Private banking: India moves to centre stage
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Private banking: India moves to centre stage

Illustration: Justin Metz

Global money is flooding into India to profit from high-performing stocks, a booming economy, and the ease of investing via Gift City, a growing financial hub in Gujarat. Local wealth is flowing the other way, notably to Dubai. It’s a gold mine for private banks, and the process has only just begun.

The rapid relocation of India from the periphery to the centre stage of global investor thinking is nothing short of extraordinary.

Its economy now reliably grows faster than China’s: a December 2023 report from S&P Global Ratings projected GDP to more than double by the end of the decade. Inflation is under control and inward foreign direct investment is on a clear upward path, as corporate and institutional investors plough capital into everything from publicly traded stocks to unlisted tech unicorns.

Perhaps nowhere is the impact of its ascendancy more keenly felt than in private banking. India’s private-wealth industry is valued at $600 billion. It is growing at around 12% a year, but only around a quarter of that is reckoned to be professionally managed.



Elliot Wilson headshot.jpg
Asia editor and Global Private Banking and Wealth Management editor
Elliot Wilson is Asia editor and Global Private Banking and Wealth Management editor. He joined the magazine in 2020 having been a regular contributor focusing on China and the Indian subcontinent, Russia and Eastern Europe/the CIS. He is based in Hong Kong.
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