Bankers in India to get higher salary increases than Singapore, Hong Kong

Finance professionals in India are in line for higher salary hikes than those in Hong Kong and Singapore this year, underscoring how firms are tapping the nation’s economic boom as China slows, according to Bloomberg Intelligence.

Salaries in India could rise by 10% in 2024, analyst Sarah Jane Mahmud wrote in a note Friday, citing survey data from consulting firm Aon. That compares with 4% in the two financial hubs.

HSBC Holdings Plc and Julius Baer Group Ltd. are ramping up their client advisory in the world’s most populous country as they seek to manage a greater share of the nation’s wealth. Mitsubishi UFJ Financial Group Inc. is also expanding and DBS Group Holdings Ltd. continues to grow, the analyst wrote.

Investment bankers can already earn more in India’s major urban centers such as Mumbai and GIFT city, the nation’s free market zone, than in Singapore and Hong Kong. The average base salary is 4.5% higher than in Hong Kong and 7.7% more than in Singapore, according to Bloomberg Intelligence’s analysis of a survey by recruiter Michael Page. Private bankers’ pay, however, lags behind by 50% to 78% in non-executive roles. As India’s wealth industry grows, that gap will narrow.