Family offices in India are moving away from traditional investments like fixed income and domestic stocks, and are instead exploring more of global markets and alternative assets like the real estate, private equity, and venture capital, as per a new report by EY and Julius Baer. The report, titled The Indian Family Office Playbook, shows a massive shift in how Indian families are not only managing, but growing their wealth. While 25% of these offices still focus mainly on preserving their wealth, a growing number are actively diversifying to build long-term growth and global exposure.
Global ambition on the rise
The report highlights that over 300 family offices are now operating in India, which is a steep rise from just 45 in 2018. With increasing cross-border presence, Indian ultra-high-net-worth individuals (UHNIs) are using tools like the Liberalised Remittance Scheme (LRS), with overseas remittances growing from $18.8 billion in 2019–20 to $31.7 billion in 2023–24.
Surabhi Marwah, Co-leader of Private Tax and Partner at EY India, says that Indian family offices are undergoing a major shift. Wealth preservation is no longer their only focus. In fact, families are now aiming for better efficiency, clearer governance, and international investment opportunities. Dealing with tax laws and cross-border rules has become an integral part of how these offices operate and plan.
Despite growing interest in alternative assets, private markets like venture capital and private equity are still underused. The report shows that 57% of Indian family offices invest less than 10% in these areas. And the reason behind this slow adoption is limited access and cautious mindset.
Strong Planning
The report also points to a rising focus on legacy planning and governance. Around 59% of families have set up wills or family constitutions, and 19% have chosen formal setups like trusts or limited liability partnerships (LLPs) to handle their wealth.
As Indian family offices grow and mature, their focus is shifting. It’s no longer just about keeping money safe — it’s also about growing it wisely and passing it on in an organised and lasting way. The report shows that this space is changing fast, becoming more global, structured, and future-focused.
The report also points out that the family offices are focussing a lot on rules and regulations. About 48% of individuals who were surveyed said that changing tax laws were a major challenge, and 37% said they struggle with cross-border rules.
Family offices are also seeing more first-generation entrepreneurs as clients. The report says that they are more open to take risks and invest in new sectors.
