Of the at least $1.1 trillion held by the country’s top households, defined as those with annual incomes of $25,000 or more, at the end of FY24, only about $0.7 trillion was addressed by registered wealth managers, according to a 2025 Deloitte report. This leaves an estimated $0.4 trillion in unmet demand.
This pool of household wealth is being serviced by a limited universe of private wealth managers, financial advisers, mutual fund distributors and registered investment advisers. Specialized wealth managers are only able to meet 11% of the demands of the country’s top 1% households, as per a Bernstein report from 2025. These include listed platforms like 360 One Wealth, Anand Rathi Wealth, Nuvama Wealth, as well as private players like Kotak Wealth, Julius Baer India. Waterfield Advisors, and Avendus Wealth.
Most high-net-worth and ultra-high-net-worth demand, Bernstein noted, remains either self-managed, handled by accountants, or serviced by domestic banks and brokers offering limited customization, as well as independent advisers that lack scale.
The imbalance has turned wealth management into one of the country’s most active dealmaking sectors, drawing global banks, foreign asset managers and domestic lenders eager to secure access to India’s affluent and ultra-high-net-worth clients.
“The velocity at which investable capital is forming in India has surpassed the speed at which many institutions can build organic advisory capability,” said Feroze Azeez, joint CEO of Anand Rathi Wealth. The scarcity of established platforms, he said, is drawing foreign capital seeking direct access to Indian wealth while pushing domestic banks to race for specialized capabilities.
India is now among the world’s fastest-growing wealth markets, with wealth creation accelerating across entrepreneurs, professionals and salaried classes, said Prakash Bulusu, joint CEO of IIFL Capital. “This expanding client base demands personalized investment advisory services…Those rare firms offering all services are in focus.”
The opportunity is only expected to widen. Bernstein estimates that the country’s serviceable wealth is expected to triple from $3 trillion in FY25 to $9 trillion by FY35.
Firms race for scale
Several international and domestic banks, and asset managers are moving quickly to capture a share of this growth.
Sumitomo Mitsui Banking Corp. and Emirates NBD Bank, which recently received Reserve Bank of India approval to set up wholly owned subsidiaries, are still deciding whether to build organically or acquire existing platforms, according to two people aware of the matter.
Jefferies is also looking to enter India’s mutual fund space through an organic buildout, a third person said. SMBC, Emirates NBD did not respond to emailed queries, while a Jefferies spokesperson refused to comment.
Domestic players are also reassessing growth strategies. Mint reported earlier this month that investment bank DAM Capital is preparing for a potential foray into wealth management and alternative investment funds.
Some deals are already delivering shortcuts to scale. Boston-based State Street Corp. recently invested ₹580 crore in fintech platform Groww’s asset management business. Last month, Mizuho Financial Group agreed to acquire KKR’s majority stake in Avendus Capital, giving the Japanese lender immediate access to the firm’s ultra-high-net-worth client relationships.
Deutsche Bank AG’s India retail and wealth management business, valued at $2.5 billion, has reportedly drawn binding bids from Kotak Mahindra Bank Ltd and Federal Bank Ltd.
Affluence fuels the rush
The primary driver of this deal activity is the rise of India’s affluent class, industry experts explained. They said that the number of high-net-worth and ultra-high-net-worth individuals in India has surged in recent years, fuelling demand for sophisticated wealth management services.
In 2025, India had four of the top 10 cities globally for ultra-high-net-worth individuals, according to wealth intelligence firm Altrata – the financial hub of Mumbai; Bengaluru and Hyderabad, centres for IT and business services; and the national capital, Delhi.
The Mercedes-Benz Hurun India Wealth Report 2025 noted nearly a 200% rise in India’s millionaire households. It estimated that India now has 871,700 households with net worth above ₹8.5 crore, or approximately $1 million, almost double the 2021 figure of 458,000, representing 0.31% of all households.
Between 2017 and 2025, million-dollar households grew 45%, though only a small share entered ultra-rich categories. The report also found that 83% of respondents remained confident about India’s economic growth over the next three years.
The surge in India mirrors a global trend. In 2025, M&A targeting investment and wealth management firms surged as firms repositioned for rising demand in alternatives and a multi-trillion-dollar generational wealth transfer, with deal volumes at record highs globally.
As per Deloitte 2026 Investment Management Outlook report, deal volume in the first half of 2025 jumped 46% year-on-year, making it the most active first half in more than a decade. As in 2023, a substantial share of these transactions targeted wealth management and investment advisory firms.
“The continued expansion of alternative investment offerings helps underscore the vital role wealth management firms can play in helping high-net-worth individuals and retail investors make informed investment decisions,” the same report said. “Additionally, with trillions of dollars set to shift between generations over the coming decades, many investment firms are taking notice and positioning themselves accordingly.”
India’s current wave of deals builds on a key consolidation in early 2025, when 360 ONE WAM Ltd acquired UBS Group AG’s onshore India wealth management business, consolidating roughly 80 family office relationships alongside its assets under management. UBS retained a minority stake rather than continuing independently.
Meanwhile, global firms that previously exited India are returning. BlackRock Inc., which ended its DSP partnership in 2018, re-entered in 2023 through a joint venture with Jio Financial Services Ltd, with chairman Larry Fink calling it a “major step” in expanding the firm’s global presence. Jio BlackRock received final registration and approval from the Securities and Exchange Board of India to begin operations in May 2025.
Looking ahead, the trend shows no signs of slowing. Deloitte expects continued consolidation through 2026, driven by the integration of public and private market products and competition for scarce wealth-management scale.
