New Delhi: India’s wealth management landscape is witnessing a dramatic transformation, with the number of dollar millionaires projected to rise by over 55 per cent between 2024 and 2029 — significantly above the global average of 21 per cent, according to a Boston Consulting Group (BCG) report released on Wednesday.

APAC outpaces the West in asset growth

Between 2014 and 2024, organic growth of assets under management (AUM) showed wide regional variation. Wealth managers in the Asia-Pacific (APAC) region achieved growth of 50 per cent, more than double that of counterparts in Europe, the Middle East and Africa (EMEA), and North America. This momentum was largely driven by emerging markets such as India.

India’s rising economic muscle

India’s financial wealth rose by 10.8 per cent between 2023 and 2024, surpassing the APAC average of 7.3 per cent, the report noted. With Asia-Pacific expected to grow at 9 per cent annually through 2029 — compared to 4 per cent in North America and 5 per cent in Western Europe — India is emerging as a vital force driving this global shift.

Millennials, AI transforming the sector

“A generational wave of first-time wealth creators, especially millennial entrepreneurs and corporate leaders, is reshaping the industry. As India rises as a wealth management powerhouse, sharp customer segmentation and the end-to-end integration of AI and GenAI — from prospecting to advisory to service — will be critical to staying ahead,” said Mayank Jha, Managing Director & Partner, BCG.

The report added that this generational surge has allowed both established and new advisors to attract more clients and assets.

GenAI boosts prospecting and conversions

According to BCG, GenAI-powered prospecting tools are now using external data to build precise client archetypes — including business owners, expatriates, and high-income professionals. These tools also detect digital signals that typically precede investable wealth.

Their effectiveness lies not just in identifying potential clients but in prioritising them. Early adopters have reported a fivefold increase in leads and a doubling of conversion rates, the report stated.

With IANS inputs