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SpotlightThe rise of the Global Indian
February 2025
Over the past decade, India has emerged as the world’s fastest-growing major economy.
As the country’s prosperity has grown, it has fuelled the aspirations of its entrepreneurs, investors and wealth creators – both at home and abroad.
The number of high-net-worth (HNW) individuals in India – those with more than USD1 million in liquid assets – has doubled to 800,000 in the past decade and is set to rise to 1.6 million by 2027. Almost 20,000 Indians will be worth more than USD30 million by 2028 and considered to be ultra high net worth (UHNW).
Some of that wealth has been channelled into India’s stock market. Spurred by demand from domestic investors, it rose almost 50 per cent over the previous three years.
Beyond its borders, the growing wealth of Indians at home is mirrored by those living internationally. Making up the largest diaspora in the world, enterprising Indians have reached the top of many industries globally, and their success has boosted domestic growth. Remittances from Global Indians were worth USD129 billion in 2024, over 3 per cent of the country’s GDP.
Standard Chartered is India’s oldest and largest international bank; we’ve been connecting clients in India to opportunities for over 165 years.
Our heritage branch in Mumbai, a neo-classical building in the historic Fort district, has been welcoming customers since 1902. Today, it’s home to one of our international banking centres, serving our clients’ global wealth and investment needs.
In this edition of Spotlight, we speak to clients and colleagues to highlight the global ambitions of Indians, and to uncover how we’re supporting them across international banking, legacy planning, and investing for their future.
18 million stories
From New York to Singapore, there are more than 18 million Indian expatriates, making an outsized impact on the societies and economies where they live.
In recent years, almost one in three start-ups registered in Dubai have been founded by Indians. In the US, CEOs of Indian heritage run 16 of the top Fortune 500 companies.
“Indians abroad are very agile and ambitious – always on to the next best thing that’s available,” explains Dubai-based Rajesh Kannan, Head of our Global Indian proposition and Head of Wealth & Retail Banking UAE, Jersey (UK).
30%
In recent years, almost one in three Dubai start-ups were founded by Indians.
A Global Indian himself, Rajesh left India 20 years ago to work for Standard Chartered in Singapore, and has now moved to the UAE, a destination for more than 3.5 million other Indian nationals.
“The key things our Global Indian clients look for include connectivity and multi-market privileges that allow them to manage their wealth across borders,” he says. “With dedicated wealth hubs in the UAE, Hong Kong, Singapore and the UK, we can continue to meet their evolving needs.”
Meanwhile, from our international banking centres in cities across India, we’re serving domestic clients who are managing their wealth globally.
From India to the world
Lily and Nitin Karjatkar, based in Mumbai, run Linit Exports Private Limited, an export-focused manufacturing company that produces engineering components. They have been our clients since 2020.
Linit is one of India’s over 63 million micro-, small- and medium-sized enterprises (MSMEs). Since partnering with us, we’ve helped Lily and Nitin expand their operations and overcome regulatory hurdles. In 2024, Linit generated over USD20 million in revenue.
The couple have been proud to witness the rise of Indians abroad over the past four decades as they travel and operate their business internationally.
“The presence and footprint of Indians has shifted dramatically in this time. You’ll now find us all over the world – anytime, anywhere,” says Lily.
Where Lily and Nitin are focused on global ambitions, others are channelling theirs closer to home.
Healthcare at home
Honorary Brigadier Dr Arvind Lal and his wife Dr Vandana Lal built their wealth running a thriving healthcare business over the past five decades, which has grown as India’s economy liberalised.
Dr Lal PathLabs (LPL), India’s oldest and largest diagnostics chain, is a household name with a network of over 300 labs, 5,500 collection centres and more than 11,000 sample pick-up points in hospitals, nursing homes and other labs spread across the country.
Today, LPL serves more than 27 million patients, carrying out more than 78 million tests in 2024. It also partners with more than 150 hospitals across 22 countries.
Over the years, we’ve worked with Dr Arvind Lal and Dr Vandana Lal to help manage their personal wealth.
In addition to running the business, the Lals have established a philanthropic trust, ALVL Foundation, which is helping transform primary healthcare for vulnerable rural communities in India.
“Our philosophy has always been that wealth should be used to create impact not just for yourself or your family, but for the larger good of the society,” explains Dr Arvind.
Growing appetite for good
The Lals are not alone; there was a 60 per cent increase in family philanthropy among India’s UHNW individuals in 2023, and this is expected to rise by 10-15 per cent year-on-year, largely driven by ongoing contributions from established donors.
Many UHNW individuals are passionate about supporting those most in need, helping all Indians to benefit from the country’s economic expansion.
This growing trend is driving demand for more tailored wealth management services in India that help HNW and UHNW families manage philanthropic activities both at home and overseas.
“We are seeing a growing appetite for philanthropy and legacy planning services in our Global Private Bank,” confirms Aditya Mandloi, our Head of Wealth & Retail Banking, India & South Asia.
“For many of our wealthy clients, giving back to the community and making a difference is incredibly important. This is especially true when it comes to the legacy they want to leave behind.”
The rise of women entrepreneurs
While India’s workforce remains predominantly male, the influence of women in business and financial markets is growing.
Women make up around 20 per cent of entrepreneurs in India, and own a significant share of MSMEs – up from 14 per cent a decade ago.
For many of these businesses, there are huge opportunities for growth not just in India but globally.
20%
One in five entrepreneurs in India are women.
One of these businessowners is Dr Varsha Kamal, Managing Director of EFFWA Infra & Research Ltd, a public limited company that helps treat and wastewater from factories and cities, providing industrial manufacturers with more sustainable water solutions.
She’s been part of the Standard Chartered Women’s International Network (SC WIN), which provides women entrepreneurs in India with access to specialist support and a global network to help them grow their businesses within India and overseas.
Now gearing up for international growth, EFFWA is setting its sights on global projects – and we’re supporting these plans with cross-border financing solutions, including Standby Letters of Credit.
“As we continue to pitch for more projects overseas, having a global bank by our side has been really helpful”, says Dr Varsha Kamal.
The number of women growing their businesses in India is matched by a rising number investing in companies to build their personal wealth.
Women now constitute 22 per cent of investors in the Indian stock market, a near seven times increase since 2015.
“An increasing number of our wealth management clients are women, and many are now leading the way in making key investment decisions for their families,” says Saurabh Jain, our Head, Wealth Solutions & Affluent Segments, India.
“This is particularly true of younger investors, where women make up a large proportion of our client base. Young affluent clients want to explore new diversified avenues of investments, exploring diversified opportunities both onshore and offshore.”
A future beyond borders
While Indian investors have poured money into domestic equities in recent years, global funds that hold US and Asian stocks are also popular.
“With the growing liberalisation of the Indian economy and regulations there, investors are increasingly looking at opportunities outside of India to diversify their portfolios,” explains Nitin Chengappa, our Head, Affluent Distribution & Branch Banking, India.
“As India continues to shine bright on the global stage, now is the time to support its future,” says Rajesh Kannan, Head of our Global Indian proposition and Head of Wealth & Retail Banking UAE, Jersey (UK).
“With over 165 years’ experience, a deep-rooted presence in the market and a global network, we’re committed to supporting our clients in managing their wealth seamlessly beyond borders – across all the places they call home.”
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