The latest report by PwC India says that with promoters building impressive businesses in tier 2 and 3 cities, their number is set to grow rapidly.
The Indian economy is on the rise and family businesses are contributing to its expansion, both large conglomerates and small-to-medium-sized enterprises, spanning sectors such as manufacturing, retail, real estate, health care and finance and 60-70% Are responsible for the percentage. Percentage of country's GDP.
"Such family offices have catalyzed the creation of jobs, entrepreneurship and a culture of self-reliance in the country, in contrast to those that have languished in the south due to a lack of adaptability, succession planning, innovation and effective governance," the report said.
Family offices have also evolved as holistic service providers, supporting ESG and technology for sustainable wealth.
"In recent years, family offices have gained an integral place in India's financial ecosystem, providing specialized services tailored to the specific needs of high net worth individuals and business families," said Entrepreneur and Private Business Partners and Leader Falguni Shah said. PwC India.
Amid these emerging trends, family offices also face many challenges. Building trust between family members and the family office is important but complicated due to differing mindsets and interests.
Jayant Kumar, Partner, Deals and Family Office Leader, said, “Family offices in India are transforming wealth management by adopting technology, global diversification and ESG principles. Their evolution from wealth preservation to impact investing is driving sustainable growth and positive social impact. is important." , PwC India.
The Indian economy is on the rise and family businesses are contributing to its expansion, both large conglomerates and small-to-medium-sized enterprises, spanning sectors such as manufacturing, retail, real estate, health care and finance and 60-70% Are responsible for the percentage. Percentage of country's GDP.
"Such family offices have catalyzed the creation of jobs, entrepreneurship and a culture of self-reliance in the country, in contrast to those that have languished in the south due to a lack of adaptability, succession planning, innovation and effective governance," the report said.
Family offices have also evolved as holistic service providers, supporting ESG and technology for sustainable wealth.
"In recent years, family offices have gained an integral place in India's financial ecosystem, providing specialized services tailored to the specific needs of high net worth individuals and business families," said Entrepreneur and Private Business Partners and Leader Falguni Shah said. PwC India.
Amid these emerging trends, family offices also face many challenges. Building trust between family members and the family office is important but complicated due to differing mindsets and interests.
Jayant Kumar, Partner, Deals and Family Office Leader, said, “Family offices in India are transforming wealth management by adopting technology, global diversification and ESG principles. Their evolution from wealth preservation to impact investing is driving sustainable growth and positive social impact. is important." , PwC India.
