India’s asset and wealth management industry is set to grow to $1.7 trillion in assets under management by 2030, up from $0.9 trillion in 2024, with an 11.6% compound annual growth rate, as per a report. The industry’s growth is attributed to the rise in institutional capital pools and retail financialization, according to a report by PwC.
The report also notes that India’s growth aligns with the broader Asia-Pacific trend, where assets under management are expected to increase from $23.2 trillion in 2024 to $34.5 trillion by 2030, at a 6.8% CAGR. However, achieving the projected growth in India will require specific operating model choices tailored to the Indian market.
Factors contributing to India’s growth include public digital infrastructure, regulatory reforms, and the development of GIFT City, enhancing the capital base. Vivek Prasad, Chief Commercial Officer and Financial Services Leader at PwC India, emphasized that India’s journey to $1.7 trillion in assets by 2030 reflects a deepening domestic capital base and increased participation in formal financial markets.
India’s financial landscape boasts 78–80% banked penetration, with UPI processing $2.5 trillion in transactions annually and 1.4 billion Aadhaar digital IDs in circulation. The rise of discount brokers has led to 192 million demat account holders, while monthly SIP inflows exceeding $3 billion contribute around $36 billion in annual equity flow.
Moreover, over 40% of new SIPs originate from Tier 2, 3, and 4 cities, signaling broader participation beyond metros, although average ticket sizes and product complexity in these areas remain modest. On the institutional front, entities like the Employees Provident Fund Organisation, the National Pension System, and insurance assets are gradually expanding their equity, alternatives, and global allocations.
