India’s private wealth boom as AUM hits new heights
Top 30 companies
The combined AUM of India’s top 30 private wealth management companies reached US$800 billion in 2024, as firms began to venture into the private markets space and expand their coverage of global markets. In terms of individual rankings, ICICI Bank Private Banking, Kotak Private Banking, and Axis Bank retained the top three positions.
Record RM headcount
Headcount soars past 10,000
The number of RMs working in India’s private banking and wealth management industries soared past 10,000 for the first time in 2024, as firms broke into the affluent segment and expanded their footprints across the country.
Sustained double-digit growth
Increasingly sophisticated clients
With the continued formalisation of India’s economy and the increasing financialisation of assets, industry players expect rising investor sophistication and a growing investor base, accompanied by a greater focus on transparency, personalisation, and long-term financial planning, particularly within the HNW and UHNW segments.
