In addition to planning for succession, the two trends we have been seeing off late is geographical diversification of investments and obtaining residency by investment of a foreign country. With the changing times, the needs of the UHNIs are no longer plain and simple planning for succession. While that remains at the forefront, UHNIs are exploring setting up structures outside India to make investments in foreign markets. Also, with geographical diversification of assets and intending to have a Plan B for themselves, we have seen UHNIs exploring obtaining residency of a foreign country by making investments in that country with which they can travel hassle free any number of times in a year or settle in that country, if need arises. Some clients are also exploring getting citizenship of another country. Since India doesn’t allow dual citizenship, this trend is slow as compared to residency by investment abroad.

As 2024 draws to a close, India’s private wealth management industry stands at the crossroads of significant evolution. Alok Saigal, President & Head Nuvama Private, reflects on a year marked by the rap expansion of wealth into Tier 2 and Tier 3 cities, a growing demand for offshore investments, and the rising complexity of client needs.

Leading Wealth Managers are upbeat about the India Story, albeit with some hiccups. The need of the hour for investors: Disciplined asset allocation. In a volatile market environment where outflows by foreign institutional investors have  crossed 1 Lakh crore- surpassing the 2008 crisis levels- investors face a challenging yet opportunity laden landscape.