Family offices spread to smaller cities as presence of HNIs widens beyond metros
Financial Express Mumbai|December 04, 2024
WITH ULTRA-HIGH-NET-WORTH FAMILIES no longer being concentrated in cities like Mumbai, Delhi, Bengaluru or Hyderabad, family offices are now proliferating in places such as Surat, Ludhiana, Lucknow, Ahmedabad, Nagpur and Coimbatore.
S SHANTHI
Family offices spread to smaller cities as presence of HNIs widens beyond metros

Affluent families from these places, particularly the younger generation, are focusing on setting up these offices to diversify their risks and systematically invest into the equity market, mutual funds, structured instruments, real estate and new asset classes such as startups.

According to reports, Surat alone has seen the establishment of around 8-10 family offices in the recent past.

According to a recent PwC report, currently, there are over 300 family offices in India, as against 45 in 2018, and the number is set to rise exponentially, with promoters building impressive businesses in tier-2 and tier-3 cities.

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