India’s family offices prepare for $1.5 trillion wealth transfer

Mumbai: India is entering a major phase of intergenerational wealth transfer, with an estimated $1.3 trillion-$1.5 trillion expected to change hands over the next decade, creating a larger pool of family-office and alternative investment capital, according to a Julius Baer-EY report.

This transfer is coming at a time when family wealth is becoming increasingly institutionalised. Family offices are moving away from founder centric decision making towards formal governance, setting up investment committees, family councils and advisory boards and hiring chief investment officers, chief financial officers and risk managers.

Their portfolios are also becoming wider with investments flowing into AIFs, startups, private equity, venture capital, private credit and listed and unlisted real estate such as REITS and INVITS, often through layered and offshore structures.


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This is likely to expand alternatives market where total alternative AUM is estimated at around $400 billion, including $156 billion in SEBI-registered AIFs. The market could exceed $2 trillion by 2034, driven by rising HNI participation, policy support and demand for higher-yielding and uncorrelated assets.

India had more than 200 billionaires in 2026, the third highest after the US and China, controlling nearly $1 trillion in wealth. The country also has more than 19,000 ultra-high-net-worth individuals, with assets above $30 million, a number that could exceed 25,000 by 2031. The growth has been fuelled by IPOs, private equity exits and founder liquidity events.

“Every time there is an exit or every time there's an OFS which is precursor to an IPO, they are then coming to us and saying, please help us set up a structure,” said Surabhi Marwah, Tax Partner and Leader, Family Office Advisor Services, EY India.

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Families are also increasingly viewing the family office as a business in itself, rather than simply an investment vehicle, she said.

The journey can begin with family members managing their own portfolios before moving towards a common investment philosophy, formal structures and external professional support. Families may then use advisers, a multi-family office or eventually establish a single-family office.

Ashwin Patni, Head, Wealth Management Solutions, Julius Baer India, said the transition is not necessarily linear, with some families choosing to remain with multi-family offices rather than establish their own.

“The trend is also spreading geographically, “said Patni. Julius Baer is seeing new or prospective family-office clients in cities including Lucknow, Nagpur, Chandigarh and Jaipur, in addition to India's traditional financial centres.

Patni said families in smaller cities are increasingly as sophisticated and globally connected as those in major metros, with younger generations often having studied abroad and families maintaining business networks across the country.