Why India’s top dealmakers are making 37% more than those in Singapore

By Dat Nguyen   June 15, 2025 | 03:25 pm PT
Senior dealmaker in India are outearning their peers in Singapore and Hong Kong, as global firms boost salaries to secure top talent in the world’s fastest-growing major economy.

In India’s key financial centers like Mumbai and GIFT city’s free trade zone, heads and directors at investment banks earn 24% more than their counterparts in Hong Kong and 37% more than those in Singapore, according to a report by Bloomberg Intelligence.

A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 11, 2025. Photo by Reuters

A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 11, 2025. Photo by Reuters

Bloomberg Intelligence senior analyst Sarah Jane Mahmud said that this year, Indian bankers are expected to see pay increases exceeding 9%, compared to 4-5% in Hong Kong and Singapore.

Despite global trade uncertainties impacting India’s broader economic outlook, the country is experiencing a surge in investments.

Foreign institutions like Japan’s Mitsubishi UFJ Financial Group are expanding in India, while Swiss lender Julius Baer Group aims to triple its managed wealth assets.

Amid recent global trade policy volatility, investors are drawn to India’s relatively lower exposure to the U.S. Merger and acquisition activity has increased, and dealmakers note India’s strong position to attract more foreign capital from private equity and sovereign wealth funds.

Although India has higher income tax rates than Singapore and Hong Kong, its lower cost of living may be an attraction, the report said.

However, wealth managers’ pay in India still trails Hong Kong and Singapore by 47-58%, showing only marginal improvement from the previous year, it added.

Some reports have also confirmed India’s rise as an investment hotspot among major economies.

India attracted US$735 million in cross-border capital in the 12-month rolling period ending Q1 2025, ranking it seventh among the top 10 global markets in this segment, according to a report by consultancy firm Colliers as cited by Fortune India.

Of the total amount, US$332 million came from global sources, while the remaining was contributed through regional capital flows.

This shows that foreign investors have reaffirmed their long-term interest in Indian real estate, said Vimal Nadar, national director and head of research, Colliers India.

"While office assets remain a key focus for foreign investors, residential investments are gaining ground, driven by rising demand, healthy returns, and a positive domestic outlook."

 
 
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