Singapore: India’s wealth managers had a bumper year in 2017, with the 20 largest firms growing assets under management by 63% to $169 billion, according to a report by Asian Private Banker. The wealth unit of Kotak Mahindra Bank Ltd. retained the top slot, nearly doubling assets to $30 billion in 2017 and extending its lead over runner-up IIFL Wealth Management Ltd. to almost $12 billion, the publication said.

Domestic players dominate the Indian private banking scene, accounting for a 72% share of assets under management last year. The wealth unit of BNP Paribas SA, the only foreign firm to make it to the top five, saw its assets jump 70% to $12 billion.

India is the fastest-growing wealth market globally, with the number of high net worth individuals rising 20% in 2017 from a year earlier, according to a recent survey by Capgemini SE.

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