Barclays plans to expand its private banking business among India’s wealthiest promoters, using its global network across London, Dubai, Singapore and Europe.
India had around 207 billionaires in 2025, with the number projected to reach 313 by 2031, while nearly 19,877 ultra-high-net-worth individuals hold more than $30 million each.
Barclays faces intense competition from Standard Chartered, HSBC, Julius Baer and boutique wealth managers, with banks competing aggressively for both wealthy clients and experienced relationship managers.
Barclays’ Billionaire Hunt: Why India’s Richest 1% Are In Focus
Barclays is stepping up its private banking push in India, targeting the country’s wealthiest 1% as a growing billionaire population and a surge in IPOs and M&A create new opportunities for wealth management
Summary
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Barclays Plc is chasing India's billionaire founders. The British lender wants to expand its private banking business by targeting the wealthiest 1%, Bloomberg reported.
The bank is utilising its international network across London, Dubai, Singapore and Europe. It is pairing this reach with capital-markets capabilities to serve clients holding multi-jurisdictional assets.
Annabelle Bryde, head of Private Bank International, said in an interview, "That, for us, is a high-priority area."
Barclays has managed Indian wealth since 2008. The firm expects to secure double-digit business growth over the coming years, London-based Bryde said.
India's Exponential Wealth Boom
The ultra-rich population in India is rising sharply. The country recorded about 207 billionaires in 2025, Knight Frank’s Wealth Report stated, as reported by Bloomberg. This figure ranked third globally, trailing only the US and China.
Projections indicate the billionaire count will reach 313 by 2031. India also hosts around 19,877 ultra-high-net-worth individuals possessing more than $30mn in wealth.
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Bryde said, "I want to see more investments, growth across all the categories we work in, and increased penetration with India’s top promoters."
As Indian corporates expand domestically and overseas, corporate liquidity events are driving this wealth creation. Business founders are monetising assets and growing their personal wealth.
Adrish Ghosh, head of Barclays private bank for India, said, "There are a lot of liquidity events, including IPOs and M&A activity, across businesses. And that trend is going to continue."
Intense Competition for Talent
Barclays faces a crowded market of global rivals. Competitors include Standard Chartered Plc, HSBC Holdings Plc, Julius Baer Group Ltd. and boutique firms established by veteran bankers.
The bank ranked tenth in India by asset size at the end of 2025. It held $23.8bn in assets under management, registering a 7.3% year-on-year increase, Asian Private Banker reported.
Leadership changes have reshaped the sector. Nitin Singh, head of wealth for India and Singapore, left Barclays in 2025. Both regional operations subsequently moved under an international structure.
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Rivals are also experiencing executive turnover. Standard Chartered saw several senior executives depart over the past year. Julius Baer's India CEO Umang Papneja resigned in May.
This fierce rivalry has triggered an intense competition for talent. Banks are pushing relationship manager pay to record highs.