India\u2019s rich are increasingly rushing for investment advice and domestic wealth managers had a bumper year in 2017, with the 20 largest firms growing assets under management by 63 per cent to $169 billion, according to a report by Asian Private Banker. Notably, five out of the top seven managers are domestic players, with Kotak Wealth Management topping the charts. The wealth unit of Kotak Mahindra Bank retained the numero uno slot, nearly doubling assets to $30 billion in 2017. IIFL Wealth Management came in at the 2nd spot, nearly $12 billion below Kotak Wealth Management. Only 7 private wealth managers had an AUM in excess of $10 billion. India is the fastest-growing wealth market globally, with the number of high net worth individuals rising 20 per cent in 2017 from a year earlier, according to a recent survey by Capgemini SE, Bloomberg reported. The top 5 in the list include Kotak Wealth Management, IIFL Wealth & Asset Management, Edelweiss Wealth Management, Axis Bank Wealth Management and BNP Paribas Wealth Management. \u00a0 According to the Credit Suisse report, India has 178,000 millionaires compared to its Asian rival China, which has 1.6 million millionaires. Both countries have populations above 1.3 billion. \u201dI don't think we have even scratched the surface. Between 2003 and 2013, the ultra-high net worth segment [$30 million and above] grew globally by almost 375 percent, fuelled largely by China," Soumya Rajan, chief executive officer of multi-family office Waterfield Advisors told CNBC. Notably, she expects that over the next 15 years, India will be doing some serious catching up.