By Chakrivardhan Kuppala,
India is about to go through a historic change, not just in who has money, but also in how that money is being thought about. A new way of thinking is taking hold as the country gets ready for its biggest transfer of wealth between generations. Gen Z isn't just sitting around waiting for their inheritance. They are changing legacy itself on purpose, with technology, and for a reason.
The Size of What's Coming
The EY 2023 Global Family Business Survey says that India will see a $105 trillion transfer of wealth by 2048. This includes large family businesses, real estate portfolios, and complicated financial holdings that cross borders.
Family-owned businesses make up 79 per cent of all listed companies in India and account for more than 70 per cent of the country's GDP. Gen Z's choices about what to do with this money will affect not only their own wealth, but also the economy of the whole country.
What Gen Z Is Doing Differently to Change Wealth
1. Real Roles in Strategic Leadership
It's no longer the case that heirs get symbolic seats at the table. The Gen Z successors of today are getting to work.
They are in charge of digital transformation projects, starting verticals that focus on sustainability, and testing new business lines in fintech, D2C, and clean energy. More than 42 per cent of India's next-gen family members had worked in operations or management roles before they turned 30. These aren't just side jobs; they're changing the way family businesses work.
2. Stewardship That Knows How to Use Technology
By default, this generation is digital-first. Gen Z wants more than just gut feelings and quarterly spreadsheets from boards of directors.
Dashboards in real time
Tracking performance with AI help
Tools for automated compliance and governance
According to PwC India's 2023 Family Business Survey, 79 per cent of Indian family businesses now put digital transformation at the top of their list of things to do. And Gen Z is usually the one who pushes it.
3. From Giving to Making a Difference
Charity isn't just about putting plaques on school buildings anymore. Gen Z wants things to happen.
59 per cent of people around the world who will have wealth in the future, including a growing number in India, now prefer impact investing to traditional giving.
Carbon footprint reports and community development outcomes are now key performance indicators (KPIs) for many family annual reviews.
In real life, this means giving money to social enterprises that can grow, not just making donations. Gen Z wants their money to have a purpose, be measurable, and be important.
Changing Family Governance: From Patriarchy to Participation
The old way of doing things, where one person made all the business decisions, is being replaced by a more organised and open way.
Governance and succession that are official
Today, 52 per cent of Indian family businesses use formal tools for succession planning, such as family constitutions, charters, or governance documents.
These aren't just legal formalities; they set out roles, how to handle conflicts, and how to pass things on. To combine the new ideas of Gen Z with the experience of older generations, multi-generational boards, youth advisory panels, and family councils are being set up.
Using New Infra initiatives to build modern structures
Families are also taking advantage of the government's new infrastructure initiatives, like GIFT City, etc. It has been claimed that these cities will become a place for training where members of the next generation can learn how to manage capital in real time across borders.
Structures for a global generation around the world
Wealth is no longer local because family members often study in Boston, work in Dubai, and live in Singapore. And succession isn't either.
Gen Z is embracing transnational wealth architecture by:
Structuring across different jurisdictions to find a balance between Indian and offshore businesses.
Using dual-tax treaty strategies to make things go more smoothly.
What This Means for Managing Money
You don't have to be a billionaire's child to think like Gen Z when it comes to money.
These changes show young Indians how to think about money in a more meaningful way.
Instead of just putting money away, make a plan with SIPs, emergency funds, and clear financial goals.
Tech-led tracking: Use tools to see and keep track of your millions in real time.
Invest in things that are in line with your values, whether it's an ESG fund or a local startup.
Being open about money in the family: Start talking, asking questions, and setting roles early on, whether you have Rs 10,000 or Rs 10 crore.
Conclusion
India's Gen Z isn't throwing away their inheritance; they're changing it. They are turning succession from a one-time event into a strategic process by using technology, thinking globally, and having a strong sense of purpose.
The author is Cofounder & Executive Director, Prime Wealth Finserv Pvt. Ltd.
(Disclaimer: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.)
