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Economic Times
2 days ago
- Business
- Economic Times
Only 7% Indian heirs want to join family businesses: HSBC report
Most want to pass the baton to kin Inter-generational wealth transfer in India Financial advice, risk mitigation, wealth management are being integrated into this process. Many businesses, established in the 1990s following economic liberalisation, have second-generation entrepreneurs educated abroad and raised in cosmopolitan settings. Multi-generational family businesses accord a high value to extended family and kinship, with some thriving for over a century. Entrepreneurs who are hesitant to seek support from older generations Live Events Among Indian entrepreneurs... This is despite the optimism displayed by their predecessors, most of whom plan to pass on their businesses to family members, claims a recent report by the HSBC Global Private Banking . The study also explores the succession preparedness of family-owned businesses across India and Asia. Business owners all over the world have different succession plans. While some prefer to sell their businesses, most entrepreneurs intend to pass it on to a family businesses in the country are taking a proactive approach towards transition of wealth and succession heirs feel obligated to join the family business Next-gen Indians who felt confident about pursuing other interests when they first took over the family wealth transfer expected within Asia Pacific from 2023 to 2030, according to McKinsey, with ultra-high networth individuals (UNHIs) accounting for 60%.is the contribution of familyowned businesses to India's GDP, one of the highest ratios (US $) in India in 2024, up 29% year-on-year, as per Hurun data, of to receive $1.5 trillion intergenerational wealth, which is more than one-third of India's Global Private Banking 'Family-owned businesses in Asia: Harmony through succession planning 2025' report. The research was conducted by Ipsos UK on behalf of HSBC among 1,798 high net-worth business owners with at least $2 million investible assets. It was conducted online in mainland China, France, Hong Kong, India, Singapore, Switzerland, Taiwan, UAE, UK and the US.
India.com
7 days ago
- Business
- India.com
Bollywood's richest family has no superstars, still richer than Bachchans, Kapoors, Khans, Chopras, once sold fruits, now worth Rs..., they are..
Bollywood's richest family has no superstars, still richer than Bachchans, Kapoors, Khans, Chopras, once sold fruits, now worth Rs..., they are.. From Kapoors to Chopras, the Hindi cinema has seen few prominent wealthy families that have ruled the Indian cinema, and are responsible for launching stars and producing blockbuster films. Yet, none of them are as rich as this family, who once started as fruit vendors, now amass extravagant wealth without backing of any big superstar. It is none other than the Kumars, owners of T-Series, the family who has surpassed net worth of Khans, Bachchans and Chopras, according to the Hurun Rich List. The latest edition of Indian list from Hurun released last year, and revealed Bhushan Kumar's family, the richest in Bollywood, with net worth at $1.2 billion (over ₹10,000 crore). The tag, which was once claimed by the Kapoors, having net worth of Rs 2000 crore, is now ultimately shifted to the Kumars. The second on the place after Kumars is Yash Chopra's family, with combined reported net worth of Rs 8000 crore. Shah Rukh Khan, Bollywood's wealthiest actor, his familial net worth is Rs 7800 crore, according to Forbes. Well, The Kumars journey to success started with humble earnings. Just one generation ago, Gulshan Kumar, father of Bhushan Kumar, was a fruit vendor in Delhi. His career transformed in the 1970s when he began business of selling music cassettes. From there, the family launched their own record label, Super Cassettes, which later developed into T-Series. Currently, Bhushan Kumar leads the family business, as the chairman and managing director of T-Series. Supported, by his uncle Krishan Kumar, who manages the company's operations, he has two sisters- Tulsi and Khushali Kumar, who are involved in the entertainment sectors. While Tulsi is a well-known playback singer, Khushali is an actress. His wife, Divya Khosla Kumar, producer and director, also holds shares in the company. The Kumars draw a bulk of income from T-Series, one of India's biggest music labels and production companies. According to Industry insiders, Bhushan Kumar hold 80% of family's collective net worth. Meanwhile, his sisters Tulsi and Khushali Kumar reportedly own Rs 250 crore and Rs 100 crore net worth. Well, T-Series also has several other subsidiaries and an acting school in Noida.
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Business Standard
20-05-2025
- Business
- Business Standard
Indian family businesses trust heirs but succession trends are shifting
A new report by HSBC Global Private Banking reveals that while Indian family business owners overwhelmingly trust their heirs to manage wealth and business operations, there's a shift in how the next generation views succession. The report, Family-owned businesses in Asia: Harmony through succession planning, highlights a growing move away from traditional expectations and toward more flexible, values-driven approaches to inheritance and business continuity. Trust is high, obligation is low 88 per cent of Indian entrepreneurs trust the next generation to manage family wealth Only 7 per cent of Indian heirs feel obligated to join the family business 45 per cent of business owners do not expect their children to take over 79 per cent still intend to pass the business on to family — comparable to the UK (77 per cent) and Switzerland (76 per cent) These numbers point to a balancing act between legacy and modern individualism. Changing mindsets, urban influences The report finds that second- and third-generation business leaders, especially those with urban and global exposure, feel more empowered to chart independent paths. 83 per cent of Indian heirs said they feel free to pursue careers outside the family enterprise 95 per cent feel supported by the older generation — much higher than the global average of 81 per cent India's $1.5 trillion wealth transfer ahead India is on the cusp of a massive wealth transition. According to Hurun, nearly 70 per cent of India's 334 billionaires are preparing to pass on approximately $1.5 trillion in wealth — more than a third of India's GDP. This makes succession planning a top priority. 'India's family-owned businesses are balancing legacy preservation with modernity… By integrating sound financial advice, families can safeguard their legacy and plan for sustainable growth,' said Sandeep Batra, Head of International Wealth and Premier Banking at HSBC India. India leads Asia in family-led succession planning The HSBC report finds wide regional contrasts in Asia: 79 per cent of Indian entrepreneurs plan to pass the business to family Only 56 per cent in China and 44 per cent in Hong Kong say the same In contrast to just 7 per cent in India, nearly 60 per cent of heirs in China feel obligated to join the family business In many East Asian markets, more owners are considering selling their businesses outright — a sign of differing cultural and market pressures. While Asia is still behind global peers in succession planning, there is a growing recognition of its importance. As Indian businesses look to the future, they are embracing both tradition and change — and placing strong trust in the next generation.
Time of India
20-05-2025
- Business
- Time of India
Indian family businesses show strongest succession intent: HSBC
BENGALURU: India's family-run businesses are taking a more structured and optimistic approach to succession compared to their Asian peers, with stronger planning, deeper intergenerational trust, and a clearer intent to keep businesses within the family, according to HSBC Global Private Banking's new report on family-owned enterprises in Asia. Tired of too many ads? go ad free now Across the region, a large gap exists between intent and action. While 78% of entrepreneurs surveyed said they want to pass their business on to their family, 52% have no formal succession plan in place. India, however, stands out. The report found that 79% of Indian entrepreneurs plan to transfer their business to a family member, the highest among all 10 markets surveyed, including the UK and Switzerland. Indian business families also reported the highest levels of trust in intergenerational leadership. About 95% of Indian entrepreneurs who inherited their family business said they felt trusted by the previous generation when taking charge, compared to a global average of 81%. Similarly, 92% say they trust the next generation to uphold the values and culture of the family enterprise. Many Indian family businesses are still undergoing first-to-second generation transitions, a stage considered especially vulnerable. The report noted that a significant portion of such businesses were founded after India liberalised its economy in the early 1990s, mirroring a similar trajectory in Mainland China. India's ongoing intergenerational wealth transfer is also expected to be one of the largest in Asia. Citing Hurun data, the report noted that India had 334 billionaires as of 2024, nearly 70% of whom are expected to be part of a 1.5 trillion dollar wealth transfer, which is equivalent to more than a third of India's GDP. Tired of too many ads? go ad free now Despite strong legacy sentiments, 45% of Indian entrepreneurs surveyed said they do not expect their children to take over the business. This reflects a growing acceptance of alternate aspirations and a willingness to let the next generation chart their own paths. The report also pointed to rising interest in professional wealth structures such as Single Family Offices. Wealthy Indian families are increasingly exploring these vehicles to diversify holdings, formalise governance, and support future generations in managing wealth, following trends already visible in Singapore and Hong Kong.
Hans India
20-05-2025
- Business
- Hans India
Only 7 pc of Indian heirs feel obligated to join family businesses: HSBC study
New Delhi: Despite most Indian business owners expressing strong trust in their children's ability to manage family wealth, only 7 per cent of Indian heirs feel obligated to take over the family business, a new report said on Tuesday. According to HSBC Global Private Banking's new report, 88 per cent of Indian entrepreneurs have confidence in the next generation's ability to handle family wealth. However, 45 per cent of them do not expect their children to take over the family business -- showing a growing openness to alternative career paths. Sandeep Batra, Head of International Wealth and Premier Banking at HSBC India, said that family businesses in India are managing to balance tradition with change. 'There is trust in the next generation to uphold the values of the family business, but at the same time, open communication and structured succession planning are crucial,' he noted. Family-owned businesses play a major role in India's economy, contributing around 79 per cent to the country's GDP -- one of the highest percentages in the world. The study found that most heirs, especially in multi-generational families, feel encouraged to pursue their own interests. In fact, 83 per cent of respondents said they felt empowered to explore new opportunities when they first took over the business. Still, the desire to keep businesses within the family remains strong. About 79 per cent of Indian entrepreneurs said they plan to pass on their business to family members. This is in line with global numbers, such as 77 per cent in the UK and 76 per cent in Switzerland. Indian second- and third-generation entrepreneurs also feel highly trusted by their elders, with 95 per cent saying they felt their predecessors had faith in them -- much higher than the global average of 81 per cent. India is also heading towards a massive intergenerational wealth transfer. According to Hurun data, 2024 saw India having 334 billionaires in US dollar terms, and nearly 70 per cent of them are expected to pass on wealth worth $1.5 trillion -- over a third of India's GDP. The report also noted that many of India's long-standing family businesses were founded after the country's economic liberalisation in the 1990s. The new generation, often educated abroad and raised in urban environments, brings fresh perspectives and is more willing to take independent paths, the report said.
