Wealth managers must sharpen their game

To truly capitalise on the market opportunity, wealth managers need to focus on quality of advice, innovation in product design and ease of execution

Asia is now the epicentre of growth in global wealth, with India and Indonesia rapidly adding to the ranks of ultra-high-net-worth individuals (UHNWI). There are an estimated 500,000-plus UHNWIs globally, nearly 7,000 of whom are in India. In terms of numbers, we now stand close to where China was back in 2014, when it was approximately 8,500.

This number in China has now increased to over 70,000, testifying to the rapid pace at which wealth has grown in Asian countries. And much of the wealth creation in China has happened in new-age sectors, allowing us to draw parallels with our own