Business Maverick

Business Maverick

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

Bankers in India to get higher salary increases than Singapore, Hong Kong
Pedestrians walk on a street as the city is engulfed in heavy smog in New Delhi, India, 4 November 2023. (Photo: EPA-EFE/RAJAT GUPTA)

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 on Friday, citing survey data from consulting firm Aon. That compares with 4% in the two financial hubs.

HSBC Holdings Plc and Julius Baer Group 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. 

Read More: HK Bankers Earn Up to 46% More Than Their Singapore Peers 

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.

“Salaries will continue to rise given the large demand-supply gap at senior levels, as will talent for compliance, risk assessment and technology,” in India, said Amit Agarwal, managing partner at search firm Stanton Chase. Banks are paying more for heads of businesses, and salaries of over $1- million are common for senior leaders, he said.

While India has higher income tax rates and weaker infrastructure than Singapore and Hong Kong, the lower cost of living is a benefit, according to the report. The average monthly rent in upscale Bandra, Mumbai is $1.76 per square foot, compared with $5.29 in Hong Kong and $5.09 in Singapore, according to government statistics, the report found.

Gallery

Comments - Please in order to comment.

Please peer review 3 community comments before your comment can be posted

X

This article is free to read.

Sign up for free or sign in to continue reading.

Unlike our competitors, we don’t force you to pay to read the news but we do need your email address to make your experience better.


Nearly there! Create a password to finish signing up with us:

Please enter your password or get a sign in link if you’ve forgotten

Open Sesame! Thanks for signing up.

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options

Become a Maverick Insider

This could have been a paywall

On another site this would have been a paywall. Maverick Insider keeps our content free for all.

Become an Insider
Elections24 Newsletter Banner

On May 29 2024, South Africans will make their mark in another way.

Get your exclusive, in-depth Election 2024 newsletter curated by Ferial Haffajee delivered straight to your inbox.