Knews Desk– The number of rich and millionaires in India is increasing rapidly, but those managing their investments and wealth lack experience. Wealth Managers There is a huge shortage of. This is why banks and wealth management companies are offering salary increases of 20 to 40 percent and attractive bonuses to attract experienced relationship managers. Experts believe that this demand may increase further in the coming years, as the number of high net worth and ultra high net worth individuals in the country is continuously increasing. According to recent data, in the last five years in India 3 crore dollars (about Rs 250 crore) The number of people owning property worth more than Rs. 63 percent There has been an increase. In the year 2021, the number of such people was around 12,161, which has increased to around 19,877 by 2026. It is estimated that by 2031 this figure may reach beyond 25 thousand. Mumbai alone is home to more than one-third of the country’s ultra-rich people. However, the number of trained and experienced experts to handle such rapidly growing wealth is extremely limited.
At present the number of such experienced relationship managers in the country is around 1,900 It is told. It is estimated that by 2028 this number may increase to around 2,800, but even then it will be much less than the demand. An experienced wealth manager will get an average of 4.8 billion rupees You may have to manage property worth Rs. In such a situation, finding qualified and trustworthy professionals is becoming a big challenge for companies. The biggest benefit of this shortage is being received by the existing wealth managers. Financial institutions and private wealth management companies are trying to attract each other’s employees by offering them better packages. Many companies are offering salary increase of 20 to 40 percent as well as guaranteed bonus for several years. The main reason for this is that it takes almost a year to train a new person completely in this field. 18 to 24 months It takes time. Therefore, companies are finding it better to hire experienced professionals directly.
India’s wealth management sector is growing rapidly, but is still in its nascent stage compared to developed countries. close to usa 75 percent Wealth is managed by professional wealth managers, whereas in India this figure is only 15 percent Is around. still around the country 35 to 40 percent Wealthy families manage their property themselves. However, this picture is gradually changing due to the changing thinking of the new generation of investors. Experts believe that in the next ten years, India will see about 1.5 trillion dollars The property will pass from one generation to the next. Along with this, the methods of investment are also changing. Now rich investors do not want to be limited to shares and mutual funds only, but are also looking for opportunities in private equity, alternative investments and foreign markets. The need for expert advice and professional wealth management for such investments is greater than ever.
To meet this increasing demand, wealth management companies are now Artificial Intelligence (AI) And are also using digital technologies. With the help of AI, many processes related to research, data analysis and investment are becoming faster and easier. However, experts believe that personal trust and relationships are most important for ultra-wealthy customers. Therefore, technology can enhance the efficiency of wealth managers, but not completely replace them. India’s growing affluence and investment culture may take the wealth management industry to new heights in the coming years. But for this, the biggest need will be for such trained and experienced professionals, who can manage assets worth crores and billions of rupees in a safe and profitable manner with the right strategy.
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