How IIFL Chairman Nirmal Jain became a billionaire by serving the new rich IIFL's profit rose 32% to Rs 2.36 bn in Q3, fueled by growth in private-wealth unit, where assets under management surged to $20 bn
Nirmal Jain has hit the jackpot serving the new rich in the world’s fastest-growing major economy. The Mumbai banker’s $20 billion private-wealth-management unit became India’s biggest by assets and helped make him a billionaire. The nation’s demographics are a driving force, as well as Prime Minister Narendra Modi’s efforts to withdraw India’s biggest bills from circulation, which has pushed savings into the financial system. India’s young and thriving workforce will support its growth for years to come, Jain, 51, said in a phone interview, pointing out that millennials account for about a third of the country’s population and most of the income. “Most of it is first-generation wealth, so your clients are pretty handson,” Jain said. “It’s not that they inherited wealth, so they have a lot of passion and attachment to wealth and its performance.”