India’s Dollar Millionaires to Surge 55% by 2029: BCG Report
India’s wealth management market is witnessing a dramatic transformation, with the number of dollar millionaires projected to grow by over 55 per cent from 2024 to 2029. This growth rate significantly surpasses the global average of 21 per cent, according to a new report released by Boston Consulting Group (BCG).
Between 2014 and 2024, wealth managers in the Asia-Pacific (APAC) region achieved a 50 per cent rate of organic growth — more than double that of peers in Europe, the Middle East, Africa (EMEA), and North America. This surge is largely driven by emerging economies like India, where a new generation of wealth creators is rewriting the rules of private finance.
“A generational wave of first-time wealth creators, especially millennial entrepreneurs and corporate leaders, is reshaping the industry. As India rises as a wealth management powerhouse, sharp customer segmentation and the end-to-end integration of AI and GenAI — from prospecting to advisory to service — will be critical to staying ahead,” said Mayank Jha, Managing Director & Partner at BCG.
India’s financial wealth rose by 10.8 per cent between 2023 and 2024, outperforming the Asia-Pacific average of 7.3 per cent. This data underlines India’s strengthening economic momentum and its growing role in the global financial ecosystem.
Looking ahead, the Asia-Pacific region is expected to see annual growth of 9 per cent in financial wealth through 2029, outpacing North America (4 per cent) and Western Europe (5 per cent). India, with its expanding middle class and digital financial infrastructure, is expected to be a major driver of this trend.
BCG’s report emphasizes that India’s wealth management industry is in the midst of a fundamental shift. A generational boom in first-time wealth creators, primarily millennials, has enabled both new and legacy firms to tap into a rapidly growing client base and assets.
Artificial Intelligence and Generative AI are also playing a pivotal role. GenAI-powered tools are now being used to analyze external data, map detailed client profiles — such as business owners, expats, and high-income professionals — and track digital signals that often precede the creation of investable wealth.
These advanced tools don’t just identify prospects — they help prioritize leads. Wealth managers who have embraced these technologies are already witnessing a fivefold increase in potential client leads and double the conversion rates.
India’s wealth landscape is evolving rapidly, and firms that adopt technology, prioritize younger investors, and customize offerings stand to gain the most from this unprecedented financial expansion.
