Where the rich are going: All about setting up a family office in GIFT City

The financial services hub gives tax breaks and opportunities to make investments

gift city

Bindisha Sarang Mumbai
Gujarat International Finance Tec-City (GIFT) in Gujarat may soon have its first family investment fund (FIF), 'Business Standard' recently reported. "GIFT International Financial Services Centre (IFSC) has emerged as a prominent destination for financial activities. GIFT IFSC has emerged as a prominent destination for financial activities," says Pallav Pradyumn Narang, partner at CNK.

The number of Indians with a net worth of more than $1 million rose from 100 in 2012 to 1,103 in 2022, according to the IIFL Wealth Hurun India Rich List. A 2022 survey by EY found that 43 per cent of Indian family offices have been established in the past five years. "Individuals and families in India are becoming sensitive and more aware of the importance

First Published: Sep 28 2023 | 9:11 PM IST

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