India's ultra high net-worth individuals grow at 12% annually, report shows

The number of High Net-Worth Individuals (HNIs) and Ultra High Net-Worth Individuals (UHNIs) in India is growing at 12% annually, driven by a strong economy and rising equity markets, according to a Motilal Oswal report. Despite this growth, organized wealth management services in India have low penetration at just 15%, compared to 75% in developed countries. This gap presents opportunities for wealth management firms to expand their services. Younger generations are increasingly favoring modern investment options over traditional ones. The report highlights the importance of expanding wealth management into lower-tier cities and targeting the mass affluent population for future growth.