Private banks and wealth management companies are increasingly rolling services catering to the High Net Worth Individuals (HNIs).

360 ONE WAM has cited data to suggest that the addressable market of high and ultra-high net worth individuals is a $1 trillion market which is poised to almost double in the next five years, growing at 13-14 percent every year. This, coupled with factors like urbanisation, rising household income, and a trend of premiumization of consumption will help ramp up growth in wealth management services. 360 ONE added that its HNI segment, categorised between Rs 5-25 crore is witnessing 'remarkable growth' in demand for service.

Bloomberg had quoted 360 ONE's co-founder Karan Bhagat stating that second and third generation owners of family businesses looking to exit businesses to pursue other ambitions are also creating big opportunities for wealth management players to tap. "The big revolution in Tier 2, Tier 3 cities will happen in the Rs 5-25 crore range,” Bhagat added.

The latest 360 ONE Wealth Hurun richlist has reported that India has the third largest numbers of billionaires in the world, a reflection of the relentless stock market rally that has seen a wide participation from across categories.

To add to this, a vibrant startup culture has added to the wealth of a large number of young senior executives, founders and investors. The 2023 Hurun list saw 84 startup founders with a total wealth of Rs 4.2 lakh crore, at an average age of 41 years.

A Knight Frank wealth report projects the number of individuals with over Rs 250 crore worth of assets is poised to rise by 50% by 2028.