Archive · 18 Sep 2026
India’s Wealth-Management Market Seen Reaching $436 Billion by 2034
Emkay Wealth Management thinks India’s wealth-management market could become much larger by 2034.
It estimates the market may grow from about $171 billion in 2025 to $436 billion.
This would represent growth of about 10.6% each year on average.
More Indian households are moving savings from physical assets and bank deposits into financial products.
Mutual funds, equities and SIPs are helping more people participate in financial markets.
Investors are also asking for help with spreading money across investments, taxes and family inheritance.
Wealthy families are considering options such as private credit, structured products, alternative investments and overseas assets.
Family offices may also need help with governance, philanthropy and passing wealth to future generations.
Technology can make investing easier, while human advisers can help with complicated decisions.
Emkay Wealth Management projects India’s wealth-management market will grow from about $171 billion in 2025 to $436 billion by 2034.
The firm estimates compound annual growth of approximately 10.6% over the period.
Rising incomes, financialisation of household savings and wider capital-market participation are expected to drive expansion.
Investors are increasingly seeking advice on asset allocation, diversification, taxation, succession and estate planning alongside individual products.
Digital platforms and human advisers are combining in a “phygital” model, while global diversification and alternative investments gain importance.
- Who
- Emkay Wealth Management, led by CEO Parag Morey, provided the forecast.
- What
- India’s wealth-management market is projected to grow about 2.5 times, reaching $436 billion by 2034 from around $171 billion in 2025.
- When
- The projection covers 2025 to 2034; the cited mutual-fund assets figure is for FY26.
- Where
- India, with potential overseas diversification through global markets and GIFT IFSC.
- Why
- Growth is expected to be driven by rising incomes, financialisation of household savings, greater capital-market participation and demand for professional, integrated wealth advice.
- 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
- Fixed-income outlook
- The 10-year benchmark yield was around 6.80%, with potential movement toward 7.10%
- Emerging service model
- “Phygital,” combining digital tools with human advice
