India to See 55% Surge in Millionaires by 2029: BCG Report

On 25th June 2025, a report released by the Boston Consulting Group (BCG) revealed that India’s wealth management sector is set for explosive growth, with dollar millionaires expected to rise by over 55% from 2024 to 2029, more than double the global average of 21%.

Key Points

Wealth Surge in India: India’s financial wealth grew 10.8% from 2023 to 2024, outpacing the Asia-Pacific average of 7.3%, and highlighting India’s expanding economic strength.
Emerging Powerhouse: India is emerging as a major driver of wealth creation in the Asia-Pacific, which is forecasted to grow at 9% annually through 2029 – far ahead of North America (4%) and Western Europe (5%).
First-Time Wealth Creators: A wave of millennial entrepreneurs and corporate leaders is fuelling this transformation, bringing a generational shift to the wealth landscape.
Asia-Pacific Dominance: From 2014 to 2024, APAC wealth managers achieved 50% organic growth, more than double that of Europe, the Middle East, and North America, driven largely by markets like India.
Institutional Opportunity: The rise signals a massive opportunity for wealth advisors and financial institutions equipped to serve the rapidly expanding affluent class in India.