India’s ultra-high-net-worth population has already crossed 19,000, with IPOs, private equity exits and founder liquidity events driving the expansion of wealth, according to a Julius Baer-EY report.
India’s ultra-high-net-worth individual (UHNI) population could rise to more than 25,000 by 2031 from over 19,000 currently, potentially fuelling another wave of growth in the country’s family-office ecosystem, according to a report by Julius Baer and EY.
The report, Indian family office playbook: Now, next and beyond, defines UHNIs as individuals with assets of more than $30 million. It said the rapid expansion of this wealth pool has been driven largely by successful initial public offerings, private equity exits and liquidity events involving company founders.
The growth in the ultra-rich population is already reshaping how wealth is managed in India. The number of family offices is estimated to have risen from around 45 in 2018 to nearly 300 by 2024-25, with most operating as single-family offices, the report said.
The report said the expansion of UHNI wealth has gone hand in hand with the growth of family offices, as wealthy entrepreneurs and families increasingly seek dedicated structures for investment management, succession planning and wealth creation.
“Family offices have emerged as one of the most transformative forces shaping India’s private capital ecosystem,” Ashwin Patni, head of wealth management solutions at Julius Baer India, said in the report.
From business wealth to family wealth
A key driver of the trend is the growing number of entrepreneurs converting business wealth into investible family capital following IPOs, stake sales and private equity exits.
More from BusinessThe report said family offices that were once largely focused on preserving wealth are increasingly becoming active investors across startups, private markets, infrastructure, private credit, alternative assets and global markets.
That shift is also changing the investment profile of India’s wealthiest families. Between 40 per cent and 45 per cent of allocations in many family offices are now directed towards alternatives such as private equity, venture capital, private credit, AIFs, REITs and InvITs, according to the report.
The report said families are increasingly moving beyond traditional investments such as listed equities, fixed income and real estate, seeking higher risk-adjusted returns and greater diversification.
Wealth creation spreads beyond traditional hubs
The family-office boom is also no longer confined to India’s traditional wealth centres.
The report said wealthy individuals and families are increasingly emerging from tier-2 and tier-3 cities alongside the growth of new industries, with wealth that was once concentrated largely in Mumbai and Delhi becoming more geographically dispersed.
This is encouraging families to formalise investment, compliance, governance, succession and philanthropic structures instead of relying primarily on informal networks or external advisers.
India’s billionaire population also stood at more than 200 in 2026, according to the report, with this group controlling nearly $1 trillion in wealth.
Next generation reshapes investment strategy
The rise in UHNI wealth is coinciding with a generational shift in how family capital is deployed.
The report said younger family leaders are increasingly bringing sector expertise and a long-term investment horizon to portfolios, with growing interest in artificial intelligence, climate technology, renewable energy, energy storage, semiconductors, electronics manufacturing, cloud services and data centres.
Kunal Sumaya, Ad Interim Country Head – India and Market Head – Global NRI at Julius Baer, said family offices were moving beyond wealth preservation and becoming “architects of India’s economic future”.
With the UHNI population potentially expanding by more than 6,000 over the next five years, the report suggests India’s family-office ecosystem is likely to become an increasingly important source of long-term private capital, while also facing greater demands for professional management, governance and technology.
