Shares for social good

How India’s wealth boom can fuel enduring philanthropy

- ASHISH DHAWAN & RADHIKA JAIN

Over the last decade, India has experienced one of the fastest surges in wealth creation globally.

The market capitalisation of Indian listed companies has jumped more than sixfold — from about %70 trillion in 2014 to over =440 trillion in 2025 — propelled by entrepreneurship, innovation, and global investor confidence. India today is the fourth-largest equity market globally, behind only the United States, China, and Japan.

The M3M Hurun India Rich List 2025 identifies 1,319 individuals with net worths above 1,000 crore (ultrahigh net worth individuals, or UHNIs) — up from 229 a decade ago. Even this figure is likely understated; leading wealth management firms estimate that the actual number of UHNIs is at least seven to 10 times higher, once unlisted holdings, real estate, and private assets are included. More important is the pace: Over the past decade, India’s wealth has grown exponentially, creating hundreds of first-generation entrepreneurs, professional founders, and business families who now hold valuable equity positions.

The rise of family offices and diversified capital

As valuations soared, many promoters and founders partially or fully cashed out, recycling capital into newer asset classes. This has been accompanied by the rapid rise of family offices — private investment vehicles that manage the financial affairs of wealthy families. According to a recent EY-Julius Baer report, family offices in India have grown from around 45 in 2018 to nearly 300 today, underscoring a transformative shift in how ultrahigh net worth families are managing their wealth.