The report says the need for managing family issues through a professional organisation like a family office is rapidly growing in India with various players such as banks, brokerage firms an asset management firms gaining a foothold in the Indian family office space.

Currently the main single family office owners are Azim Premji of Premji Invest, Ajit Khimji of the Khimji family office, NR Narayana Murthy of Cataraman, and obviously the Ambani family.

The report noted that market penetration is low with only 20 per cent of UHNW wealth tapped. There is said to be particular potential in the huge amount of intergenerational transfers that are to take place in the coming decade, of which the amount is estimated at $128 billion.

Many established firms already in the market are Kotak, DSP Merrill lynch, BNP Paribas. However the steep growth in wealth has also given rise to boutique firms which have a market share of around 47 per cent in the family office space.

Key findings regarding trends are that the UHNW in India have a higher risk-taking ability compared to their western counterparts and that the most favoured asset classes for investment are equities and real estate.

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