(17 March 2025 – India) International banks, including HSBC and UBS, are ramping up their wealth management operations in India as they compete with local players to serve the country’s rapidly expanding affluent class.
According to the FT, UBS is reportedly exploring an investment in 360 ONE, one of India’s largest wealth management firms, according to sources familiar with the matter. Meanwhile, HSBC has outlined plans to nearly double its branch network in India, targeting cities with rising wealth pools.
A surge in initial public offerings (IPOs) in 2024 has created a new wave of high-net-worth individuals, prompting financial institutions to expand beyond India’s traditional metropolitan wealth hubs. According to Motilal Oswal Financial Services, assets under management in India’s wealth sector are projected to triple to over $850 billion within five years. Meanwhile, Knight Frank estimates that individuals with net assets exceeding $30 million will increase by 50 percent to nearly 20,000 by 2028 – outpacing the global growth rate of 28 percent.
“There has been remarkable wealth creation that’s taken place across all the client segments… linked to the way India is growing,” said Rajesh Saluja, CEO of Blackstone-backed ASK Private Wealth, which serves approximately 3,500 wealthy Indian families. He added that the industry had “serious tailwinds” as start-up founders exercised stock options.
Although UBS has yet to comment on its reported interest in 360 ONE, co-founder Yatin Shah acknowledged the growing attention from global players: “A lot of other good reputable franchises reach out to us, that they look at India for the next 10 to 20 years as a very attractive destination outside the US.”
International banks see an advantage in catering to Indian clients with global investment interests. HSBC India’s international wealth head, Sandeep Batra, stated that the bank aims to be “the preferred international bank for India’s affluent and globally mobile Indians.”
However, Kotak Mahindra Bank’s wealth management head, Gautami Gavankar, emphasised that India remains the primary investment destination for wealthy clients, given restrictions on overseas investments. Under India’s Liberalised Remittance Scheme, individuals can only invest up to $250,000 outside the country.
Demand for multifamily offices is also rising across the country, reflecting broader shifts in wealth management trends.