India’s wealth managers find profit in the provinces

The face of wealth management in India is changing, as vast fortunes are made by young digital disruptors and as private banks venture out of the main commercial hubs in search of untapped profit and potential in second-tier cities.

Things are moving fast in Kolkata

India’s leading private banks are adapting to a rapidly shifting landscape, as vast amounts of new wealth are created in new industries, by young entrepreneurs, many of them based in teeming provincial centres far from first-tier cities.

Asia’s third-largest economy is one of the industry’s genuine bright spots. According to Hurun’s 2018 Global Rich List, India added 31 new billionaires in 2018, taking its total to 131, behind only the US (571) and China (819).

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