
Summary:
The demand for wealth management services is expected to more than double, with assets under management (AUM) increasing from Rs. 95,23,800 crore (US$ 1.1 trillion) in FY24 to Rs. 1,99,13,400 crore (US$ 2.3 trillion) in FY29. This growth will be driven by macroeconomic factors, rising incomes, and an increase in affluent households. Deloitte India predicts a significant unmet demand, with Rs. 34,63,200 crore (US$ 0.4 trillion) still self-managed.
A key trend is the shift from tangible assets like real estate and gold to financial assets such as mutual funds, stocks, and portfolio management services. From FY17 to FY24, mutual fund AUM grew at an annual rate of 16.2%, reaching Rs. 56,36,358 crore (US$ 651 billion). Wealth management firms are increasingly adopting new technologies like cloud infrastructure and cybersecurity. Vijay Mani of Deloitte India highlights the importance of understanding consumer needs, offering specialized products, and leveraging hybrid operating models to remain competitive.
Source: IBEF
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