India’s ultra-rich chase global growth, but asset preservation still tops agenda: EY report

India’s ultra-wealthy are charting new paths in global wealth management, blending ambition with caution as family offices increasingly look beyond domestic borders. Insights from the EY-Julius Baer report, The Indian Family Office Playbook, reveal a sharp uptick in cross-border investment strategies, even as asset protection remains a central concern for many of the country’s richest families.

Over the past six years, India’s family office ecosystem has exploded from just 45 entities to nearly 300, mirroring the growing ranks of ultra-high-net-worth individuals (UHNIs). Today, more than 13,000 Indian families hold wealth exceeding US$30 million—a figure expected to climb to 19,000 by 2028. Yet even as their financial muscle grows, around 25% of family offices continue to name wealth preservation as their chief objective, underscoring a cautious mindset amid volatile markets.

“This is a transformative era for family offices in India,” notes the report. “While the appetite for sophisticated investments and global exposure is rising, safeguarding existing wealth remains non-negotiable for many families.”

Global diversification has emerged as a key lever for balancing growth and protection. Indian family offices are increasingly investing in private equity and venture capital overseas, real estate in Europe, and venture funds across Asia. Regulatory enablers like GIFT City—a special financial zone offering tax incentives and easier global investment routes—are catalyzing these outward flows.

Data from the Reserve Bank of India underscores this trend, with outward remittances under the Liberalised Remittance Scheme (LRS) touching nearly US$23 billion in the first nine months of FY25, only slightly below the previous year’s pace despite global uncertainties.

The motivations for going global are varied. For some families, international diversification offers a hedge against local market volatility or currency risks. For others, it’s about seizing opportunities in emerging sectors, acquiring stakes in innovative startups, or accessing stable income streams through real assets like infrastructure trusts abroad.

Yet even amid the pursuit of higher returns, a conservative streak persists. The report highlights how family offices are still anchored to traditional goals like intergenerational wealth transfer, governance structures, and asset protection strategies. Tools such as private trusts, family constitutions, and carefully crafted legal frameworks are increasingly used to ensure smooth succession and preserve family legacies.

Interestingly, while many family offices are shifting into growth assets—including alternative investments like private credit and long-short strategies—most are still mindful of concentration risks. A quarter of surveyed family offices explicitly prioritize asset preservation over aggressive expansion, signaling a preference for stable, risk-adjusted returns over speculative plays.

Technology and professional expertise are also reshaping the sector. Digital platforms, advanced analytics, and even exploratory uses of AI are helping family offices manage complex portfolios spanning multiple jurisdictions. However, cybersecurity concerns remain a critical focus, as family offices handle sensitive financial and personal data.

In essence, India’s ultra-rich are rewriting the rules of wealth management. They’re venturing confidently into global markets, but always with an eye firmly fixed on securing the hard-won fortunes that have fueled this new era of Indian prosperity. For these families, diversification isn’t merely a strategy—it’s becoming a necessity for preserving wealth in an unpredictable world.