Nuvama Group sees India at 35% of emerging-market wealth added by 2030

Nuvama Group estimates India will account for about 35% of the US$7 trillion emerging-market wealth expected to be added in the more-than-US$250,000 segment by 2030, with its country table putting India’s addition at US$2.37 trillion. Nuvama presents this projected expansion as a structural opportunity for wealth-management platforms.

Why does Nuvama expect India to lead emerging-market wealth creation?

Nuvama expects India to lead because its presentation places the country at the intersection of high financial-wealth growth potential, market maturity and a large absolute opportunity. Its comparison covers high-net-worth individuals (HNWIs) with more than US$250,000 of wealth and shows estimated financial-wealth growth from 2025 to 2030 across 20 countries, including India, Brazil, Mexico, Saudi Arabia and Turkey.

Nuvama identifies gross domestic product growth of more than 6%, led by domestic consumption and infrastructure, as one driver of the outlook. The presentation also cites rising household savings, economic formalisation, financialisation of assets, deeper equity participation, wealth spreading to Tier 2 and Tier 3 cities, and a cohort of millennial, first-generation entrepreneurs.

How large is India’s projected wealth opportunity by 2030?

Nuvama estimates India will add US$2.37 trillion of wealth in the more-than-US$250,000 segment by 2030, the largest country amount in its emerging-market comparison. The company describes India as contributing more than US$2 trillion and about 35% of the US$7 trillion opportunity, while projecting about 12% wealth compound annual growth through 2030.

India’s stated addition is more than twice Brazil’s US$1.08 trillion and exceeds the combined US$0.84 trillion shown for Mexico, Saudi Arabia and Turkey. Nuvama separately estimates that India’s millionaire population will grow by more than 55% by 2029, linking the 2030 wealth outlook to growth in the affluent client base as well as existing wealth.

How does India’s projected wealth growth compare with peers?

Nuvama projects India’s wealth compound annual growth rate at 12% from 2025 to 2030, matching Turkey’s projected rate but from a substantially larger US$2.37 trillion wealth addition. India’s stated growth rate is above the 8% estimates for Brazil and Malaysia, the 7% estimates for Saudi Arabia and South Africa, and Mexico’s 6% estimate.

The combination of projected scale and growth rate differentiates India in Nuvama’s comparison. Brazil has the second-largest stated addition, at US$1.08 trillion, but an 8% projected growth rate, while Turkey matches India’s 12% rate with US$0.27 trillion of added wealth. Nuvama’s approximate 35% share estimate therefore reflects India’s expected size within the US$7 trillion pool as well as its projected growth pace.

Where does Nuvama see the wealth-advice market gap?

Nuvama identifies a gap between the growth of financial wealth and the proportion managed through professional advice: it estimates that about 15% of Indian wealth is professionally managed, compared with about 75% in mature markets. It also says about 70% of financial assets remain in traditional forms, including deposits, pensions and insurance.

Nuvama’s thesis is that regulatory and product innovation are widening access to products while clients increasingly prefer comprehensive wealth platforms over mono-line providers. It links this demand to portfolio-led advisory and the expanding affluent and ultra-high-net-worth individual (UHNI) pool. Its service model includes investment solutions, managed products, advisory, exchange-traded products, lending, estate planning, family-office services, corporate advisory and treasury services.

Which Nuvama businesses could address this opportunity?

Nuvama says the opportunity can support wealth management, asset services, asset management and capital markets rather than a single line of business. It describes asset-services expansion through custody, clearing and broader service portfolios; asset-management scaling through mutual funds, alternative investment funds and portfolio management services; and capital-markets development through growing capital pools and a larger investor base.

As of 30 September 2026, Nuvama reported Rs 3.71129 lakh crore of wealth-management client assets, Rs 12,000 crore of asset-management assets under management, and Rs 1.63835 lakh crore of custody-and-clearing client assets. The business summary also listed more than 4,900 UHNI families, more than 1.3 million affluent and high-net-worth individuals, more than 1,000 corporates and institutions, and more than 1,300 wealth relationship managers.

Nuvama’s revenue rose from Rs 998 crore in financial year 2021, labelled FY21 in the presentation, to Rs 3,122 crore in FY26. Wealth-management revenue increased from Rs 484 crore to Rs 1,718 crore over that period, while asset-services revenue rose from Rs 167 crore to Rs 734 crore. Capital-markets revenue moved from Rs 336 crore to Rs 613 crore, while asset-management revenue was Rs 57 crore in FY26.

Conclusion

Nuvama’s central finding is that India represents the largest projected contributor to emerging-market wealth creation in the more-than-US$250,000 segment, with US$2.37 trillion of added wealth by 2030 and a projected 12% annual growth rate. The company connects this outlook to its estimate that only about 15% of Indian wealth is professionally managed, compared with about 75% in mature markets, alongside traditional holdings representing about 70% of financial assets.

The disclosed points to watch are Nuvama’s estimate of more than 55% growth in millionaires by 2029 and the US$7 trillion emerging-market wealth-addition opportunity projected for 2030. Its market thesis also depends on the mechanisms it identifies continuing to develop, including financialisation, broader product access, advisory demand, and activity in custody, clearing, asset management and capital markets.