Mr Patni’s father and his brothers started Patni Computers in the 1970s, and were one of the pioneers in the information technology space in India.
Over the decades the company grew to close to US$1.5 billion. They sought a public listing in 2004, and in 2011 IT firm iGate bought Patni Computers for US$1.5 billion.
After the sale of the business and the division of wealth, Mr Patni set up a single family office – RAAY Global Investments – to ensure his inheritance became a vehicle for growth and entrepreneurship.
“My family office has done all the trust management and estate planning for my children, so if anything happens to me, it will continue working for the family without any confusion,” he said.
Rich Indian diaspora who are not yet in the billionaire category – typically families with more than US$5 million in investible assets – make their first foray into more formal office structures through a multi-family office (MFO), which have emerged as a fast-growing segment of the industry.
An MFO enables different wealthy families to pool their resources to access high-calibre, personalised financial advice while remaining cost-effective.
Mr Vimal Shah, chairman of East African fast-moving consumer goods company Bidco Africa, relies on a network of MFOs scattered across Singapore, Mauritius, Dubai and Switzerland, rather than establishing a single-family office.
“They provide us with all the details and advice about where to invest, which the family then digests before deciding what we want to do,” he said.
This international approach is increasingly applied by super rich Indians in the diaspora who are seeking opportunities beyond their homeland.
When it comes to parting with their money, the younger super rich Indians and those living overseas are increasingly investing in technology-based startups to build wealth.
Over the past two decades, Indian