Key Takeaways
- • India has more than 19,000 ultra-high-net-worth individuals (UHNIs) today, a number projected to exceed 25,000 by 2031, according to the Julius Baer-EY Indian Family Office Playbook: Now, Next and Beyond.
- • Indian family offices hold an estimated Rs 70,000 crore asset pool that could grow roughly 1.5x to about Rs 1.05 lakh crore within three years.
- • An estimated $1.3 trillion to $1.5 trillion of intergenerational wealth is expected to change hands in India over the next decade, pushing families to professionalise governance and investment structures.
- • 40-45% of allocations in many Indian family offices already go to alternatives, including private equity, venture capital, private credit, AIFs, REITs and InvITs.
- • Family offices are shifting from wealth preservation toward direct investing, co-investing and capital formation, with interest in AI, semiconductors, data centres, renewable energy and climate technology.
Summary
The number of ultra-high-net-worth individuals in India is set to rise from more than 19,000 today to over 25,000 by 2031, according to the Julius Baer-EY Indian Family Office Playbook: Now, Next and Beyond, as reported by Business Standard. The report estimates that India's family offices currently manage an asset pool of around Rs 70,000 crore, which could expand roughly 1.5 times to about Rs 1.05 lakh crore within three years.
A major driver is the intergenerational transfer of wealth. The report estimates $1.3 trillion to $1.5 trillion could change hands over the coming decade, a transition likely to force wealthy families to formalise structures that were previously informal or promoter-led. Governance, investment management and preservation across generations are becoming central concerns.
Investment behaviour is also changing. According to the report, 40-45% of allocations in many family offices already go to alternative assets, including private equity, venture capital, private credit, Alternative Investment Funds, REITs and InvITs. Family offices are increasingly making direct investments and co-investments rather than relying solely on funds. Sectors drawing interest include artificial intelligence, climate technology, renewable energy, semiconductors, electronics manufacturing, cloud services and data-centre infrastructure.
Family offices are also adopting AI-enabled analytics, integrated reporting, cybersecurity and digital governance tools, while rising cross-border and regulatory complexity is increasing demand for specialised talent. Kunal Sumaya, Ad Interim Country Head - India and Market Head - Global NRI at Julius Baer, described the ecosystem as at an "inflection point," driven by start-up wealth creation, a generational shift in wealth management and the institutionalisation of Indian capital markets.
A major driver is the intergenerational transfer of wealth. The report estimates $1.3 trillion to $1.5 trillion could change hands over the coming decade, a transition likely to force wealthy families to formalise structures that were previously informal or promoter-led. Governance, investment management and preservation across generations are becoming central concerns.
Investment behaviour is also changing. According to the report, 40-45% of allocations in many family offices already go to alternative assets, including private equity, venture capital, private credit, Alternative Investment Funds, REITs and InvITs. Family offices are increasingly making direct investments and co-investments rather than relying solely on funds. Sectors drawing interest include artificial intelligence, climate technology, renewable energy, semiconductors, electronics manufacturing, cloud services and data-centre infrastructure.
Family offices are also adopting AI-enabled analytics, integrated reporting, cybersecurity and digital governance tools, while rising cross-border and regulatory complexity is increasing demand for specialised talent. Kunal Sumaya, Ad Interim Country Head - India and Market Head - Global NRI at Julius Baer, described the ecosystem as at an "inflection point," driven by start-up wealth creation, a generational shift in wealth management and the institutionalisation of Indian capital markets.
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