Succession planning is undergoing a quiet revolution. It is no longer simply about handing over control or distributing wealth — it is becoming a chance to renew purpose and reimagine the family legacy.
Across the globe, and increasingly in India, millennial heirs are taking a different approach. Rather than focusing solely on wealth preservation, they are blending sound financial management with values-led leadership, using capital as a tool to drive innovation, impact, and societal progress.
India’s wealth transfer moment
India is on the cusp of an unprecedented generational shift. HSBC India projects that close to $1.3 trillion will pass from one generation to the next in the coming decade, coinciding with an explosion of family offices — from just 45 in 2018 to nearly 300 by 2024.
This new wave of family offices is moving beyond portfolio management and into structured governance, with trusts, family constitutions, and mentorship frameworks preparing heirs for decision-making roles. A striking 44% of Indian family offices now invest with an explicit impact lens, signalling that “legacy” is as much about relevance and sustainability as financial results.
Next-gen case studies: Impact in action
• Tara Singh Vachani forged her own path by creating Antara Senior Living, addressing India’s need for quality eldercare while staying true to her family’s ethos of service.
• Nisaba Godrej has woven sustainability and inclusivity into Godrej Consumer Products’ strategy through initiatives like Good & Green, positioning the company as a leader in responsible business.
• Rishabh Mariwala leads Sharp Ventures, blending early-stage investments with social initiatives such as the Marico Innovation Foundation and mental health advocacy through the Mariwala Health Initiative.
• Jaipur Rugs, founded by Nand Kishore Chaudhary, is a model of community empowerment, linking rural artisans to global markets and proving that business success can go hand in hand with social impact.
Philanthropy as a structural pillar
Younger leaders are also rethinking philanthropy, favouring measurable outcomes and innovative funding models such as venture philanthropy and impact funds. Multifamily offices are helping formalise these commitments, even embedding philanthropic goals into inheritance structures to ensure that wealth continues to serve a broader purpose over time.
A global movement
This is part of a wider generational trend. Figures like Justin Rockefeller (The ImPact) and Jean Case (Case Foundation) are proving that wealth can be a catalyst for systemic change. Their examples offer Indian family offices roadmaps for collaborative networks, shared learning, and scaling impact.
The new definition of succession
The baton is being passed to a generation that sees wealth not as an end, but as a means to build resilient, relevant legacies. Succession today is as much about revitalising purpose as transferring assets — transforming wealth from something to protect into something to deploy for good.
