A conference held at Taj Mahal Palace Hotel on April 6 of this year brought together at least sixty ultra-high net worth Indian households who were versed on everything about wealth preservation techniques. The elite group was addressed by Campden Wealth which, in partnership with Amit Patni Group’s single family office RAAY Group, established Campden Family Connect India.
The club membership of Campden comprises more than 1,500 unique households and its network consists of about 10,000 global families. The organization’s main focus is to provide information, education and assistance to inheritance wealth holders all over the world.
There are about 6,000 ultra-high net worth individuals (UHNWIs; families or individuals whose net assets exceed $30 million exclusive of their primary residence) in India with a collective net worth of over $100 million. According to the CEO of Campden Wealth, Dominic Samuelson, this number is expected to double by 2025.
Samuelson said, “It’s not that we are in India for the first time, we have conducted forums for the Indian HNIs. We do monitor the family office development globally. In India private wealth is growing exponentially. The old world wealth originates in the West and the new world wealth originates in the East. And the East is growing faster than the West and hence we want to be in India. We thought rather than operate from outside of India, which has been our traditional way, we have built relationship with the Patni’s allows us to have team on ground, working and serving the needs of our customers.”
Despite the number of India’s HNWIs increasing at a rate of 340% between 2005 and 2015, the idea of a family office is still new in the country. Campden Wealth, which targets families with net assets worth at least $100 million, has reduced this requirement for Indian families to $50 million, in an effort to capitalize on this market.
The main challenges faced by HNWIs are wealth preservation and finding proper approaches of diversifying their investments.
Samuelson said that most high-net worth Asians and Indians have traditionally been investing in precious metals and real estate. Thus, there is a need to educate these individuals and families about capital markets and their associated benefits especially on investment portfolio diversification and profits.
RAAY Group founder, Amit Patni, said: “Before we met the Campden team, we wanted to create a platform that would have brought families together, where they can share experiences, and the platform would make you learn various aspects of wealth creation and preservation. What we liked about them was, that Campden’s club was exclusive with 80 per cent members were marquee families and discussion at their forums were well curated and families actually attended these workshops.”
The main discussion during the conference revolved around integration techniques between the next generation and existing businesses. They also discussed wealth preservation and succession planning.
Featured Image credit to Vikramjit Kakati | CC