INDIA Trends and Developments Contributed by: Rishabh Shroff, Kunal Savani and Chirag Shah, Cyril Amarchand Mangaldas
of a state-UCC and seem to be waiting for the central government’s model UCC. The experience of Goa offers both inspiration and caution. While it demonstrates that a common civil law is not incompatible with religious diversity, it also shows that uniformity in law does not automatically eliminate social inequities. The path forward presents India with a critical junc- ture. Success will depend not merely on legislative enactment, but on achieving broad-based social con- sensus – a challenge that extends well beyond the chambers of state assemblies and into the fabric of India’s pluralistic society itself. Increase in Nouveau Riche and Evolution of Estate Planning Needs India is witnessing a transformative era of wealth crea- tion, with the nation’s affluent population expanding at a pace that is capturing global attention. The tra- ditional understanding of wealth in India is undergo- ing a fundamental shift, characterised by the rise of first-generation entrepreneurs – specifically start-up owners, geographic diversification beyond major cit- ies, and the emergence of a sophisticated wealthy professional class. According to the World Wealth Report 2025, the country added over 33,000 new millionaires in a sin- gle year, taking the HNI population to nearly 378,810, with total wealth rising close to USD1.5 trillion. The Hurun India Rich List 2025 highlights a record 358 billionaires and 1,687 individuals with wealth exceed- ing USD110 million, underscoring the scale of afflu- ence. India now ranks fourth globally in the number of HNIs, with 85,698 individuals holding assets above USD10 million, and welcomed 26 new billionaires in just one year – a pace far faster than a decade ago. This rapid rise of young millionaires and emerging bil- lionaires cements India’s position as a global wealth hub, powered by start-up success, expanding capital markets and rising affluence.
One of the most striking transformations in India’s wealth landscape is the dominance of self-made entrepreneurs. Over the past decade, India’s reform wave, anchored in Make in India, Startup India and rapid digitalisation, has lowered entry barriers for entrepreneurs. Sectors like fintech, logistics, renew- able energy and consumer brands have fostered mul- tiple first-generation founders from both metros and smaller cities. While traditional business hubs such as Mumbai and Delhi still account for a majority of wealth saturation, cities such Bengaluru, Hyderabad, Chen- nai and Pune together now account for more than 350 names, showing how the economic power map of India is widening. This remarkable evolution of the “rich” in India has also entailed a progression/diversification in estate planning strategies. Pre-initial public offering (IPO) trust structures have gained resounding popularity amongst the promoter groups of IPO bound start-ups. Further, with a younger diaspora entering the million- aire club – the demand for offshore structures such as global family offices has heightened, fuelled by the desire to tap into the global market. This is a stark difference from the safe and dependable estate plan- ning techniques and investment strategies employed by patriarchs of traditional family businesses in India.
97 CHAMBERS.COM
Powered by FlippingBook