INDIA: India’s ultra-wealthy families increasingly turn to family offices to navigate the complexities of growing wealth and diverse investment opportunities. The surge in demand for these bespoke wealth management services reflects the country’s economic transformation and the evolving needs of affluent families. According to PwC India, the number of family offices in India has risen from just 45 in 2018 to over 300 in 2024, with further growth expected, particularly in Tier 2 and Tier 3 cities. This growing trend mirrors the developments seen in global markets and signals a fundamental shift in how India’s wealthiest approach to asset management and legacy planning.
Why family offices are gaining popularity in India
According to an article from Moneycontrol, family offices in India are becoming essential for wealthy families looking to maintain control over their investments and wealth management. Rohit Sarin, Co-Founder of Client Associates, points out that when a family’s wealth reaches a certain threshold, the desire for greater oversight and control of their financial decisions intensifies. This is where family offices provide customized services beyond traditional wealth management.
According to PwC India, modern family offices are evolving into one-stop solutions, offering services encompassing everything from legal and tax guidance to investment strategies and compliance. By handling everything under one roof, these offices help families streamline operations and preserve wealth across generations. While there’s no universal threshold for setting up a family office, experts suggest that a minimum of $100 million (around Rs 850 crore) is generally required for a single-family office. However, multifamily offices can manage lower amounts.
The shift towards alternative investments and thematic portfolios
As family offices become more sophisticated, they increasingly focus on alternative investments and non-traditional asset classes. In particular, the younger generation of wealthy families is keen to explore high-growth opportunities outside conventional investment routes. Swati Saxena, CEO of 4Thoughts Finance, emphasizes that many younger investors are not simply chasing benchmarks; they want to participate in disruptive trends, especially in emerging sectors like AI, healthcare, and sustainability.
Private equity, in particular, has gained traction as a favoured investment avenue. According to Kush Gupta, Director at SKG Investment & Advisory, the younger generation is increasingly interested in unlisted companies that have the potential to launch IPOs. They see such investments as both adventurous and exclusive. This trend is evident in investments in high-profile companies like Zomato before it went public and high-growth startups such as PharmEasy and Byju’s.
With their significant asset bases, family offices can also access investment opportunities typically out of reach for retail investors, ranging from exclusive IPOs to private debt and venture capital. As many family offices are structured for generational wealth, the luxury of time allows these families to take calculated risks and experiment with new investment strategies.
Building resilient family enterprises for future generations
Today’s family offices are no longer just wealth managers—they are integral to long-term family governance and the creation of resilient family enterprises. Beyond financial management, they are crucial in setting strategic direction, implementing family constitutions, and preparing the next generation for leadership roles.
As Rahul Bhutoria, Director and Founder of Valtrust, explains, as a family’s assets grow, so does its access to a broader range of investment products and third-party fund managers. This enables them to take advantage of otherwise unavailable opportunities for smaller investors. PwC India notes that the role of family offices has evolved significantly. Their scope now includes governance, succession planning, and preserving the family’s legacy, helping ultra-wealthy families secure their wealth for future generations.
As the landscape continues to evolve, these offices will play a pivotal role in shaping the future of wealth management in India. They will combine traditional financial services with innovative, next-generation investment strategies.
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