India’s rapidly expanding pool of ultra-high-net-worth individuals is transforming the country’s wealth-management landscape, with family offices emerging as increasingly important vehicles for investment, governance and succession planning.

A joint Julius Baer-EY report on India’s family-office ecosystem says the number of family offices has grown from about 45 in 2018 to nearly 300 in 2024. The report also highlights more than 13,000 Indian families with wealth above $30 million and projects substantial growth in the UHNI segment.

The expansion has been supported by a wave of business listings, mergers, private-equity exits and other liquidity events that have allowed entrepreneurs to convert business holdings into investible family capital.

Wealth Creation Accelerates

India has emerged as one of the fastest-growing markets for new ultra-wealthy individuals.

The Julius Baer-EY research points to successful entrepreneurs and liquidity events as major drivers of the expanding wealth pool. Founder-led businesses reaching maturity and accessing public or private capital markets are creating new pools of family wealth.

The trend is also changing the role of family offices. Instead of focusing only on preserving existing fortunes, many are becoming active participants in investment and business strategy.

Family Offices Multiply

The growth of family offices has been particularly striking.

Their number increased from around 45 in 2018 to nearly 300 by 2024, according to the EY-Julius Baer study. The expansion reflects growing demand for dedicated structures that can manage investments, taxation, governance, succession and philanthropy.

The ecosystem is also becoming more professional. Wealthy families are increasingly adopting formal governance structures, wills, family constitutions, trusts and professional investment teams.

Alternative Assets Gain Ground

Indian family offices are increasingly looking beyond conventional investments such as listed equities, fixed-income instruments and real estate.

The EY-Julius Baer report identifies growing interest in private equity, venture capital, private credit, global equities and other alternative assets. However, the shift is not uniform. The report says 57% of family offices allocate less than 10% of their portfolios to private equity or venture capital.

This indicates that while appetite for alternatives is increasing, many families continue to balance growth opportunities with capital preservation.

Entrepreneurs Reshape Investing

First-generation entrepreneurs are playing an important role in the transformation.

Unlike traditional inherited wealth, newly created business fortunes often come with greater familiarity with entrepreneurship, risk-taking and emerging industries. Family offices established by these entrepreneurs are therefore increasingly investing in startups, technology and other growth-oriented sectors.

EY has noted that first-generation entrepreneurs are more willing to explore emerging sectors and higher-growth investment opportunities as they formalise their wealth-management structures.

Wealth Spreads Beyond Metros

The expansion of wealth is also changing India's geographical map of affluence.

Mumbai and Delhi remain major wealth centres, but new fortunes are increasingly emerging from other cities as entrepreneurship expands across sectors and regions. This creates demand for professional wealth-management services beyond India's traditional financial hubs.

The growth of family offices could consequently support a wider ecosystem of investment advisers, lawyers, tax professionals, fund managers and governance specialists across the country.

$1.5 Trillion Wealth Transfer

Another major factor is the expected transfer of wealth between generations.

The Julius Baer-EY playbook estimates that around $1.5 trillion could change hands in India over the next decade. The transfer is expected to increase demand for succession planning, family governance and professionally managed investment structures.

EY has separately highlighted the scale of this transition, describing family offices as increasingly important institutions for preserving and growing wealth across generations.

Global Investment Takes Centre Stage

Indian family offices are also becoming more international in their investment approach.

The EY-Julius Baer report highlights growing interest in global equities, overseas investments and alternative assets. GIFT City is emerging as another important platform for families seeking structured access to international markets.

The next phase of India's wealth boom is therefore likely to be defined not only by how much wealth is created, but by how professionally it is governed, invested and transferred.

With the country's UHNI population continuing to expand and a large intergenerational wealth transfer approaching, the family office boom in India is set to remain an important feature of the country's evolving private-capital landscape.