivity will be the ones to capture the next wave of growth,' said Daniel Kessler, managing director and senior partner at BCG and co-author of the report. 'Wealth is being created globally, but the challenge for wealth managers will be to capture it.'
India Gazette
8 hours ago
- Business
- India Gazette
India witnesses surge in millionaires, outpacing Asia Pacific; eyes 55% rise by 2029
Mumbai (Maharashtra) [India], June 25 (ANI): 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 per cent from 2024 to 2029 -- far outpacing the global average of 21 per cent, 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 per cent --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 per cent from 2024 to 2029--far outpacing the global average of 21 per cent,' he said. '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,' Jha added. Global financial wealth surged to a record USD 305 trillion in 2024, propelled by an 8.1 per cent rise in financial assets amid strong equity market performance. According to BCG, India's financial wealth rose by 10.8 per cent between 2023 and 2024, surpassing the Asia-Pacific (APAC) 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--India is poised to be a key engine powering this global shift in financial wealth. This rapid expansion in India 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 Asset Under Management (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. 'What defines winners today is no longer exposure to market performance or the ability to poach senior bankers, but their ability to grow from within,' said Michael Kahlich, managing director and partner at BCG. 'Firms that deliberately invest in advisor enablement, brand identity, and next-gen client strategies are outperforming peers--not just in revenue, but also in valuation multiples,' added Kahlich. (ANI)
Time of India
10 hours ago
- Business
- Time of India
Millionaire boom in India: Millionaires projected to rise 55% by 2029, outpacing Asia Pacific says BCG report
AI image India is witnessing a sharp rise in the number of high-net-worth individuals, with the millionaire population expected to grow over 55% between 2024 and 2029—more than double the global average of 21%, according to a new report by Boston Consulting Group (BCG). Releasing its latest outlook on Wednesday, BCG said India's financial wealth surged 10.8% between 2023 and 2024, outpacing the Asia-Pacific (APAC) average of 7.3%. The country is now seen as a key engine in the global shift of financial wealth, with the APAC region projected to grow at 9% annually through 2029, ahead of North America (4%) and Western Europe (5%), according to ANI. 'India's wealth management market is undergoing a seismic shift, with the number of dollar millionaires expected to grow by over 55% from 2024 to 2029—far outpacing the global average,' said Mayank Jha, Managing Director and Partner at BCG. He added that a generational wave of first-time wealth creators, particularly millennial entrepreneurs and corporate leaders, is reshaping the industry. "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,' Jha said, quoted PTI. BCG's global report showed financial wealth reached a record $305 trillion in 2024, buoyed by an 8.1% jump in financial assets on the back of robust equity market performance. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo In the decade leading to 2024, organic growth of Assets Under Management (AUM) in APAC was 50%—more than double the rates seen in Europe, the Middle East, and Africa (EMEA), and North America. Emerging markets like India were a key driver of this growth. Michael Kahlich, Managing Director and Partner at BCG, said firms that focus on advisor enablement, brand identity, and next-generation client strategies are outperforming peers. 'What defines winners today is no longer exposure to market performance or the ability to poach senior bankers, but their ability to grow from within,' he said. The report highlighted the opportunity for wealth management firms and financial advisors to capture new demand, as India emerges as a top-tier destination for financial services growth. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Times of Oman
12 hours ago
- Business
- Times of Oman
India witnesses surge in millionaires, outpacing Asia Pacific; eyes 55% rise by 2029
Mumbai: 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 per cent from 2024 to 2029 -- far outpacing the global average of 21 per cent, Boston Consulting Group (BCG) said in a report on Wednesday. "From 2014 to 2024, organic growth varied sharply by region, with wealth managers in Asia Pacific achieving rates of 50 per cent --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 per cent from 2024 to 2029--far outpacing the global average of 21 per cent," he said. "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," Jha added. Global financial wealth surged to a record $305 trillion in 2024, propelled by an 8.1 per cent rise in financial assets amid strong equity market performance. According to BCG, India's financial wealth rose by 10.8 per cent between 2023 and 2024, surpassing the Asia-Pacific (APAC) 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--India is poised to be a key engine powering this global shift in financial wealth. This rapid expansion in India 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 Asset Under Management (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. "What defines winners today is no longer exposure to market performance or the ability to poach senior bankers, but their ability to grow from within," said Michael Kahlich, managing director and partner at BCG. "Firms that deliberately invest in advisor enablement, brand identity, and next-gen client strategies are outperforming peers--not just in revenue, but also in valuation multiples," added Kahlich.
