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 ANI.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.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.
