India’s wealth management industry is entering a defining phase as a swelling pool of high-net-worth (HNI) and ultra-high-networth (UHNI) individuals fuels demand for sophisticated financial advice and innovative investment products, top executives said at the Business Standard BFSI Summit 2025. The country’s millionaire households have nearly doubled since 2021, with smaller towns and cities adding significantly to the growth. This surge driven by economic expansion and a shift towards financialisation is transforming the wealth management landscape, making services more accessible and technology-driven, echoed most panellists during a discussion with Samie Modak of Business Standard. Anas Rahman Junaid, founder and chief researcher at Hurun India, said, “From a wealth creation standpoint, India is now on steroids.” He pointed out that India’s gross domestic product (GDP) grew by $1 trillion over the last four years and is expected to rise by another $2 trillion by 2030. This could double the country’s HNI and UHNI base. Rajesh Saluja, managing director (MD), ASK Private Wealth, said India still has considerable headroom to grow. “India now has about 1,600 dollar billionaires compared to 11,000 in the US. While the US has nearly 3.4 million dollar millionaires, India has fewer than 600,000. We have a massive runway ahead,” he said, adding that HNI and UHNI populations are growing at around 8–9 per cent annually. Rahul Jain, president and head of Nuvama Wealth, noted that over the past decade, India’s wealthy have gradually shifted from traditional assets, such as real estate and gold, to financial investments. “Younger investors led the initial move into equities and mutual funds.
In recent years, older generations have also turned to professional wealth management often after monetising real estate assets to diversify their portfolios,” he said. According to Saluja, mature investors with experience across multiple market cycles are maintaining discipline amid volatility. “While equity remains the core holding, investors are seeking returns from fixed income, gold, and silver during periods of market consolidation,” he said. Allocations are also diversifying into alternatives, such as private credit, real estate investment trusts (Reits), infrastructure investment trusts (InvITs), and pre-IPO private equities. Jain said investor sentiment is split one group remains bullish on equities postconsolidation, while another prefers stability through fixed income and gold after subdued equity returns. Technology is emerging as a key enabler in broadening access to sophisticated products. Srikanth Subramanian, co-founder and chief executive oicer (CEO) of Ionic Wealth, said, “We aim to make investment opportunities once limited to the ultrarich accessible to a wider audience. It would be through technology, regulation, and fractionalisation, including tokenised or blockchain-based structures.” However, panellists added that human relationships remain at the heart of wealth management. “HNIs and UHNIs still prefer personalised advice. Technology should enhance, not replace, that touch,” Saluja said. Wealth managers and panellists agreed to play a vital role in guiding long-term discipline and strategy. “The real value now lies in helping clients stay committed to asset allocation and compounding over time rather than chasing products,” said Jain.
As the industry becomes more competitive and transparent, firms are under pressure to justify their fees and performance. Subramanian noted that wealth managers are being driven towards outcomebased advice and full fee transparency. Saluja added that professional standards must evolve. “Introducing certification requirements and accountability for relationship managers is essential to ensure client trust and industry credibility,” he said. Junaid highlighted that India’s wealth creation is no longer confined to major cities. “In 2015, only 25 non-metro towns featured ultra-rich individuals. That number has now grown to 113. The count of individuals with net worth above Rs 1,000 crore outside metros has risen from 87 to 755. Their combined wealth is more than double from Rs 7 trillion to Rs 16 trillion,” he said. He added that much of this new wealth is coming from sectors such as industrial products, construction, engineering, and local real estate. This reflects the rise in regional entrepreneurship and manufacturing, he said.
Younger investors led the initial move into equities and MFs. in recent years, older generations have also turned to professional wealth management RAHUL JAIN President & Head, Nuvama Wealth
From a wealth creation standpoint, India is now on steroids … in 2015, only 25 non-metro towns featured ultra-rich individuals. that number has now grown to 113 ANAS RAHMAN JUNAID Founder & Chief Researcher, Hurun India
While equity remains the core holding, investors are seeking returns from fixed income, gold, and silver during periods of market consolidation) RAJESH SALUJA Managing Director, ASK Private Wealth
We aim to make opportunities accessible to a wider audience via technology, regulation, and fractionalisation, including tokenised structures) SRIKANTH SUBRAMANIAN Co-founder & CEO, Ionic Wealth