The rise (and rise) of the family office

Unicorns are toppling older industrialists who have got quashed under debt and distracted diversifications

There’s a new kind of investor steadily gaining credibility in India as long-term players with deep pockets. Meet the family office: A concept introduced by JD Rockefeller in the 1800s to manage the great wealth he generated, but now gaining rapid ground among Indian promoters. 

The 2019 IIFL Wealth Hurun India Rich List showed that the number of rupee billionaires (net worth of over Rs 1,000 crore) grew to 953 from 831 in 2018, with their wealth equalling 27 per cent of the country’s gross domestic product (GDP). It’s a fast-changing list: Unicorns are toppling older industrialists who have got