Navigating Generational Shifts, Globalization, and New-Age Investments: Wealth Trends Among India’s Elite
"Globalization is prompting Indian families to adopt more sophisticated wealth management strategies, focusing on understanding multiple jurisdictions and their tax implications."
"Globalization is prompting Indian families to adopt more sophisticated wealth management strategies, focusing on understanding multiple jurisdictions and their tax implications."
"Globalization is prompting Indian families to adopt more sophisticated wealth management strategies, focusing on understanding multiple jurisdictions and their tax implications."
Introduction
India’s high-net-worth (HNW) families are undergoing a significant transformation in wealth generation, preservation, and management, driven by shifts in industries, asset classes, and family dynamics. Nakul Beri, Senior Managing Director of Waterfield Advisors, one of India’s leading family office advisory firms, offers a detailed perspective on these evolving trends. From wealth creation in traditional sectors like real estate to new-age investments in ESG (Environmental, Social, and Governance) and alternative assets, Indian families are becoming more diversified, sophisticated, and globally attuned. Here’s how wealth trends are reshaping the landscape among India’s elite.
Primary Sources of Wealth: Tradition Meets Innovation
"Among our Indian clients, real estate continues to be a major source of wealth, benefiting from urbanization and growing incomes,” says Nakul Beri. Historically, land and property have been bedrocks of wealth accumulation in India. The wealth generated from this sector has deep cultural and financial roots, thanks to the rising value of urban land as India continues its rapid urbanization.
Yet, the avenues for wealth creation have diversified significantly over the past decade. “We’re also seeing a significant rise in equity market investments, thanks to increased retail participation and more accessible trading platforms,” Beri notes. The democratization of stock market participation, fueled by technology and mobile trading apps, has unlocked financial markets for a broader audience. With the rise of retail investors and systematic investment plans (SIPs), equity markets have become a key driver for wealth growth, especially among tech-savvy clients.
Entrepreneurship, particularly in the tech sector, has also been a powerful engine of wealth creation. “Entrepreneurship, particularly in tech, has created substantial wealth, with venture capital fueling many success stories,” Beri adds. Startups in sectors like fintech, e-commerce, and education technology have capitalized on India’s large and growing middle class, creating new millionaires and billionaires. “Additionally, clients are turning to financial instruments like mutual funds and bonds, with SIPs making investment more widespread,” he says, emphasizing the increasing accessibility of structured financial products.
The Evolution of Wealth: Globalization and Diversification
The past decade has brought profound changes to how wealth is managed in India. "Digital transformation has made investing more accessible through fintech platforms,” Beri explains. The rise of robo-advisors, algorithm-driven investment strategies, and online trading platforms has lowered the barriers to entry in financial markets, enabling both the wealthy and the emerging affluent to engage more actively in wealth-building activities.
One of the most noticeable changes has been the shift towards global diversification. "Clients are diversifying internationally, particularly in sectors like technology, healthcare, and real estate,” Beri observes. The global economy has opened new opportunities for Indian families to invest beyond domestic borders, particularly in developed markets like the U.S. and Europe, where sectors like technology and healthcare present attractive returns. Tax reforms and a more transparent regulatory environment have encouraged Indian HNWIs to explore international opportunities.
Emerging Industries: Sustainability and Innovation
As global trends shape the Indian economy, new sectors are gaining prominence among wealth generators. "The technology sector, especially IT services, remains dominant, while renewable energy is quickly gaining traction due to the focus on sustainability," Beri says. The emphasis on sustainability has drawn HNWIs towards renewable energy investments, with a clear pivot toward clean technologies.
Healthcare and biotechnology, particularly in the post-pandemic world, are also emerging as key sectors. "Healthcare and biotechnology are emerging as key sectors, especially after the pandemic,” Beri remarks, emphasizing how the pandemic has reshaped investment priorities, bringing sectors with social impact and long-term resilience into focus. “Education technology has gained significant momentum with the rise in demand for online learning platforms,” he adds, highlighting how edtech has transformed into a significant growth sector as online education becomes mainstream.
Shifting Investment Preferences: From Local to Global
India’s wealthy are diversifying their portfolios more than ever before. “Clients are increasingly exploring private equity, venture capital, and hedge funds for higher returns,” says Beri. As domestic markets mature, many wealthy families are looking for alternative investment vehicles that promise higher returns. This shift has extended beyond India’s borders, with many clients turning to the U.S. and European markets.
"There’s a noticeable trend toward global diversification, especially in developed markets like the U.S. and Europe,” Beri notes. These investors are targeting sectors with long-term growth potential, such as technology and healthcare. At the same time, ESG investing is growing in popularity. “ESG investing is gaining popularity, especially among younger clients who are aligning their investments with sustainability and social impact,” Beri observes. Younger investors are drawn to investment strategies that integrate financial goals with values-based objectives, like environmental conservation and social good.
Wealth Preservation: Family Dynamics and Governance
Preserving wealth over generations remains a critical concern for Indian HNWIs. "Our clients typically follow strategic asset allocation, long-term goal-based investments, and asset protection strategies to preserve their wealth,” says Beri. These strategies balance risk and reward across asset classes, including equities, real estate, and alternative investments.
Asset protection structures such as family trusts and insurance products are commonly used to ensure the smooth transfer of wealth across generations. "The Hindu Undivided Family (HUF) is a popular choice for pooling family assets under a common entity for tax benefits and wealth management," Beri explains. The HUF structure offers a unique, tax-efficient way to manage family assets, while Wills and family trusts provide privacy and continuity, particularly when dealing with complex, multi-generational wealth.
Intergenerational Wealth Transfer: Overcoming Challenges
Indian families are increasingly formalizing the governance of their wealth transfer. "Intergenerational wealth transfer among Indian families is increasingly being managed through structured governance, next-gen engagement, and professional advisory support,” Beri states. Family constitutions, councils, and trusts are becoming more common tools to facilitate the smooth transition of wealth and responsibilities between generations.
However, resistance to formalization remains a challenge. "Traditional mindsets often lead to a preference for informal, familial agreements over structured planning tools like trusts and formal governance mechanisms,” Beri points out. Emotional barriers and inertia also hinder formal succession planning, as many patriarchs remain deeply attached to their businesses.
Philanthropy and Social Impact: A New Generation of Givers
Philanthropy is becoming a more strategic and structured component of wealth management. "We have observed that India’s wealthy are shifting towards strategic philanthropy with a focus on long-term impact and measurable outcomes, primarily in education and healthcare," Beri says. Family offices and private foundations are increasingly being used to manage philanthropic efforts, with an emphasis on innovation, sustainability, and social impact. Younger generations are particularly interested in causes like environmental conservation, gender equality, and mental health.
The next generation is also exploring innovative funding mechanisms. "The next-gen is open to piloting and supporting innovative programs like revolving grants, loans to low-income communities, and other blended finance programs,” Beri notes. This reflects a growing trend toward impact-driven philanthropy, where the goal is not just to give but to create lasting, measurable change.
Challenges and Opportunities in Wealth Management
The wealth management ecosystem in India is still evolving, with several challenges remaining. "Since the wealth management ecosystem in India is dominated by the distribution model, it is difficult for clients to seek the right advice which is completely aligned with their interests,” Beri observes. Many wealth managers are still driven by commissions, which can compromise the quality of advice they offer.
Despite these challenges, there are immense opportunities for growth. "One very interesting trend is the rise of wealth in tier-2 and tier-3 cities in India,” Beri says. As digital transformation enables wealth creation in smaller cities, there’s an emerging need for wealth management services that cater to the unique characteristics of these regions.
The Digital Transformation of Wealth Management
Digital transformation is revolutionizing the wealth management landscape in India. "Wealth tech has evolved as a promising sector in India, with the rise of the wealthy population and an increase in the financialisation of savings,” Beri states. Technology is enabling wealth managers to offer seamless, efficient services to a growing base of clients, providing consolidated views of portfolios, market insights, and tracking capabilities via mobile apps.
Digital transformation is revolutionizing the wealth management landscape in India. "Wealth tech has evolved as a promising sector in India, with the rise of the wealthy population and an increase in the financialisation of savings,” Beri states. Technology is enabling wealth managers to offer seamless, efficient services to a growing base of clients, providing consolidated views of portfolios, market insights, and tracking capabilities via mobile apps.
Globalization and Mobility: Planning for the Future
As Indian families globalize, their wealth management strategies are becoming more sophisticated. "Globalization is prompting Indian families to adopt more sophisticated wealth management strategies, focusing on understanding multiple jurisdictions and their tax implications,” says Beri. Pre-immigration planning, cross-border investments, and the diversification of assets across geographies are becoming critical components of wealth strategies.
With the rise of global mobility, Indian families are positioning themselves to thrive in an increasingly interconnected world. As they diversify their assets and embrace global trends, the future of wealth management in India will be defined by a new generation of investors who are as globally mobile as they are financially savvy.
In conclusion, the wealth management landscape in India is evolving at a breakneck pace. As Beri points out, “India’s wealthy are becoming more sophisticated, global, and impact-oriented.” Whether it’s embracing new asset classes, expanding philanthropic initiatives, or navigating the complexities of intergenerational wealth transfer, HNWIs are laying the groundwork for long-term financial resilience and societal contribution. The future, it seems, belongs to those who can balance tradition with innovation, local roots with global reach, and financial returns with social impact.
About the Author
Nakul Beri is Senior Managing Director at Waterfield Advisors, a globally recognized independent Indian Multi-Family Office. Waterfield are registered with SEBI as Investment Advisors and work with family-owned businesses, trusts and endowments, and single-family offices in several investment and non-investment-related areas. Their role is to provide holistic advice without a conflict of interest in all dealings with their clients. They help clients plan, structure and manage their family wealth, working exclusively on their behalf as their dedicated family office.
Introduction
India’s high-net-worth (HNW) families are undergoing a significant transformation in wealth generation, preservation, and management, driven by shifts in industries, asset classes, and family dynamics. Nakul Beri, Senior Managing Director of Waterfield Advisors, one of India’s leading family office advisory firms, offers a detailed perspective on these evolving trends. From wealth creation in traditional sectors like real estate to new-age investments in ESG (Environmental, Social, and Governance) and alternative assets, Indian families are becoming more diversified, sophisticated, and globally attuned. Here’s how wealth trends are reshaping the landscape among India’s elite.
Primary Sources of Wealth: Tradition Meets Innovation
"Among our Indian clients, real estate continues to be a major source of wealth, benefiting from urbanization and growing incomes,” says Nakul Beri. Historically, land and property have been bedrocks of wealth accumulation in India. The wealth generated from this sector has deep cultural and financial roots, thanks to the rising value of urban land as India continues its rapid urbanization.
Yet, the avenues for wealth creation have diversified significantly over the past decade. “We’re also seeing a significant rise in equity market investments, thanks to increased retail participation and more accessible trading platforms,” Beri notes. The democratization of stock market participation, fueled by technology and mobile trading apps, has unlocked financial markets for a broader audience. With the rise of retail investors and systematic investment plans (SIPs), equity markets have become a key driver for wealth growth, especially among tech-savvy clients.
Entrepreneurship, particularly in the tech sector, has also been a powerful engine of wealth creation. “Entrepreneurship, particularly in tech, has created substantial wealth, with venture capital fueling many success stories,” Beri adds. Startups in sectors like fintech, e-commerce, and education technology have capitalized on India’s large and growing middle class, creating new millionaires and billionaires. “Additionally, clients are turning to financial instruments like mutual funds and bonds, with SIPs making investment more widespread,” he says, emphasizing the increasing accessibility of structured financial products.
The Evolution of Wealth: Globalization and Diversification
The past decade has brought profound changes to how wealth is managed in India. "Digital transformation has made investing more accessible through fintech platforms,” Beri explains. The rise of robo-advisors, algorithm-driven investment strategies, and online trading platforms has lowered the barriers to entry in financial markets, enabling both the wealthy and the emerging affluent to engage more actively in wealth-building activities.
One of the most noticeable changes has been the shift towards global diversification. "Clients are diversifying internationally, particularly in sectors like technology, healthcare, and real estate,” Beri observes. The global economy has opened new opportunities for Indian families to invest beyond domestic borders, particularly in developed markets like the U.S. and Europe, where sectors like technology and healthcare present attractive returns. Tax reforms and a more transparent regulatory environment have encouraged Indian HNWIs to explore international opportunities.
Emerging Industries: Sustainability and Innovation
As global trends shape the Indian economy, new sectors are gaining prominence among wealth generators. "The technology sector, especially IT services, remains dominant, while renewable energy is quickly gaining traction due to the focus on sustainability," Beri says. The emphasis on sustainability has drawn HNWIs towards renewable energy investments, with a clear pivot toward clean technologies.
Healthcare and biotechnology, particularly in the post-pandemic world, are also emerging as key sectors. "Healthcare and biotechnology are emerging as key sectors, especially after the pandemic,” Beri remarks, emphasizing how the pandemic has reshaped investment priorities, bringing sectors with social impact and long-term resilience into focus. “Education technology has gained significant momentum with the rise in demand for online learning platforms,” he adds, highlighting how edtech has transformed into a significant growth sector as online education becomes mainstream.
Shifting Investment Preferences: From Local to Global
India’s wealthy are diversifying their portfolios more than ever before. “Clients are increasingly exploring private equity, venture capital, and hedge funds for higher returns,” says Beri. As domestic markets mature, many wealthy families are looking for alternative investment vehicles that promise higher returns. This shift has extended beyond India’s borders, with many clients turning to the U.S. and European markets.
"There’s a noticeable trend toward global diversification, especially in developed markets like the U.S. and Europe,” Beri notes. These investors are targeting sectors with long-term growth potential, such as technology and healthcare. At the same time, ESG investing is growing in popularity. “ESG investing is gaining popularity, especially among younger clients who are aligning their investments with sustainability and social impact,” Beri observes. Younger investors are drawn to investment strategies that integrate financial goals with values-based objectives, like environmental conservation and social good.
Wealth Preservation: Family Dynamics and Governance
Preserving wealth over generations remains a critical concern for Indian HNWIs. "Our clients typically follow strategic asset allocation, long-term goal-based investments, and asset protection strategies to preserve their wealth,” says Beri. These strategies balance risk and reward across asset classes, including equities, real estate, and alternative investments.
Asset protection structures such as family trusts and insurance products are commonly used to ensure the smooth transfer of wealth across generations. "The Hindu Undivided Family (HUF) is a popular choice for pooling family assets under a common entity for tax benefits and wealth management," Beri explains. The HUF structure offers a unique, tax-efficient way to manage family assets, while Wills and family trusts provide privacy and continuity, particularly when dealing with complex, multi-generational wealth.
Intergenerational Wealth Transfer: Overcoming Challenges
Indian families are increasingly formalizing the governance of their wealth transfer. "Intergenerational wealth transfer among Indian families is increasingly being managed through structured governance, next-gen engagement, and professional advisory support,” Beri states. Family constitutions, councils, and trusts are becoming more common tools to facilitate the smooth transition of wealth and responsibilities between generations.
However, resistance to formalization remains a challenge. "Traditional mindsets often lead to a preference for informal, familial agreements over structured planning tools like trusts and formal governance mechanisms,” Beri points out. Emotional barriers and inertia also hinder formal succession planning, as many patriarchs remain deeply attached to their businesses.
Philanthropy and Social Impact: A New Generation of Givers
Philanthropy is becoming a more strategic and structured component of wealth management. "We have observed that India’s wealthy are shifting towards strategic philanthropy with a focus on long-term impact and measurable outcomes, primarily in education and healthcare," Beri says. Family offices and private foundations are increasingly being used to manage philanthropic efforts, with an emphasis on innovation, sustainability, and social impact. Younger generations are particularly interested in causes like environmental conservation, gender equality, and mental health.
The next generation is also exploring innovative funding mechanisms. "The next-gen is open to piloting and supporting innovative programs like revolving grants, loans to low-income communities, and other blended finance programs,” Beri notes. This reflects a growing trend toward impact-driven philanthropy, where the goal is not just to give but to create lasting, measurable change.
Challenges and Opportunities in Wealth Management
The wealth management ecosystem in India is still evolving, with several challenges remaining. "Since the wealth management ecosystem in India is dominated by the distribution model, it is difficult for clients to seek the right advice which is completely aligned with their interests,” Beri observes. Many wealth managers are still driven by commissions, which can compromise the quality of advice they offer.
Despite these challenges, there are immense opportunities for growth. "One very interesting trend is the rise of wealth in tier-2 and tier-3 cities in India,” Beri says. As digital transformation enables wealth creation in smaller cities, there’s an emerging need for wealth management services that cater to the unique characteristics of these regions.
The Digital Transformation of Wealth Management
Digital transformation is revolutionizing the wealth management landscape in India. "Wealth tech has evolved as a promising sector in India, with the rise of the wealthy population and an increase in the financialisation of savings,” Beri states. Technology is enabling wealth managers to offer seamless, efficient services to a growing base of clients, providing consolidated views of portfolios, market insights, and tracking capabilities via mobile apps.
Digital transformation is revolutionizing the wealth management landscape in India. "Wealth tech has evolved as a promising sector in India, with the rise of the wealthy population and an increase in the financialisation of savings,” Beri states. Technology is enabling wealth managers to offer seamless, efficient services to a growing base of clients, providing consolidated views of portfolios, market insights, and tracking capabilities via mobile apps.
Globalization and Mobility: Planning for the Future
As Indian families globalize, their wealth management strategies are becoming more sophisticated. "Globalization is prompting Indian families to adopt more sophisticated wealth management strategies, focusing on understanding multiple jurisdictions and their tax implications,” says Beri. Pre-immigration planning, cross-border investments, and the diversification of assets across geographies are becoming critical components of wealth strategies.
With the rise of global mobility, Indian families are positioning themselves to thrive in an increasingly interconnected world. As they diversify their assets and embrace global trends, the future of wealth management in India will be defined by a new generation of investors who are as globally mobile as they are financially savvy.
In conclusion, the wealth management landscape in India is evolving at a breakneck pace. As Beri points out, “India’s wealthy are becoming more sophisticated, global, and impact-oriented.” Whether it’s embracing new asset classes, expanding philanthropic initiatives, or navigating the complexities of intergenerational wealth transfer, HNWIs are laying the groundwork for long-term financial resilience and societal contribution. The future, it seems, belongs to those who can balance tradition with innovation, local roots with global reach, and financial returns with social impact.
About the Author
Nakul Beri is Senior Managing Director at Waterfield Advisors, a globally recognized independent Indian Multi-Family Office. Waterfield are registered with SEBI as Investment Advisors and work with family-owned businesses, trusts and endowments, and single-family offices in several investment and non-investment-related areas. Their role is to provide holistic advice without a conflict of interest in all dealings with their clients. They help clients plan, structure and manage their family wealth, working exclusively on their behalf as their dedicated family office.
Introduction
India’s high-net-worth (HNW) families are undergoing a significant transformation in wealth generation, preservation, and management, driven by shifts in industries, asset classes, and family dynamics. Nakul Beri, Senior Managing Director of Waterfield Advisors, one of India’s leading family office advisory firms, offers a detailed perspective on these evolving trends. From wealth creation in traditional sectors like real estate to new-age investments in ESG (Environmental, Social, and Governance) and alternative assets, Indian families are becoming more diversified, sophisticated, and globally attuned. Here’s how wealth trends are reshaping the landscape among India’s elite.
Primary Sources of Wealth: Tradition Meets Innovation
"Among our Indian clients, real estate continues to be a major source of wealth, benefiting from urbanization and growing incomes,” says Nakul Beri. Historically, land and property have been bedrocks of wealth accumulation in India. The wealth generated from this sector has deep cultural and financial roots, thanks to the rising value of urban land as India continues its rapid urbanization.
Yet, the avenues for wealth creation have diversified significantly over the past decade. “We’re also seeing a significant rise in equity market investments, thanks to increased retail participation and more accessible trading platforms,” Beri notes. The democratization of stock market participation, fueled by technology and mobile trading apps, has unlocked financial markets for a broader audience. With the rise of retail investors and systematic investment plans (SIPs), equity markets have become a key driver for wealth growth, especially among tech-savvy clients.
Entrepreneurship, particularly in the tech sector, has also been a powerful engine of wealth creation. “Entrepreneurship, particularly in tech, has created substantial wealth, with venture capital fueling many success stories,” Beri adds. Startups in sectors like fintech, e-commerce, and education technology have capitalized on India’s large and growing middle class, creating new millionaires and billionaires. “Additionally, clients are turning to financial instruments like mutual funds and bonds, with SIPs making investment more widespread,” he says, emphasizing the increasing accessibility of structured financial products.
The Evolution of Wealth: Globalization and Diversification
The past decade has brought profound changes to how wealth is managed in India. "Digital transformation has made investing more accessible through fintech platforms,” Beri explains. The rise of robo-advisors, algorithm-driven investment strategies, and online trading platforms has lowered the barriers to entry in financial markets, enabling both the wealthy and the emerging affluent to engage more actively in wealth-building activities.
One of the most noticeable changes has been the shift towards global diversification. "Clients are diversifying internationally, particularly in sectors like technology, healthcare, and real estate,” Beri observes. The global economy has opened new opportunities for Indian families to invest beyond domestic borders, particularly in developed markets like the U.S. and Europe, where sectors like technology and healthcare present attractive returns. Tax reforms and a more transparent regulatory environment have encouraged Indian HNWIs to explore international opportunities.
Emerging Industries: Sustainability and Innovation
As global trends shape the Indian economy, new sectors are gaining prominence among wealth generators. "The technology sector, especially IT services, remains dominant, while renewable energy is quickly gaining traction due to the focus on sustainability," Beri says. The emphasis on sustainability has drawn HNWIs towards renewable energy investments, with a clear pivot toward clean technologies.
Healthcare and biotechnology, particularly in the post-pandemic world, are also emerging as key sectors. "Healthcare and biotechnology are emerging as key sectors, especially after the pandemic,” Beri remarks, emphasizing how the pandemic has reshaped investment priorities, bringing sectors with social impact and long-term resilience into focus. “Education technology has gained significant momentum with the rise in demand for online learning platforms,” he adds, highlighting how edtech has transformed into a significant growth sector as online education becomes mainstream.
Shifting Investment Preferences: From Local to Global
India’s wealthy are diversifying their portfolios more than ever before. “Clients are increasingly exploring private equity, venture capital, and hedge funds for higher returns,” says Beri. As domestic markets mature, many wealthy families are looking for alternative investment vehicles that promise higher returns. This shift has extended beyond India’s borders, with many clients turning to the U.S. and European markets.
"There’s a noticeable trend toward global diversification, especially in developed markets like the U.S. and Europe,” Beri notes. These investors are targeting sectors with long-term growth potential, such as technology and healthcare. At the same time, ESG investing is growing in popularity. “ESG investing is gaining popularity, especially among younger clients who are aligning their investments with sustainability and social impact,” Beri observes. Younger investors are drawn to investment strategies that integrate financial goals with values-based objectives, like environmental conservation and social good.
Wealth Preservation: Family Dynamics and Governance
Preserving wealth over generations remains a critical concern for Indian HNWIs. "Our clients typically follow strategic asset allocation, long-term goal-based investments, and asset protection strategies to preserve their wealth,” says Beri. These strategies balance risk and reward across asset classes, including equities, real estate, and alternative investments.
Asset protection structures such as family trusts and insurance products are commonly used to ensure the smooth transfer of wealth across generations. "The Hindu Undivided Family (HUF) is a popular choice for pooling family assets under a common entity for tax benefits and wealth management," Beri explains. The HUF structure offers a unique, tax-efficient way to manage family assets, while Wills and family trusts provide privacy and continuity, particularly when dealing with complex, multi-generational wealth.
Intergenerational Wealth Transfer: Overcoming Challenges
Indian families are increasingly formalizing the governance of their wealth transfer. "Intergenerational wealth transfer among Indian families is increasingly being managed through structured governance, next-gen engagement, and professional advisory support,” Beri states. Family constitutions, councils, and trusts are becoming more common tools to facilitate the smooth transition of wealth and responsibilities between generations.
However, resistance to formalization remains a challenge. "Traditional mindsets often lead to a preference for informal, familial agreements over structured planning tools like trusts and formal governance mechanisms,” Beri points out. Emotional barriers and inertia also hinder formal succession planning, as many patriarchs remain deeply attached to their businesses.
Philanthropy and Social Impact: A New Generation of Givers
Philanthropy is becoming a more strategic and structured component of wealth management. "We have observed that India’s wealthy are shifting towards strategic philanthropy with a focus on long-term impact and measurable outcomes, primarily in education and healthcare," Beri says. Family offices and private foundations are increasingly being used to manage philanthropic efforts, with an emphasis on innovation, sustainability, and social impact. Younger generations are particularly interested in causes like environmental conservation, gender equality, and mental health.
The next generation is also exploring innovative funding mechanisms. "The next-gen is open to piloting and supporting innovative programs like revolving grants, loans to low-income communities, and other blended finance programs,” Beri notes. This reflects a growing trend toward impact-driven philanthropy, where the goal is not just to give but to create lasting, measurable change.
Challenges and Opportunities in Wealth Management
The wealth management ecosystem in India is still evolving, with several challenges remaining. "Since the wealth management ecosystem in India is dominated by the distribution model, it is difficult for clients to seek the right advice which is completely aligned with their interests,” Beri observes. Many wealth managers are still driven by commissions, which can compromise the quality of advice they offer.
Despite these challenges, there are immense opportunities for growth. "One very interesting trend is the rise of wealth in tier-2 and tier-3 cities in India,” Beri says. As digital transformation enables wealth creation in smaller cities, there’s an emerging need for wealth management services that cater to the unique characteristics of these regions.
The Digital Transformation of Wealth Management
Digital transformation is revolutionizing the wealth management landscape in India. "Wealth tech has evolved as a promising sector in India, with the rise of the wealthy population and an increase in the financialisation of savings,” Beri states. Technology is enabling wealth managers to offer seamless, efficient services to a growing base of clients, providing consolidated views of portfolios, market insights, and tracking capabilities via mobile apps.
Digital transformation is revolutionizing the wealth management landscape in India. "Wealth tech has evolved as a promising sector in India, with the rise of the wealthy population and an increase in the financialisation of savings,” Beri states. Technology is enabling wealth managers to offer seamless, efficient services to a growing base of clients, providing consolidated views of portfolios, market insights, and tracking capabilities via mobile apps.
Globalization and Mobility: Planning for the Future
As Indian families globalize, their wealth management strategies are becoming more sophisticated. "Globalization is prompting Indian families to adopt more sophisticated wealth management strategies, focusing on understanding multiple jurisdictions and their tax implications,” says Beri. Pre-immigration planning, cross-border investments, and the diversification of assets across geographies are becoming critical components of wealth strategies.
With the rise of global mobility, Indian families are positioning themselves to thrive in an increasingly interconnected world. As they diversify their assets and embrace global trends, the future of wealth management in India will be defined by a new generation of investors who are as globally mobile as they are financially savvy.
In conclusion, the wealth management landscape in India is evolving at a breakneck pace. As Beri points out, “India’s wealthy are becoming more sophisticated, global, and impact-oriented.” Whether it’s embracing new asset classes, expanding philanthropic initiatives, or navigating the complexities of intergenerational wealth transfer, HNWIs are laying the groundwork for long-term financial resilience and societal contribution. The future, it seems, belongs to those who can balance tradition with innovation, local roots with global reach, and financial returns with social impact.
About the Author
Nakul Beri is Senior Managing Director at Waterfield Advisors, a globally recognized independent Indian Multi-Family Office. Waterfield are registered with SEBI as Investment Advisors and work with family-owned businesses, trusts and endowments, and single-family offices in several investment and non-investment-related areas. Their role is to provide holistic advice without a conflict of interest in all dealings with their clients. They help clients plan, structure and manage their family wealth, working exclusively on their behalf as their dedicated family office.
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