India’s wealth landscape is undergoing a structural transformation. Over the last two decades, rising entrepreneurship, financial market deepening, and intergenerational transfers have reshaped the country’s wealth pyramid. Today, the top 1% of Indian households control around $11.6 trillion in assets, with more than $2.7 trillion already liquid and serviceable by wealth managers.
This concentration of wealth, combined with a rapid rise in new-age millionaires and billionaires, is giving birth to one of the world’s most exciting wealth management markets. Specialized wealth managers and platforms are just scratching the surface of an opportunity that could expand fivefold over the next decade.
According to Bernstein, the top 1% of Indian households control 60% of the nation’s total wealth.
Breaking this top tier down further:
Together, these segments form the “uber-rich”, about 3 million households that sit at the apex of India’s wealth distribution. This is the core client base of specialized wealth managers.
Of the $11.6 trillion controlled by the uber-rich, a large portion remains locked in real estate, gold, and promoter equity stakes. But about $2.7 trillion is already liquid sitting in deposits, equities, mutual funds, and insurance.
This pool is expected to triple by 2035, reaching $9 trillion as more promoter holdings are monetized through IPOs, block sales, and secondary transactions. Meanwhile, specialized wealth managers are expected to grow their market share from 11% today to 17%, implying a fivefold jump in managed assets from $300 billion to $1.6 trillion over the next decade.
The tailwinds are powerful:
At first glance, wealth management may seem like a developed-market business. How can it thrive in an economy where per capita income is only $3,000 per year?
The answer lies in wealth concentration. India already ranks third in the world by number of billionaires and fourth by the number of individuals with a net-worth of $10 million or more. Mumbai alone counts 67 billionaires, ranking it sixth globally among cities.
For wealth managers, the size of the market in India is defined not by average income but by the number of HNI and UHNI households. And by that measure, India is already one of the largest pools of untapped opportunity in the world.
Traditionally, Indian UHNIs relied on family accountants or self-managed investments. Banks captured another slice of the market with private banking arms. But both models fall short for today’s wealthy clients:
This leaves a gap for specialized wealth managers who combine personalized relationship management with access to a full suite of financial and alternative products. Their ability to serve as one-stop shops, offering distribution, advisory, loans against shares, alternative investments, and even estate planning, gives them a structural edge.
Another sign of maturity in India’s wealth ecosystem is the rise of advisory over distribution models.
Historically, wealth managers earned through distribution commissions from AMCs. Now, savvy UHNIs are opting to pay fees directly, eliminating conflicts of interest and lowering overall costs.
While this shift puts pressure on yields, it also lengthens client stickiness and raises lifetime value, a sign of a market evolving toward global norms.
A defining trend in India’s wealth management industry is the rising allocation to alternative assets. Wealthy clients are moving beyond traditional equities into PMS, AIFs, private equity, and structured products.
For UHNIs, alternatives are becoming an essential part of portfolio construction, offering higher returns, diversification, and differentiated access. For wealth managers, alternatives matter because:
India’s alternatives market is still at an early stage compared to global peers, but with liquid wealth set to triple by 2035, alternatives will be a central driver of growth for wealth platforms.
If net new money is the “north star metric” for wealth managers, relationship managers (RMs) are the engines.
India’s wealth platforms are in a talent war, competing to attract and retain top RM talent. The scarcity of experienced UHNI RMs makes them particularly valuable, while the HNI space offers scalability by hiring from the large pool of private bank RMs.
Despite the growth runway, risks remain:
Yet these risks also underline why the sector is consolidating, with a handful of dominant players expected to emerge over time.
India’s wealth management story is about concentration, financialization, and institutionalization. With $2.7 trillion already in play and $9 trillion expected by 2035, specialized wealth managers are perfectly positioned to capture this growth.
As more IPOs, secondaries, and promoter stake sales unlock liquidity, the uber-rich are turning to professional platforms for advice, access, and sophistication. For investors, entrepreneurs, and market-watchers, this marks the beginning of a new era: the decade of wealth management in India.
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