A growing number of younger heirs from India’s wealthy business families are choosing to move beyond traditional family enterprises, shifting inherited wealth into family offices, start-ups, private equity and other investments.
The trend, highlighted in a Bloomberg report published on September 22, reflects changing attitudes towards succession, wealth management and the role of the next generation in family businesses.
From factory floors to family offices
One example is Alok Sanghi, who previously worked in his family’s cement business, Sanghi Industries. After the family sold a majority stake in the company to Ambuja Cements in 2023, Sanghi moved into other ventures, including luxury real estate in Dubai, a professional volleyball team and start-ups.
He now manages his family’s investment firm, Resolute Corp, which has about $100 million in assets under management, according to the report. Sanghi said separating the family’s wealth from the operating business can reduce the risk of both being affected by the same business fortunes.
A growing wealth-management shift
The number of family offices in India has expanded significantly. PwC data cited in the report indicates that there were more than 300 family offices in 2024, compared with 45 in 2018. India also had around 944,000 dollar millionaires outside the billionaire class, according to UBS estimates cited by Bloomberg.
Some older-generation business leaders have questioned whether moving away from operating businesses could weaken India’s entrepreneurial tradition. Others argue that diversified family investments can support start-ups and other businesses.
Finding a new path
Not every successor is stepping away completely. Some families are retaining ownership while bringing in professional management, while others are selling stakes to private equity investors to fund expansion.
The changing approach reflects a broader generational transition in Indian business, where younger heirs are increasingly considering entrepreneurship, investment and professional wealth management alongside traditional succession.