India may see family wealth worth $1.5 trillion change hands in 10 years

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.

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 and Leader, Family Office Advisor Services, EY India.