Demand for Wealth Managers increase in 2023. Salaries (can be) more rewarding than Investment Banking.

• A career in wealth management is becoming more rewarding than conventional high-paying profiles like investment bankers, equity researchers, etc
• The number of multimillionaires in India is growing.
• The newly rich look for professional advice on managing their wealth.

The Emergence of India’s Wealth Management Business

The emergence of wealth management business in India has redefined the banking paradigm where investment banking is no more as rewarding, headhunters say.  More and more bankers are jumping ship to become wealth managers, for salaries in the crores.  

People are now considering a career in Wealth Management or Private Banking due to increased awareness about wealth creation, and various macroeconomic aspects.

As per an article from Inc42, although the percentage of wealthy individuals in India is small relative to developed markets, India has the second highest number of high-net-worth individuals (HNIs) amongst the BRICS nations. Hence, it is well-positioned as an attractive destination for wealth managers globally. India’s high net worth individual (HNI) population is expected to grow by 75% from 3.5 Lakhs in 2020 to 6.11 Lakhs in 2025.