India is on the cusp of a significant expansion in its ultra-wealthy population, with the number of high-net-worth families projected to reach 26,000 by 2030. This forecast, detailed in The Indian Family Offices Report '26 by The Economic Times and 1Lattice, indicates a substantial increase from the current 16,000 families holding assets exceeding $30 million.
The report underscores India's position as a global leader in wealth creation, trailing only the United States and China in the addition of new ultra-high-net-worth individuals (UHNWIs). This rapid accumulation of wealth is also set to trigger an intergenerational transfer of $1.3-1.5 trillion over the next decade.
The Evolving Role of Family Offices
Family offices are playing an increasingly crucial role in managing this burgeoning wealth. Beyond traditional investment strategies, their responsibilities now encompass comprehensive wealth management, risk mitigation, and active wealth creation, including cross-border investments. Ashvini Chopra, Head of Family Office at Avendus, emphasized this broader scope at the report's launch.
"Governance, custodianship, tax planning, residency planning and shareholding structuring all become a part and parcel of managing wealth," Chopra stated.
Next-Generation Influence in Investments
A notable trend highlighted by the report is the growing involvement of younger family members in investment decisions. Over half of Indian family offices now include millennial or Gen Z members in their investment processes. This new generation is demonstrating a distinct preference for allocating capital to startups, particularly within the health tech, fintech, and artificial intelligence sectors.
This shift also reflects a change in the focus of wealthy business families. Rinkoo Somani, Group Chief Financial Officer at Dani Family Office, noted that the next generation is increasingly focused on deploying capital rather than directly managing operating businesses.
"Some of the large family offices have monetised some of the operating business, and those businesses are now being professionally managed," Somani explained, highlighting a strategic pivot towards capital deployment.
India's Expanding Wealth Ecosystem
Currently, India boasts over 300 family offices collectively managing more than $30 billion in assets. This figure is a testament to the nation's sophisticated wealth management landscape, which is continuously adapting to the dynamic needs and preferences of its ultra-wealthy population.