3 hrs ago
India’s Wealth Market Seen Reaching $436 Billion by 2034
Emkay Wealth thinks India’s wealth-management market could become much larger by 2034.
It estimates the market may rise from $171 billion in 2025 to $436 billion.
This means people may invest more of their savings in financial products instead of physical assets or bank deposits.
More people are also entering markets through mutual funds and systematic investment plans.
Wealth managers will likely offer advice on spreading money across investments, taxes and family inheritance.
Wealthy families are considering products such as private credit, structured products and overseas investments.
Family offices may also need help with succession, governance and philanthropy.
Technology will make investing easier, while human advisers will continue helping with complicated decisions.
Economic and global risks could still affect how investors allocate their money.
Emkay Wealth forecasts India’s wealth-management market will grow from $171 billion in 2025 to $436 billion by 2034.
The firm projects a compound annual growth rate of approximately 10.6% over the period.
Rising incomes, financialisation of household savings and greater capital-market participation are expected to drive expansion.
Demand is shifting toward asset allocation, diversification, taxation and succession planning rather than individual products alone.
Digital platforms and human advisers are combining in a “phygital” model as competition and investment choices increase.
- Who
- Emkay Wealth Management, led by CEO Parag Morey, provided the market forecast.
- What
- India’s wealth-management market is projected to grow 2.5 times to $436 billion by 2034.
- Where
- India, with potential overseas allocations through GIFT IFSC and global markets.
- When
- The forecast covers 2025 to 2034; the cited industry assets under management figure is for FY26.
- Why
- Growth is expected to come from rising incomes, financialisation of household savings, wider capital-market participation and demand for comprehensive wealth advice.
Key facts
- Projected market size
- $436 billion by 2034
- Estimated 2025 market size
- Around $171 billion
- Projected CAGR
- Approximately 10.6% from 2025 to 2034
- Current HNI share
- High-net-worth individuals account for an estimated 62.8% of the market
- Mutual-fund industry assets
- Quarterly average assets under management were around ₹77.98 lakh crore in FY26
- 10-year benchmark yield
- Around 6.80%, with potential movement toward 7.10%
- Emerging service model
- “Phygital,” combining digital tools with human advice
Quotes
Emkay Wealth Management
Wealth-management firm describing a model that combines digital tools with human advice
“investors are looking beyond individual products and seeking a more integrated approach to wealth accumulation, preservation and transfer.”
CNBC TV 18
“phygital”
CNBC TV 18
Sources
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