India: Rapid wealth creation fuels fast growth for India’s advisors and wealth managers
Wealth creation in India is booming, with the number of ultra-wealthy individuals likely to double in the next decade, according to the latest Knight Frank Wealth Report. The report says India was home to 1,652 ultra-high net worth individuals in 2014, but that number is likely to grow to 3,371 by the year 2024, up from 622 just ten years ago.
Indian billionaires grow in number
Such figures suggest that in ten years’ time only the US, China and Russia will have more billionaires than India, and reveal the huge potential for growth in the country’s domestic wealth management industry.
Family offices created for the first time in India
Himanshu Kohli is the co-founding partner at Client Associates, having previously worked with Deutsche Bank Private Banking and DSP Merrill Lynch in India. He is credited with pioneering the concept of the family office in the country, and says: “Wealth is growing in India and went up 28% in the last twelve months according to the latest World Wealth Report. At the same time, the number of millionaires grew by 26%. In the next ten years, a substantial amount of wealth creation will happen in India, and people will unlock the value in their businesses. Over the next five to ten years, I think India will be the highest growth region in the world in terms of wealth management.
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