India's asset and wealth management (AWM) industry is projected to reach US$1.7 trillion in assets under management (AuM) by 2030, up from US$0.9 trillion in 2024 — a compound annual growth rate of 11.6% as per PwC's report titled “Ahead of the Curve: Asset and Wealth Management Revolution Asia-Pacific.”
The report highlights India’s dual-engine market in which institutional capital pools and retail financialisation are developing in parallel.
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The growth outlook sits within a broader Asia-Pacific picture in which AuM is forecast to rise from US$23.2 trillion in 2024 to US$34.5 trillion by 2030, at a regional CAGR of 6.8%. India's pace is faster than the regional average, but the report is clear that converting that headline opportunity into profitable, sustainable AuM will require operating model choices that are specific to the Indian market.
"India's path to US$1.7 trillion in AWM assets by 2030 reflects something larger than the asset management industry itself. It is a sign of a deepening domestic capital base, wider participation in formal financial markets, and the gradual channelling of household savings into long-term investment,” said Vivek Prasad, Chief Commercial Officer and Financial Services Leader, PwC in India.
“Public digital infrastructure, steady regulatory reform, and the emergence of GIFT City as an international financial gateway are each contributing to this shift. The task now — for industry, regulators, and policymakers alike — is to ensure that this growth is matched by the quality of advice, governance, and investor protection that a market of this scale will demand," Prasad added.
India has 78–80% banked penetration, UPI processes US$2.5 trillion in transactions annually, and there are 1.4 billion Aadhaar digital IDs in circulation. The disintermediation of bank distribution by discount brokers has contributed to 192 million demat account holders, while monthly SIP inflows exceeding US$3 billion translate into around US$36 billion of annual equity flow.
More than 40% of new SIPs now originate from Tier 2, 3, and 4 cities, indicating that participation is broadening beyond the metros — though average ticket sizes and product complexity in these segments remain modest.
"India is not a single market for AWM firms — it has at least two distinct ones running in parallel. The retail side is being shaped by UPI, Aadhaar, and the rise of digital-first investors from Tier 2, 3, and 4 cities, which calls for mobile-first product and distribution design,” said Sidharth Diwan, Partner and Leader – Asset and Wealth Management, PwC India.
“The institutional and High Net Worth (HNW) side is being shaped by reforms in pensions, insurance, and alternatives, where allocations remain well below global benchmarks. For most managers, the practical question is sequencing — which capabilities to build first, and how to participate in both inbound and outbound flows over the next three to five years,” Diwan further said.
On the institutional side, the Employees Provident Fund Organisation (US$280 billion), the National Pension System (with PFRDA targeting US$1 trillion by 2030), and insurance assets (US$650 billion) are gradually expanding their equity, alternatives, and global allocations under SEBI, PFRDA, and IRDAI reforms. AIF commitments now exceed US$160 billion and are growing at a CAGR of more than 25%, with Category II (private credit) the fastest-growing segment as banks and NBFCs step back from parts of mid-market lending.
Listed REITs and InvITs have surpassed US$25 billion in market cap, providing institutional investors a liquid entry point. The report notes that APAC pension funds still allocate only 8% to alternatives — compared with 37% in North America — so the reallocation is at an early stage.
India's HNW population is projected to grow faster than any other major APAC market through 2030, supported by an estimated US$1.5 trillion intergenerational wealth transfer over the next decade.
The report describes the Gujarat International Finance Tec-City (GIFT City) IFSC as an international financial centre on Indian soil with its own regulatory framework, tax treatment, and product eligibility rules. Over 100 fund management entities have registered, and committed AuM is growing at triple-digit rates from a small base.
PwC characterises GIFT City as a first-mover opportunity for managers that establish presence early, and notes that India is increasingly a two-way capital corridor — both a destination for global product and a source market for outbound Indian capital. The pace at which this potential is realised will depend on continued regulatory clarity, product approvals, and the build-out of operational infrastructure.
( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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