Indian Family Offices Go Global for Diversification, But 25% Still Focus on Wealth Preservation

Around 25% of Indian family offices continue to prioritise wealth preservation. However, many of them are now actively diversifying into global and alternative assets, according to the EY-Julius Baer report, The Indian Family Office Playbook. Currently, more than 300 family offices are operating in India, up from just 45 in 2018.

The report shows that family offices are now allocating capital to global equities, real estate, private equity, venture capital, and other alternatives. They are going global as ultra-high net worth individuals (UHNIs) expand across borders.

Despite this, 57% still allocate less than 10% of their portfolios to private equity or venture capital due to limited access or a cautious approach. It further cites that regulatory matters are gaining attention among family offices. Around 48% of respondents flagged changing tax laws as a concern, while 37% cited cross-border complexities.

“Families now seek efficiency, transparency, and global access, all of which require a more structured approach. At the same time, navigating tax and cross-border regulatory frameworks is becoming central to how these offices function and plan ahead,” said Surabhi Marwah, Co-leader, Private Tax and Partner, People Advisory Services – Tax, EY India.

Liberalised Remittance Scheme (LRS) outflows also reflect this trend, rising from $18.8 billion in 2019–20 to $31.7 billion in 2023–24. While 59% of families have put wills or constitutions in place, and 19% have adopted structures like trusts or LLPs, a significant number still lack a comprehensive succession plan - highlighting the need for greater preparedness, the report added.

Speaking about the report, Julius Baer India CEO Umang Papneja said family offices are increasingly catering to first-generation entrepreneurs who are more risk-tolerant and open to emerging sectors.

“As the scale and complexity of wealth grow, there’s a stronger focus on strengthening governance, growing asset value and planning for legacy succession," Baer added.

Private credit is gaining traction as a core asset class, valued for its ability to diversify portfolios and cushion against market volatility. At the same time, family offices are increasingly exploring digital solutions to streamline portfolio management and enhance risk oversight.