More than half of Indian families are interested in setting up or joining a family office according to a report by Edelweiss Private Wealth Management and Campden Family Connect.
The study reveals that Indian family businesses continue to overlook succession planning and that only 19% of families have formally agreed or written succession plans.
According to the figures, 58% of families are interested in setting up a family office themselves or joining one added that half of them are already in the process.
India remained the focus for family investment with 99% of families investing in the country.
A total of 44% of families said they started their family office to successfully transfer wealth between generations.
The UHNW population in India grew by 290% in 2006-16 and it is predicted India will produce on average 1,000 UHNW individuals a year over the next decade. India has the sixth largest economy globally and is expected to be the second largest economy by 2050.
Amit Patni, director of Campden Family Connect, told specialised media outlet Campden FB India had witnessed the generation of vast sums of personal wealth, thanks to the sales of assets, exits from family businesses and the economic growth of the country.
"Consequently, family offices are becoming increasingly popular in India," Patni said.
"However, the fact that there are only about 45 formal family office structures in existence demonstrates a dearth of understanding on the purpose and services offered by family offices."