Key Takeaways
- • Knight Frank estimates India had 13,263 ultra-high-net-worth individuals (wealth above $30 million) in 2023, projected to rise more than 50% to 19,908 by 2028.
- • Published estimates put the number of Indian family offices at close to 300 in 2024, up from an estimated 45 in 2018, though the true count is considered larger because many operate informally or within family businesses.
- • PwC found only 63% of Indian family business leaders had formal governance structures in place, highlighting a gap between setting up a family office and institutionalising it.
- • EY and Julius Baer estimate around US$1.3 trillion could pass between generations in India over the next decade, testing existing family office structures.
- • The author, Founder & Chairman of UNIDEL Group, argues that consolidated wealth reporting, governance and succession planning, rather than technology alone, determine whether a family office is institutionalised.
Summary
In an opinion piece for Fortune India, Founder & Chairman of UNIDEL Group argues that Indian family wealth has outgrown the operating businesses that created it and now spans public and private markets, private equity, venture capital, fixed income, real estate, gold and commodities. These assets often sit across multiple entities, banks, custodians and jurisdictions, and families are increasingly geographically dispersed as the next generation studies, works or settles overseas.
The article cites Knight Frank's estimate of 13,263 Indian UHNWIs in 2023, projected to reach 19,908 by 2028, and notes the EY-Julius Baer family office report points to similar broad expansion. Henley is cited as estimating a net outflow of around 4,300 millionaires from India in 2024, though many relocating Indians retain business interests and homes in the country.
On family office development, the author notes that published estimates rose from about 45 in 2018 to close to 300 by 2024, while the actual number is likely higher due to informal and business-embedded structures. The author cites PwC's finding that only 63% of Indian family business leaders have formal governance structures. The piece argues that governance, investment processes, succession planning and accountability become harder to manage informally as assets and family members spread across locations.
The author also highlights the challenge of obtaining a consolidated view of family wealth. Drawing on experience at his own family office, he describes difficulties with financial tracking, entity management, accounting and tax compliance, which led his group to build the technology that became Asset Vantage. He maintains that technology supports but does not itself institutionalise a family office, which requires reliable information, clear processes and governance.
Looking ahead, EY and Julius Baer estimate roughly US$1.3 trillion could transfer between generations in India over the next decade. The author argues the next generation, which expects greater transparency, technology and professional management, will test existing family office institutions. He concludes that for many families this institutional maturation is still underway.
The article cites Knight Frank's estimate of 13,263 Indian UHNWIs in 2023, projected to reach 19,908 by 2028, and notes the EY-Julius Baer family office report points to similar broad expansion. Henley is cited as estimating a net outflow of around 4,300 millionaires from India in 2024, though many relocating Indians retain business interests and homes in the country.
On family office development, the author notes that published estimates rose from about 45 in 2018 to close to 300 by 2024, while the actual number is likely higher due to informal and business-embedded structures. The author cites PwC's finding that only 63% of Indian family business leaders have formal governance structures. The piece argues that governance, investment processes, succession planning and accountability become harder to manage informally as assets and family members spread across locations.
The author also highlights the challenge of obtaining a consolidated view of family wealth. Drawing on experience at his own family office, he describes difficulties with financial tracking, entity management, accounting and tax compliance, which led his group to build the technology that became Asset Vantage. He maintains that technology supports but does not itself institutionalise a family office, which requires reliable information, clear processes and governance.
Looking ahead, EY and Julius Baer estimate roughly US$1.3 trillion could transfer between generations in India over the next decade. The author argues the next generation, which expects greater transparency, technology and professional management, will test existing family office institutions. He concludes that for many families this institutional maturation is still underway.
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