Daybreak India’s millionaire households grew by 90%. Wealth managers are scrambling to catch up
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Sep 18, 2025 India has witnessed a staggering 90% increase in millionaire households in just four years, sparking a competitive frenzy among wealth managers. Established firms are racing to attract high-net-worth clients by offering enticing deals and nurturing relationships. However, today's affluent individuals are more discerning, favoring advisory services and even establishing their own family offices. This shift is forcing traditional firms to adapt their revenue models and rethink their strategies in the face of new, cost-cutting challengers.
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Rapid Growth Of Millionaire Households
- Millionaire households in India surged ~90% from 2021 to 2025, rising from ~400k to ~900k households.
- Each household holds at least ₹8.5 crore, concentrating heavily in Mumbai with ~150k millionaire households.
Family Office Flooded With Sales Calls
- A Mumbai family office head with ₹3,000+ crore AUM was bombarded by relationship managers pitching a REIT IPO and waived commissions.
- Firms like Nuvama and Kotak repeatedly called to get him to apply for the Knowledge Realty IPO through their platforms.
Market Is Getting Crowded Fast
- The wealth management workforce surpassed 10,000 and top 30 firms together manage $800 billion.
- New entrants, brokers and multifamily offices have crowded the market, intensifying competition for wealthy clients.