Barclays has reportedly stepped up its focus on India's wealthiest individuals as it seeks to grow its private banking business in one of the world's fastest-expanding wealth markets.
Bloomberg reported that Barclays is drawing on its wealth hubs in London, Dubai, Singapore, and continental Europe, along with its capital-markets capabilities, to serve ultra-wealthy Indian clients whose businesses and assets span multiple jurisdictions, according to Annabelle Bryde, head of the bank's Private Bank International division.
Bryde described the segment as a high priority for Barclays, which has served wealthy clients in India since 2008. The bank is concentrating on the country's top 1% of wealth holders and is targeting double-digit growth for the business over the coming years.
Competing against established players
Barclays' strategy places it in direct competition with Standard Chartered and HSBC Holdings, both of which have established sizeable private banking franchises in India, as well as with firms founded by former senior bankers. Rising competition for relationship managers has pushed compensation in the sector to record levels.
The push comes as India's population of ultra-wealthy individuals continues to expand. The country had 207 billionaires in 2025, the third-highest number globally after the US and China, according to Knight Frank's Wealth Report. That figure is projected to rise to 313 by 2031. India also had around 19.877 ultra-high-net-worth individuals holding more than USD 30 million in wealth.
Barclays' wealth business in India ranked tenth by size, with USD 23.8 billion in assets under management at the end of 2025, an increase of 7.3% from a year earlier, according to Asian Private Banker rankings. Its closest global peers in the market include Julius Baer Group and Standard Chartered.
Leadership changes across the sector
The Indian private banking sector has seen notable leadership turnover in the past year. Barclays reorganised its wealth business in 2025 following the departure of Nitin Singh, its former head of wealth for India and Singapore, bringing both markets under an international structure. Standard Chartered has also lost several senior executives over the same period, while Julius Baer's India chief executive, Umang Papneja, resigned in May 2026.
According to Adrish Ghosh, head of Barclays' private bank for India, the growth in wealth is being driven by Indian companies expanding both domestically and internationally, prompting founders to monetise assets. Ghosh also pointed to a continuing trend of liquidity events, including initial public offerings and mergers and acquisitions activity, across businesses in the country.
Barclays' expansion plans reflect broader shifts in India's wealth management landscape, where rising billionaire numbers and corporate liquidity events are drawing sustained interest from international private banking providers.
