Barclays Plc is targeting India's wealthiest founders and business owners as it seeks to expand its private banking business amid intensifying competition. According to reports from The Economic Times, the lender is leveraging its international network and capital-markets expertise to serve ultra-rich Indians with global assets, aiming for double-digit growth and deeper relationships with the country's top promoters. Annabelle Bryde, head of the firm's Private Bank International, stated that this represents a high-priority area for the bank.
The strategy positions Barclays against established international private banks including Standard Chartered Plc and HSBC Holdings Plc, which have built sizeable franchises serving India's wealthy. As reported by The Economic Times, competition for talent is pushing pay for relationship managers to record highs. Barclays' wealth business in India ranked 10th by size with $23.8 billion in assets under management as of the end of 2025, up 7.3% from a year earlier, according to Asian Private Banker rankings.
The move comes as India's ultra-rich population is experiencing exponential growth. According to Knight Frank's Wealth Report cited by The Economic Times, the country had about 207 billionaires in 2025, the third-highest tally after the U.S. and China. This number is projected to rise to 313 by 2031. Additionally, India had about 19,877 ultra-high-net-worth individuals with more than $30 million in wealth.
During a reorganization, Nitin Singh, Barclays' head of wealth business for India and Singapore, departed in 2025, and both countries were brought under an international structure. As reported by The Economic Times, Standard Chartered has lost several senior executives over the past year, while Julius Baer's India Chief Executive Officer Umang Papneja resigned in May. Adrish Ghosh, head of Barclays private bank for India, noted that there are significant liquidity events including IPOs and M&A activity across businesses, with this trend expected to continue.
