Wealth investment beyond stocks: India’s super rich are moving $1.5 trillion into these assets

India's family office ecosystem is entering a new phase of growth. Family office assets stood at roughly Rs 70,000 crore in 2024 and are projected to grow 1.5 times over the next three years. That's according to a new Julius Baer-EY report titled "Indian Family Office Playbook: Now, Next and Beyond." Behind the numbers is a simple story: more wealth is being created in India than ever before, and the people managing it are getting far more sophisticated about where that money goes.

India is already home to more than 19,000 ultra-high-net-worth individuals, people with assets above US$30 million. That number is expected to cross 25,000 by 2031. The surge has been fueled by a wave of successful IPOs, private equity exits and founder liquidity events over the past few years. As more entrepreneurs cash out, more families are setting up dedicated offices just to manage their fortunes.

Perhaps the biggest number in the report: India is expected to see between US$1.3 trillion and US$1.5 trillion in intergenerational wealth transfer over the next decade. That's wealth passing from founders and first-generation builders to their children and heirs. It's one of the largest wealth handovers in the country's history, and it's forcing families to think seriously about succession planning and governance for the first time.

Family offices are no longer just parking money in stocks and bonds. Roughly 40% to 45% of allocations are now going into alternative investments, including private equity, venture capital, private credit, Alternative Investment Funds, REITs and InvITs. That marks a major shift from traditional wealth preservation toward active, higher-risk capital deployment in search of better returns.

Where exactly is the money flowing? Family offices are expanding their exposure to some of the hottest sectors in the world right now: artificial intelligence, climate technology, renewable energy, semiconductors, electronics manufacturing, cloud services and data centre infrastructure. Many are also pursuing direct investments and co-investment deals rather than simply handing money to fund managers.

With bigger, more complex portfolios comes a bigger need for structure. The report points to a growing "governance stack" among Indian family offices, including family constitutions, family councils, investment committees and formal succession frameworks. As Surabhi Marwah of EY India put it, families are shifting from simply preserving wealth to building institutions that can create value across generations.

Modern family offices are leaning hard into tech. That includes AI-enabled analytics, integrated reporting platforms, cybersecurity tools and digital governance systems, all aimed at giving families better visibility and sharper investment decisions. As cross-border investing grows, rising data privacy and regulatory demands are also pushing families to hire specialized talent and build more professional management structures.

Kunal Sumaya of Julius Baer calls this an "inflection point" for India's family offices, shaped by explosive startup wealth, a generational handover and the institutionalization of Indian capital markets. Families that build strong governance, invest in technology and talent, and think long-term won't just protect their fortunes. According to the report, they're positioned to become key players shaping India's economic future.