New Delhi, June 25 (IANS): India is set to witness a staggering 55 per cent surge in the number of dollar millionaires between 2024 and 2029, significantly outpacing the global average growth of 21 per cent, according to a new report released by Boston Consulting Group (BCG) on Wednesday.
The report highlights India’s emergence as a global wealth management powerhouse, driven by a new generation of first-time wealth creators, particularly millennial entrepreneurs and corporate leaders. This demographic shift is reshaping the wealth landscape and fueling demand for advanced financial advisory services.
“India’s rise in wealth creation calls for sharper customer segmentation and seamless integration of AI and GenAI across the wealth management cycle, from prospecting and advisory to service delivery,” said Mayank Jha, Managing Director and Partner at BCG.
Between 2023 and 2024, India’s financial wealth grew by 10.8 per cent, outstripping the Asia-Pacific average of 7.3 per cent and reflecting the country’s accelerating economic momentum. The Asia-Pacific region as a whole is expected to post a 9 per cent annual growth rate through 2029, ahead of North America’s 4 per cent and Western Europe’s 5 per cent.
From 2014 to 2024, wealth managers in the Asia-Pacific region achieved asset-under-management (AUM) growth rates of 50 per cent, more than double the growth seen in Europe, the Middle East and Africa (EMEA), and North America. Much of this momentum stems from emerging economies like India.
The report also underscores how India’s wealth management sector is undergoing a structural transformation. With the rapid rise of high-net-worth individuals, the market offers unprecedented opportunities for advisors and institutions able to adapt to shifting customer needs.
A key driver of this shift is the adoption of next-generation technologies like GenAI. Advanced AI-powered prospecting tools are now using external data to map detailed client archetypes—such as business owners, expatriates, and high-income professionals—and identify behavioral patterns that indicate growing wealth. These tools not only pinpoint prospects but also help prioritize leads, resulting in a fivefold increase in lead generation and double the client conversion rates for early adopters.
As India positions itself as a central player in global wealth creation, the report suggests that the ability to harness digital transformation will be crucial for wealth managers looking to sustain long-term growth in a rapidly evolving financial ecosystem.
