HSBC has recently unveiled its Global Private Banking (GPB) business in India, with the aim of catering to high-net-worth (HNW) and ultra-high-net-worth (UHNW) professionals, entrepreneurs, and their families. This move underscores HSBC’s commitment to becoming a leader in wealth management across Asia, offering top-tier wealth solutions, global private banking expertise, an expansive international network, and access to Commercial Banking and Global Banking & Markets capabilities.
India’s remarkable economic growth has positioned it as the world’s fifth-largest economy, surpassing the UK in 2022, and is projected to overtake Japan and Germany by 2027-281. The country has also taken over China as the most populous nation in April 20232. With a substantial number of individuals classified as UHNW (with over US$30 million to invest), this segment is predicted to witness a 58% increase by 20273. The wealth opportunity in India is reflected in the current US$2.8 trillion in assets under management (AUM), projected to grow at a rate of 8% per annum by 2026.4
Source: News Patrolling