India's top investment bankers are paid 24 percent more than Hong Kong's due to the South Asian country’s relatively smaller risk exposure to the uncertainties surrounding US trade policies, Bloomberg Intelligence reports, citing a survey.
A survey by recruitment firm Michael Page found that in India's major financial centers, such as Mumbai and Gujarat International Finance Tec-City, investment banking executives and directors are paid 24 percent more than their counterparts in Hong Kong and 37 percent more than those in Singapore.
In addition, Indian bankers' salaries are poised to rise by more than 9 percent this year, compared with 4 to 5 percent in Hong Kong and Singapore.
India's relatively small exposure to the United States has rekindled investor interest following recent global trade policy turmoil. Mergers and acquisitions have picked up, with deal brokers saying India is well-positioned to attract more overseas capital from private equity funds and sovereign wealth funds, according to the report.
Although India's personal income tax rates are higher than those in Singapore and Hong Kong, the lower cost of living could be attractive, the report said.
However, the salaries for wealth management roles in India are still 47 to 58 percent lower than those in Hong Kong and Singapore – only a slight improvement from last year, according to the report.
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