With the economy back on rising trend, new segment of wealthy individual known as Ultra-HNWI (High net worth individuals) which are also considered as Nouveau rich is on the rise. The need for managing family issues through a professional organization like family office is rapidly growing in India with various players such as banks, brokerage firms, asset management firms gaining a foothold in the Indian family office space.

Till recently, companies have been targeting the high net worth individuals (those who have invest able assets more than rupees five crore or $1 million), but the focus is now shifting towards Ultra high net worth individuals or families (those who have invest able assets more than rupees 45 crore or $10 million) because of the obvious reason of high potential and the huge untapped market. It gave rise to a new line of business known as family offices and boutique firms, which provide independent services to these Ultra-HNWIs and families.

Indian Ultra-HNWIs have unique demands in terms of products and services. Ultra-HNWIs have high risk taking abilities as compared to HNWIs, thus the products offered to them are more sophisticated and risky. Due to high invest able base and diversified needs, they also require more customized and tailor-made services to manage their family needs as well as grow their wealth.

The market provides huge opportunity in terms of low penetration of Ultra High net worth individual and also the huge amount of intergenerational transfers is going to change hands in the coming decade. The amount is estimated to be around 5.78 lakh crore ($128 billion).

Along with the established firms Kotak bank, DSP Merrill lynch, BNP Paribas, market upswing has also given rise to a new line of business known as family offices and boutique firms, which provide independent services to these Ultra-HNWIs and families. They contribute around 47% to the total family office space. The company includes in this segment are Altamount capital, client associates.

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