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Over the last three decades, India's ultra-rich have quietly built a financial empire behind closed doors.

Welcome to the world of Indian Family Offices, the powerhouse investment vehicles reshaping the future of wealth management.

What was once a loosely structured affair managed by trusted advisors is now a sophisticated, institutionalized machine driving multi-billion-dollar investment strategies.

The number of family offices in India has skyrocketed from just 45 in 2018 to over 300 in 2024, collectively managing $30 billion in assets under management (AUM).

This explosive growth is fueled by a new generation of business families determined to take control of their wealth like never before.

This article examines how India's wealthiest families are rewriting the rules of wealth management and introduces Aikya Connect, a self-organized and fast growing body of Indian single family offices (SFO).

India vs. The World: How India Stacks Up Against Global Wealth Titans

While India's family office boom is impressive, it's still dwarfed by the global wealth machine.

According to Deloitte Private's Family Office Insights Series-Global Edition, the world has witnessed a 31% surge in family offices, growing from 6,130 in 2019 to 8,030 in 2024 and projected to be 10,720 by 2030.

- United States:

Home to 3,180 family offices, expected to balloon to 4,190 by 2030.

With a deep private equity ecosystem and a legacy of generational wealth, the U.S. remains the gold standard.

- United Kingdom & Europe:

The Old Money hubs currently hold 2,020 family offices, projected to hit 2,650 by 2030, thanks to favorable tax policies and top-tier financial infrastructure.

- Asia-Pacific:

A rising juggernaut with 2,290 family offices, now surpassing Europe in sheer numbers. China and India are leading the charge with aggressive wealth creation.

- Middle East & Other Regions:

The Middle East is slowly but steadily growing.

Today, there are 290 family offices, and this number is expected to rise to 350 by 2030.

The Days Of Passive Investments Are Over: From Legacy Holders to Investment Mavericks

Today's Indian family offices are active investment powerhouses, aggressively diving into private equity, venture capital, and cutting-edge alternative assets:

Old-school investment strategies are being replaced by high-risk, high-reward investment ventures. Indian billionaires are channelling wealth into everything from tech unicorns to space startups.

Investment Trends in Indian SFOs:

• 40% of Indian UHNW families have doubled their allocations to private markets over the past five years.
• Asset allocation among Indian diaspora family offices:
  • 40% in public equity
  • 40% in alternative assets (private equity, venture capital)
  • 20% in fixed-income & real estate
• Startups and growth sectors are a major focus, with younger family leaders positioning themselves as patient capital providers.
• Indian SFOs are actively investing in Private Equity and Venture Capital
• Many Indian SFOs have moved beyond passive LP roles to co-invest directly alongside PE and VC firms.

With these developments, Indian family offices are professionalizing: No more hush-hush wealth management behind closed doors-today's family offices are adopting corporate-style governance, elite fund managers, and structured risk strategies.

Also, women are changing the rules: The rise of next-gen leadership has introduced a bold wave of women decision-makers in family offices. As wealth transitions, women are stepping up in investment, philanthropy, and ESG-driven finance in India.

What's Next?

India's wealth engine is just getting started. Over the next decade, expect:

• Big Money Bets on Alternative Assets: Indian family offices are going beyond stocks and bonds, embracing venture capital, private credit, and even cryptocurrency
• Tech-Driven Wealth Management: The rise of AI-powered investment tools will bring an era of data-backed decision-making and algorithmic wealth allocation.
• Philanthropy and ESG as Status Symbols: Impact investing is the new flex-India's ultra-rich will pour millions into climate tech, sustainable energy, and social initiatives.

With this, India's family offices are evolving into global power players, setting the stage for a new era of ultra-wealth management. As the country's billionaire club expands, expect India's elite to compete with and possibly outmaneuver global wealth dynasties.

Meet Jai Rupani and Aikya Connect

In this rapidly evolving landscape of Indian family offices, Jai Rupani stands out as a pioneer. As the founder of Aikya Connect, a network that brings together family offices to share, connect, and learn, Rupani has been at the forefront of fostering collaboration and innovation within the Indian family office ecosystem.

In this Q&A, we delve into the journey of Indian family offices, their challenges, and how Aikya Connect is shaping the future of this nascent industry.

Matthias Knab: Jai, you've been instrumental in shaping the landscape of family offices in India. Let's start with your journey?

Jai Rupani: Matthias, our story is one of transformation-going from running a global manufacturing empire to becoming strategic capital allocators.

In 2007, our family sold Gokaldas Exports, a multi-generational business that once dominated India's garment industry, to the Blackstone Private Equity Group.

That sale was a turning point. We didn't just sell a business; we entered a new world-the high-stakes game of managing significant wealth. Overnight, we transitioned from being industrialists to capital allocators, from building factories to building an investment empire. The biggest question wasn't about money-it was about purpose.

How do we redefine our family's legacy beyond just business?

Where do we deploy our capital, and how do we ensure it works for generations?

That's where our journey as a family office truly began-learning to think like institutional investors while still carrying the entrepreneurial DNA that built our success.

Matthias Knab: Obviously a major challenge. How did you go about that?

Jai Rupani: The transition from running a multi-generational business to managing significant wealth was not immediate-it was a process of trial, learning, and adaptation. When we sold Gokaldas Exports, we had always been deeply involved in building and scaling businesses, but suddenly, our focus shifted from operations to asset management.

As is often the case for business families, the first instinct was to lean on external advisors. Over time, we engaged multiple wealth managers, each managing different portions of our portfolio. On paper, it seemed like the right move-diversification, access to expertise, and institutional-grade advice. But in reality, it fragmented our strategy, leading to a situation where we had seven different managers, seven different approaches, and no cohesive investment philosophy.

At one point, it became clear that this wasn't sustainable. The focus had to shift from merely preserving wealth to actively managing and growing it in a structured way. That's when we began consolidating, building internal expertise, and aligning our capital allocation with a long-term strategy, one that reflected not just financial returns but also our family's broader vision.

Matthias Knab: How is your family office structured today?

Jai Rupani: The structure of our family office has been shaped by our business legacy. Real estate was always a foundational asset class for our family, given the scale of our operations at our parent, Gokaldas Exports. The land holdings, once part of industrial hubs, have now been strategically transitioned into a commercial real estate portfolio, forming a significant pillar of our investment strategy.

Beyond real estate, we've built a structured wealth and asset management approach. Our investment team is divided into three core verticals:

• Public Markets - focusing on equity investments, structured debt, and global diversification.
• Private Markets - with allocations in private equity, venture capital, and emerging industries.
• Real Estate - leveraging our long-standing experience in asset management and property development.

We have dedicated teams handling leasing, maintenance, and administration to support these investment strategies, ensuring our real estate assets are managed and optimized for long-term returns.

The shift from being an operational business family to an institutionalized investment entity has been a learning curve. Our goal has always been to blend our entrepreneurial instincts with a structured investment philosophy, ensuring capital preservation and sustainable long-term growth.

Matthias Knab: Can you share how Aikya Connect came into existence?

Jai Rupani: The idea for Aikya Connect was born out of necessity. Managing wealth is often portrayed as a privilege, but it can be an isolating experience.

After spending years building our family office, I began to see a fundamental issue-there was no true peer-to-peer network for Indian family offices. Most interactions were transactional, and every conversation seemed to be driven by an underlying agenda. No one asked, “What do you need?” They were all trying to sell something.

Having spent time in investment banking and private equity, I was used to constant strategic dialogue and deal-making. However, in the family office space, there was no natural forum for open discussions, no neutral ground where family office principals could exchange ideas, insights, or challenges without commercial pressures.

I spent three years traveling globally, attending private wealth summits, industry forums, and closed-door gatherings, and meeting other family office leaders who echoed the same sentiment. The more I spoke with them, the clearer it became-Indian family offices needed their own private network, a space that was not diluted by sell side institutions.

What started as a small, informal peer group evolved into something much bigger-a trusted, invite-only network for India's leading family offices built on confidentiality, collaboration, and shared learning. Today, Aikya Connect is a platform where family offices can engage in meaningful, agenda-free conversations, helping each other navigate the complexities of wealth management, succession, and global investment opportunities.

Matthias Knab: From your perspective as an insider-running your own family office and the Aikya Connect family office group-how do you see the Indian family office ecosystem evolving?

Jai Rupani: The Indian family office ecosystem is evolving at an unprecedented pace, though it remains relatively young compared to its global counterparts. While Europe and the U.S. have a long history of family wealth spanning multiple generations, India is just beginning to see the institutionalization of family capital.

In the early 2000s, we witnessed the first wave of family offices, primarily driven by IT entrepreneurs and publicly listed companies like Infosys and HCL, which were the first to experience significant liquidity events. The second wave followed when manufacturing and traditional industrial families-like ours-monetized their businesses, often through private equity acquisitions. Today, we are in the third wave, fueled by startup founders, unicorn exits, and next-generation leaders taking a more global, institutional approach to wealth management.

But what makes India unique is its deeply entrepreneurial DNA. Unlike many global family offices focusing primarily on capital preservation, Indian families still view wealth as a platform for creating new businesses. The instinct to build remains strong, and instead of solely allocating capital to funds, many family offices prefer direct investments, strategic partnerships, and operating businesses that align with their legacy.

We are also seeing a growing emphasis on structuring family offices professionally. More families are setting up trusts, defining governance frameworks, and diversifying beyond traditional asset classes into private equity, venture capital, and global investments. The next-generation leaders, many of whom have been educated abroad, are bringing a more sophisticated, institutional mindset to their family wealth.

Over the next decade, I expect Indian family offices to become even more globally integrated, focusing more on technology, impact investing, and cross-border opportunities. We are still in the early days, but the trajectory is clear-Indian family offices are moving from an informal, relationship-driven model to a structured, professional investment approach that will define the country's next era of wealth management.

Matthias Knab: What challenges do new family offices in India typically face, and what are some of the trends you're observing among Indian family offices?

Jai Rupani: For most families setting up their first-generation family office, the biggest challenge is defining the purpose of their wealth. The transition from running an operating business to managing a structured pool of capital is not always straightforward. Unlike institutions with predefined mandates, family offices often begin with a broad spectrum of objectives-preservation, growth, philanthropy, or reinvestment into new businesses-without a clear framework.

This lack of clarity can lead to fragmented investment strategies. Many families, especially post-liquidity events, go into an unstructured or undefined investment strategy, often resulting in a mishmash of asset allocations and conflicting investment philosophies. Instead of a cohesive financial roadmap, they find themselves managing disparate strategies without a unified vision.

Another major challenge is navigating the wealth management industry itself. Families that have built businesses are accustomed to operational control, whereas managing capital often requires trusting external advisors. Many find themselves in an ecosystem where every engagement is sales-driven-a constant barrage of investment pitches without strategic alignment. The lack of a neutral, agenda-free platform to discuss investment strategies with peers further compounds this challenge, making the initial years of setting up a family office an isolating experience.

Key Trends in Indian Family Offices

Despite these challenges, I can see first hand how Indian family offices are evolving, with several key themes emerging:

Technology and Thematic Investing - The shift towards AI, fintech, space tech, and deep-tech sectors is becoming more pronounced. Families are no longer just investing in conventional asset classes but actively seeking disruptive, high-growth opportunities.

Global Diversification - Indian family offices are expanding beyond domestic markets, actively allocating capital to U.S. private equity, European venture funds, and Middle Eastern real estate. The drive to hedge risks, access more mature capital markets, and capture global opportunities is now a defining trend.

Matthias Knab: Back to Aikya Connect-what does this network for Single Family Offices offer today?

Jai Rupani: Aikya Connect was built to fill a fundamental gap in the Indian family office ecosystem-a space where family office CIOs, principals, and/or Next-Gen could connect, share, and learn-exchange ideas, navigate investment complexities, and engage in meaningful discussions free from commercial agendas.

A Community for Thoughtful, Private Engagement

The reality is that most family office conversations in India happen in closed circles, often influenced by financial institutions, fund managers, or investment banks. While there is no shortage of industry events, very few offer a neutral platform where families can openly discuss challenges, opportunities, and long-term strategies without being sold to.

At Aikya Connect, we take a fellowship-driven approach-it's not about having the largest network; it's about curating the right conversations with the right people. Membership is strictly invite-only, ensuring that every interaction is highly relevant, intellectually enriching, and non-commercial.

Curated Knowledge & Global Perspectives

Our engagement model involves private knowledge-sharing, peer learning, and direct access to investment thought leaders.

We host 20+ events annually, including:

• Virtual Expert Calls - Discussions with leading global investors, economists, and industry veterans.
• Exclusive Masterclasses - Deep dives into topics such as succession planning, global investing, and emerging asset classes.
• Flagship Conferences - Intimate, high-calibre forums where no more than 65 family offices engage in high-level, off-the-record discussions.

Some of our past and upcoming speakers include:

Academia & Thought Leadership

• Aswath Damodaran is the leading authority on valuation and market strategy.

• Stuart Hart - Renowned academic on sustainable investing and business innovation.

Global Markets & Investment Strategy

• Gina Martin Adams - Chief Equity Strategist at Bloomberg Intelligence.
• David Chao - Global market strategist specializing in Asia.
• William Ma - Veteran investment strategist and multi-asset investor.
• Marko Papic - Geopolitical strategist and macroeconomic expert.
• Russell Napier - Global Macro Strategist at Orlock Advisors
• Mark Haefele - Chief Investment Officer at UBS Global Wealth Management

Speakers at Aikya Connect Family Office Forums

• Deepak Parekh - Architect of India's modern financial landscape (HDFC Bank).
• Harsh Mariwala - Founder of Marico and pioneer of consumer brands in India.
• Ahmed Husain - Head of Family Office, Neuberger Berman AMC.
• Rajeev Natrajan - Head of Asia, ICONIQ Capital.
• Anatole Kaletsky - Renowned economic commentator and market analyst.
• Parag Khanna - Leading global strategist and author on geopolitics and economics.

Beyond Events: The Aikya Vault & Ongoing Collaboration

Aikya Connect isn't just about events; it's an ongoing platform for knowledge exchange. Our Members Vault houses a growing repository of insights-past expert calls, in-depth research, and private discussions-accessible exclusively to members.

This is a space where India's leading family offices can interact, share insights, and refine their long-term capital strategies in an impossible way in broader industry settings.

Summing up, Aikya Connect is a peer-driven, agenda-free forum where Indian family offices can engage in meaningful, high-level discussions, free from commercial influence and focused entirely on shared learning and strategic capital deployment.

Matthias Knab: Can you share some insights into the types of discussions or themes at your events?

Jai Rupani: Absolutely. We've had sessions on everything from market trends to innovative sectors like space technology with startups like Skyroot Aerospace. We also dive into traditional investments but from new angles, like how endowments manage their portfolios. The idea is to stretch the members' thinking, provide fresh investment ideas, and build friendships.

Matthias Knab: What's your Vision for Aikya Connect for the next 5 years?

Jai Rupani: The vision for Aikya Connect is clear-measured growth, deeper engagement, and continued exclusivity. Today, with 70 member families, our goal is to expand thoughtfully to 150 families over the next five years, ensuring that intimacy and trust remain at the core of our network.

Beyond growth, we are focused on broadening the scope of knowledge-sharing.

Again, our goal is to continue building a close-knit community where families can connect, share, and learn from each other, so the core ethos of Aikya Connect will always remain the same. With that, we're also considering curating more specialized learning programs and potentially helping members set up their family offices without becoming directly involved in their investments.

We have also taken an exciting step forward by engaging with the IMD Leading Your Family Office Program, further expanding our commitment to providing world-class learning opportunities for our members.

Matthias Knab: How can someone become part of this community?

Jai Rupani: Aikya Connect remains an invite-only community, ensuring that every member shares our ethos of learning, collaboration, and strategic engagement. We carefully curate our network to maintain high trust, quality discussions, and non-commercial interactions. Families interested in joining can express interest through our forums or referrals, and we assess alignment based on shared values and investment philosophies. The goal is not to expand for scale but to bring together like-minded families who see value in peer-driven knowledge exchange.

Matthias Knab: What advice would you give to someone starting a family office today?

Jai Rupani: The biggest challenge in setting up a family office is recognizing that running a business and managing wealth require fundamentally different mindsets. Entrepreneurs thrive on adrenaline, rapid decision-making, and risk-taking, whereas wealth management demands discipline, patience, and structured thinking. The transition from building a business to preserving capital is not always easy-what once felt like an exciting journey of expansion now shifts to focusing on stability, risk management, and long-term sustainability.

Many patriarchs struggle with this shift, as their instinct has always been to create and grow. The real question families must ask is: Does the family have the right steward to manage its wealth? Without a structured governance framework, wealth can become fragmented, with multiple advisors pushing different strategies, often leading to misalignment and dilution of long-term objectives.

To successfully transition, families must treat wealth like a business-with governance, accountability, and a clear investment philosophy. Preservation may not seem as bold as building, but it is just as critical. The goal is to manage capital and create a framework that ensures its longevity across generations.

At the family dining table, long after the business has been sold or passed on, one question always lingers: Ghoda Kaun Chaleyga? (Who will take the reins?) The families that get this transition right apply the same rigor, structure, and strategic vision to managing wealth as they did to build their businesses.