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India’s family office landscape is undergoing a dramatic transformation, moving beyond its early-stage wealth preservation role to become a sophisticated platform for global investing, governance and intergenerational legacy-building.
The number of family offices in the country has grown more than sixfold in six years, from just 45 in 2018 to nearly 300 in 2024, mirroring the rapid rise in ultra-high net worth individuals (UHNWIs). India is now home to roughly 13,000 families with net worths above $30m, and that number is expected to increase to 19,000 by 2028, according to Julius Baer and EY’s Indian Family Office Playbook 2025.
“The extent of wealth creation in India is truly unmatched,” says Umang Papneja, CEO of Julius Baer India. “Every day, about three individuals cross the $30m threshold, placing India behind only the US and China in terms of new UHNW entrants.”
“The extent of wealth creation in India is truly unmatched,” says Umang Papneja, from Julius Baer India
But the story is no longer just about numbers. It is about evolution. Indian family offices are becoming institutionalised in both structure and mindset. “The perception is shifting from simply growing wealth to preserving and sustaining it for upcoming generations,” says Mr Papneja.
That change is being driven, in part, by a wave of liquidity events, IPOs, private equity exits, and mergers, as many founder-led companies mature and monetise. The professionalisation of wealth has led families to seek out dedicated structures that provide oversight, confidentiality and long-term planning.
Many of these new offices are led by first-generation entrepreneurs, who bring with them a higher risk appetite and an eye for emerging sectors. “They’re allocating more capital to alternative strategies, private equity, venture capital and private credit, compared to legacy families, who remain more focused on preservation,” says Mr Papneja.
The report underscores a notable shift toward alternative investments. More than 50 per cent of surveyed family offices have allocated more than half their portfolios to growth-oriented assets, with nearly a quarter committing more than 20 per cent to private equity and venture capital alone.
India’s alternative investment industry is projected to cross $120bn in assets under management by 2030. Family offices are increasingly embracing private credit as well, drawn by its promise of uncorrelated returns and downside protection in volatile markets.
“There’s clearly a move away from traditional public equities alone,” says Mr Papneja. “We’re seeing families blend passive mutual funds with boutique asset managers, and even long-short strategies are getting attention.”
This evolution is being reflected by broader global interest in India’s private credit market.
“Private credit is gaining prominence in emerging markets in line with its global growth,” says Navas Ebin Muhammed, managing director at Liquidity, an AI-driven private credit firm, which has $2.75bn in assets under management.
“In India, private credit penetration and acceptance are increasingly aligned with mature markets like the US. Demand for growth capital is strong, and this is drawing attention from both global allocators and regional family offices, especially those deploying local currency into local vehicles.”
In India, private credit penetration and acceptance are increasingly aligned with mature markets like the US
He adds that emerging market securitisation is set to become a major theme in the years ahead, one in which institutions like his intend to play a significant role.
Cross-border investing
Globalisation is no longer aspirational, it is strategic. Indian family offices are using multiple vehicles to access international opportunities, including GIFT City-based Alternative Investment Funds (AIFs), offshore structures in Singapore or Dubai, and the Reserve Bank’s Liberalised Remittance Scheme.
“Families are pragmatically approaching cross-border investing,” says Julius Baer’s Mr Papneja. “They want future-ready, diversified portfolios across asset classes and geographies.”
Liquidity’s Mr Muhammed notes that there is strong ongoing demand for securitisation from Indian firms expanding internationally, even as some companies are re-domiciling back to India to take advantage of attractive domestic exit markets. “We remain optimistic about India’s need for international capital and see Asean as a region with similar long-term dynamics, though exits there remain more muted,” he says.
Still, challenges remain. Navigating international compliance, tax efficiency and currency risk requires sophisticated legal and advisory frameworks, prompting more families to lean on professionalised setups.
As family wealth becomes more complex, governance structures are also becoming more refined. Trusts, family constitutions and investment committees are no longer niche concepts, they are the norm.
“There is far greater clarity now about succession planning,” says Julius Baer’s Mr Papneja. “It’s not just about transferring wealth, but ensuring the next generation is prepared and aligned with the family’s vision.”
According to the report, 59 per cent of Indian families have already documented succession plans, while others are moving toward legal structures that formalise leadership transitions and asset management.
With tech-savvy heirs taking the reins, digitalisation is a priority. Software as a service platforms are being adopted to automate investment workflows, and GenAI tools are in exploratory use to analyse market data and trends.
Yet only 20 per cent of family offices describe their cyber security as resilient, signalling a major vulnerability. Many are now investing in cyber incident response plans and family-wide digital hygiene training.
Looking ahead, Mr Papneja sees three defining trends: globalisation, governance and values-driven investing. ESG, impact initiatives and philanthropic structures are gaining traction, particularly among younger family members focused on legacy and purpose.
“The family office space in India is moving from an ad hoc, reactive model to a forward-looking, institutionalised one,” Mr Papneja says. “What we’re seeing is the rise of the Indian family office 2.0: more strategic, more global and more resilient.”
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