Will the Number of India’s Dollar Millionaires Surge by 55% by 2029?
Click to start listening
Synopsis
India's wealth management market is on the brink of a major transformation. With a projected 55% increase in dollar millionaires by 2029, significantly outpacing the global average, this trend reflects the country's burgeoning economic power and the rise of a new generation of wealth creators.
Key Takeaways
- India's dollar millionaires are projected to increase by over 55% by 2029.
- This growth is significantly higher than the global average of 21%.
- Millennial entrepreneurs are key drivers of this change.
- AI and GenAI technologies are transforming wealth management.
- India's financial wealth grew by 10.8% between 2023 and 2024.
New Delhi, June 25 (NationPress) The wealth management landscape in India is poised for a remarkable transformation, with projections indicating that the count of dollar millionaires is set to rise by over 55% from 2024 to 2029. This growth significantly outstrips the global average of 21%, as highlighted in a report from the Boston Consulting Group (BCG) released on Wednesday.
Between 2014 and 2024, organic growth has shown considerable regional variation, with wealth managers in the Asia Pacific (APAC) achieving a staggering 50% growth rate, more than double that of their counterparts in EMEA (Europe, Middle East and Africa) and North America, largely propelled by emerging markets like India.
Mayank Jha, Managing Director & Partner at BCG, noted, “A generational wave of first-time wealth creators, particularly among millennial entrepreneurs and business leaders, is transforming the industry. As India ascends as a wealth management stronghold, precise customer segmentation and the comprehensive integration of AI and GenAI—from client prospecting to advisory services—will be essential for maintaining a competitive edge.”
The report further reveals that India’s total financial wealth surged by 10.8% between 2023 and 2024, surpassing the Asia-Pacific average of 7.3% and highlighting the nation’s burgeoning economic strength.
With projections indicating that the Asia-Pacific region will expand at 9% annually through 2029—significantly outpacing North America’s 4% and Western Europe’s 5% growth rates—India is set to become a pivotal force driving this global shift in financial wealth.
The ongoing evolution of India’s wealth management market marks a crucial shift in the financial arena, presenting unprecedented opportunities for advisors and institutions prepared to meet this emerging demand.
From 2014 to 2024, growth in Assets Under Management (AUM) varied widely by region. Wealth managers in APAC achieved a growth rate of 50%, significantly higher than their peers in EMEA and North America, mainly due to emerging markets like India. The report emphasizes that a generational wave of new wealth creators, especially millennials, has enabled both established and new advisors to attract a fresh clientele and assets.
Advanced GenAI-powered prospecting tools are now utilizing external data to create detailed client profiles—such as business owners, expatriates, and high-income professionals—and monitor digital indicators that signal potential investable wealth. The strength of these tools lies not just in identifying prospects, but in prioritizing them effectively. Early adopters have reported a fivefold increase in leads and double the conversion rates, according to the report.
Point of View
I believe that the projected growth of dollar millionaires in India reflects a significant shift in the economic landscape. The rise of millennial entrepreneurs and the integration of advanced technologies in wealth management are driving this change. It is imperative for financial institutions to adapt to these trends to effectively meet the evolving needs of this emerging clientele.
NationPress
25/06/2025
Frequently Asked Questions
What is driving the increase in dollar millionaires in India?
The increase is fueled by a new generation of wealth creators, particularly millennials, along with the rise of advanced technologies in wealth management.
How does India's growth compare to global averages?
India's projected growth of over 55% significantly surpasses the global average of 21% for dollar millionaires.
What role does technology play in wealth management?
Technologies like AI and GenAI are crucial for effective client prospecting and advisory services, enhancing the ability of wealth managers to cater to clients.
What does this growth mean for financial institutions?
This growth presents unprecedented opportunities for financial advisors and institutions to attract new clients and assets, requiring them to adapt to changing market dynamics.
What is the significance of the Asia-Pacific region in this growth?
The Asia-Pacific region, particularly India, is projected to lead global growth in wealth management, with rates well ahead of North America and Western Europe.
