The report, Ahead of the Curve: Asset and Wealth Management Revolution Asia-Pacific, projects India’s AWM sector will grow at a compound annual growth rate (CAGR) of 11.6%, significantly outpacing the broader Asia-Pacific region, where AuM is expected to rise at 6.8% annually through 2030.
PwC said India’s growth story is being powered by two simultaneous forces: the rapid financialisation of retail savings and the expansion of institutional capital pools.
“India’s path to US$1.7 trillion in AWM assets reflects a much deeper transformation in the economy,” said Vivek Prasad, Chief Commercial Officer and Financial Services Leader at PwC India. “More households are moving savings into formal investment markets, backed by digital public infrastructure, regulatory reforms, and the rise of GIFT City as a global financial gateway.”
India’s digital finance ecosystem has become a major catalyst for investment participation. The country now has nearly 192 million demat accounts, driven largely by discount brokers and mobile-first investing platforms.
At the same time, monthly SIP inflows have crossed $3 billion, translating into roughly US$36 billion in annual equity flows.
PwC highlighted that over 40% of new SIP registrations now come from Tier 2, 3, and 4 cities.
India’s banking and digital infrastructure continue to underpin this expansion.
The country has achieved nearly 80% banking penetration, while UPI processes around US$2.5 trillion in annual transactions. More than 1.4 billion Aadhaar IDs are now in circulation.
PwC said the Indian market is evolving into “two parallel AWM ecosystems” — one driven by digitally enabled retail investors and another by institutions and high-net-worth individuals (HNWs).
“The retail market demands mobile-first products and digital distribution strategies,” said Sidharth Diwan, Partner and Leader – Asset and Wealth Management at PwC India. “At the same time, institutional investors are increasing allocations to equities, alternatives, and global assets as pension and insurance reforms gain momentum.”
India’s institutional investment landscape is also expanding rapidly. Assets managed by the Employees Provident Fund Organisation stand at around US$280 billion, while the Pension Fund Regulatory and Development Authority aims to scale the National Pension System to $1 trillion by 2030.
Alternative Investment Funds (AIFs) have emerged as one of the fastest-growing segments in the market, with commitments now exceeding US$160 billion and growing at more than 25% CAGR. PwC noted that private credit funds are accelerating as banks and NBFCs reduce exposure to segments of mid-market lending.
Listed REITs and InvITs have also crossed $25 billion in market capitalisation, creating new investment opportunities for institutional investors seeking liquid alternative assets.
PwC further projected that India’s high-net-worth population will grow faster than any other major Asia-Pacific market through 2030, supported by an estimated US$1.5 trillion intergenerational wealth transfer over the next decade.
The report also identified Gujarat International Finance Tec-City (GIFT City) IFSC as a key strategic driver for the next phase of growth. More than 100 fund management entities have already registered in GIFT City, with committed AuM expanding at triple-digit growth rates from a small base.
PwC described GIFT City as a “first-mover opportunity” for global and domestic asset managers looking to tap into both inbound and outbound capital flows.
However, the consultancy cautioned that sustaining growth at this scale will require stronger governance, investor protection frameworks, operational infrastructure, and higher-quality financial advice.
The report draws on data from LSEG Lipper, Preqin, OECD, the UBS Global Wealth Report, pension and insurance associations, and PwC’s proprietary APAC research.
