India's Wealth Management Boom: A Trillion-Dollar Opportunity

The demand for wealth management services in India is projected to exceed USD 2.3 trillion by FY29, driven by rising incomes and changing macroeconomic factors. A report highlights a shift from physical to financial assets and emphasizes the importance of technology and data in meeting the growing demand.

The demand for wealth management services in India is set to more than double to USD 2.3 trillion by FY29, bolstered by rising income levels and changing macroeconomic trends, according to a Deloitte India report.

The report underscores a significant unmet demand in the wealth management sector, highlighting that USD 0.4 trillion of the USD 1.1 trillion in financial wealth will continue to be self-managed by FY24.

Experts highlight a shift from investments in physical assets like real estate and gold to financial assets such as mutual funds and equities. Wealth management firms are leveraging data modernization, cloud infrastructure, and cybersecurity to remain competitive in a tightly contested market.

(With inputs from agencies.)