Mumbai: India’s asset and wealth management (AWM) industry is poised for significant expansion, with assets under management (AuM) projected to reach US$1.7 trillion by 2030 from US$0.9 trillion in 2024, registering a compound annual growth rate (CAGR) of 11.6%, according to PwC’s latest report, “Ahead of the Curve: Asset and Wealth Management Revolution Asia-Pacific.”
The report underscores the growing strength of India’s asset and wealth management ecosystem, driven by the parallel evolution of institutional capital pools and retail financialisation.
The report positions India as one of the fastest-growing markets in the Asia-Pacific region for asset and wealth management. Across APAC, AuM is expected to increase from US$23.2 trillion in 2024 to US$34.5 trillion by 2030, reflecting a regional CAGR of 6.8%.
While India’s growth trajectory outpaces the regional average, PwC notes that sustaining profitable growth in asset and wealth management will depend on market-specific operating models and strategic capability building.
“India’s path to US$1.7 trillion in AWM assets by 2030 reflects something larger than the asset management industry itself. It is a sign of a deepening domestic capital base, wider participation in formal financial markets, and the gradual channelling of household savings into long-term investment.
Public digital infrastructure, steady regulatory reform, and the emergence of GIFT City as an international financial gateway are each contributing to this shift. The task now — for industry, regulators, and policymakers alike — is to ensure that this growth is matched by the quality of advice, governance, and investor protection that a market of this scale will demand,” said Vivek Prasad, Chief Commercial Officer and Financial Services Leader, PwC in India.
India’s expanding digital infrastructure continues to reshape the asset and wealth management landscape. The country currently has 78–80% banked penetration, while UPI processes approximately US$2.5 trillion worth of transactions annually.
With nearly 1.4 billion Aadhaar digital IDs in circulation and the rapid rise of discount brokers, India has emerged as a major retail investment market, with 192 million demat account holders.
Monthly Systematic Investment Plan (SIP) inflows exceeding US$3 billion now contribute nearly US$36 billion in annual equity flows.
Importantly, more than 40% of new SIP registrations originate from Tier 2, Tier 3 and Tier 4 cities, indicating a broadening retail investor base beyond metropolitan centres.
However, PwC observed that average investment sizes and product sophistication in these markets remain relatively modest.
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Commenting on the evolving dynamics of asset and wealth management in India, Sidharth Diwan, Partner and Leader – Asset and Wealth Management, PwC India, said, “India is not a single market for AWM firms — it has at least two distinct ones running in parallel.
The retail side is being shaped by UPI, Aadhaar, and the rise of digital-first investors from Tier 2, 3, and 4 cities, which calls for mobile-first product and distribution design. The institutional and High Net Worth (HNW) side is being shaped by reforms in pensions, insurance, and alternatives, where allocations remain well below global benchmarks.
For most managers, the practical question is sequencing — which capabilities to build first, and how to participate in both inbound and outbound flows over the next three to five years.”
On the institutional front, India’s asset and wealth management sector is being supported by expanding pension and insurance pools.
The Employees Provident Fund Organisation (EPFO), with assets of approximately US$280 billion, the National Pension System (NPS), for which the Pension Fund Regulatory and Development Authority (PFRDA) is targeting US$1 trillion in assets by 2030, and insurance assets worth around US$650 billion are gradually increasing allocations towards equities, alternatives and global investments.
Alternative Investment Funds (AIFs) have emerged as a major growth driver, with commitments surpassing US$160 billion and expanding at a CAGR of more than 25%.
Category II AIFs, particularly private credit funds, are witnessing the fastest growth as banks and non-banking financial companies reduce exposure to segments of mid-market lending.
Meanwhile, listed Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) have crossed US$25 billion in market capitalisation, providing institutional investors with liquid investment avenues.
The report also highlighted that pension funds across APAC allocate only 8% of assets to alternatives, compared with 37% in North America, suggesting significant room for future reallocation.
India’s high net worth (HNW) population is expected to expand faster than any other major APAC economy through 2030. This growth is expected to be further supported by an estimated US$1.5 trillion intergenerational wealth transfer over the next decade, creating new opportunities for asset and wealth management firms.
The report also identifies Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC) as a strategic enabler for future growth.
Operating under a dedicated regulatory and taxation framework, GIFT City has already attracted more than 100 registered fund management entities, with committed AuM witnessing triple-digit growth from a relatively small base.
PwC described GIFT City as a first-mover opportunity for asset and wealth management firms seeking to capitalise on India’s evolving role as both a destination for global capital and a source of outbound investment.
However, the report noted that realising this opportunity will require continued regulatory clarity, timely product approvals and the strengthening of operational infrastructure.
The report, Ahead of the Curve: Asset and Wealth Management Revolution Asia-Pacific (June 2026), has been published by PwC’s Global AWM & ESG Research Centre.
It incorporates data from LSEG Lipper, Preqin, IJ Investor, OECD, pension fund and insurance associations, as well as the UBS Global Wealth Report, alongside proprietary PwC research and surveys covering APAC asset and wealth management organisations and institutional investors.
The study outlines six strategic imperatives for profitable growth and provides country-specific analysis across India, mainland China, Japan, Singapore, Hong Kong, Australia, South Korea and other major Asia-Pacific markets.
