What Has Been the Growth Trajectory for the Family Offices Market in Recent Years?
The family offices market has seen considerable growth due to a variety of factors.
•The market size of family offices has seen a robust growth in the past few years. The increase is projected to climb from $19.29 billion in 2024 to $20.39 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.7%.
The acceleration in the historical term has been largely due to factors such as trends in wealth accumulation, requirements for asset diversification, succession planning, the global spread of wealth, and strategies for tax optimization.
How Does the Forecast Look for the Family Offices Market?
The family offices market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of family offices is predicted to witness robust expansion in the forthcoming years, reaching "$25.46 billion by 2029 at a compound annual growth rate (CAGR) of 5.7%.
The anticipated growth in the forecast period can be ascribed to the surge in ultra-high net worth individuals (UHNWI), the effect of investment trends, digital transformation within finance, and wealth management generational changes. Key trends expected during the forecast period encompass the emergence of co-investment opportunities, family office mergers, increasing focus on family governance, implementation of philanthropic strategies, as well as a rise in regulatory compliance.
What Main Forces Are Fueling Expansion In The Family Offices Market?
The escalating demand for wealth management is predicted to stimulate the expansion of the family offices market. Wealth management encompasses the specialized services and techniques utilized to assist individuals or families in conserving, enlarging, and handling their wealth. By offering an extensive assortment of refined financial services and expertise, family offices have been expanding to cater to the intricate requirements of high-net-worth individuals and families. A notable advantage of a family office in wealth management is its ability to provide highly customized and exhaustive financial services that are shaped according to the distinct needs and objectives of wealthy families, hence enabling efficient management, preservation, and growth of their wealth over time. For instance, as mentioned in the Global Family Office Report 2022 by UBS Group AG, a Switzerland-based investment banking corporation, over 80% of family offices made investments in private equity, with an increasing number making direct investments annually. The mean allocations of total wealth to private equity have steadily progressed to 13% in 2021. Consequently, the rising demand for wealth management is set to accelerate the growth of the family offices market.
What Are The Primary Segments In The Global Family Offices Market?
The family offices market covered in this report is segmented –
1) By Type: Single Family Office, Multi-Family Office, Virtual Family Office
2) By Asset Class: Bonds, Equities, Alternative Investments, Commodities, Cash Or Cash Equivalents
3) By Office: Founders’ Office, Multi-Generational Office, Investment Office, Trustee Office, Compliance Office, Philanthropy Office, Shareholder's Office, Other Offices
4) By Net-Worth Managed: Less Than 50 Million, 50 Million To 100 Million, More Than 100 Million
Subsegments:
1) By Single Family Office: Traditional Single Family Office, Investment-Focused Single Family Office, Hybrid Single Family Office
2) By Multi-Family Office: Independent Multi-Family Office, Bank-Affiliated Multi-Family Office, Wealth Management Firm Multi-Family Office
3) By Virtual Family Office: Technology-Enabled Virtual Family Office, Outsourced Virtual Family Office Services, Advisory-Based Virtual Family Office
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Which Key Trends Are Driving Changes In The Family Offices Market?
Innovative technologies like AI and blockchain are emerging trends that are catching on in the family offices market. To remain competitive, major firms in this market are steadily incorporating these disruptive technologies. For example, Raffles Family Office, a China-based multi-family office that provides investment management services, unveiled Revo Digital Family Office in October 2022. This state-of-the-art platform, built on blockchain technology, gives ultra-high-net-worth families the ability to invest in digital assets. It overhauls former systems and procedures in wealth management, enhancing both security and efficiency.
Who Are the Key Players in the Family Offices Market?
Major companies operating in the family offices market include:
• Cascade Investment Group Inc.
• MSD Partners LP
• Stonehage Fleming Group
• Glenmede Trust Co
• The Bessemer Group Incorporated.
• The Bank of New York Mellon Corporation
• UBS Group AG
• BMO Financial Group
• Cambridge Associates Ltd.
• Citigroup Inc.
• Wells Fargo & Company
• Northern Trust Corporation
• Silvercrest Asset Management Group LLC
• The Pictet Group
• Emerson Collective LLC
• Bezos Expeditions LLC
• The Woodbridge Company Ltd.
• Hillhouse Capital Management Limited
• Premji Invest
• ICONIQ Capital LLC
• Bregal Investments LLP
• Gart Capital Partners
• Rockefeller Capital Management L.P.
• Soros Fund Management LLC
• The Chernin Group Inc.
• The Pritzker Organization LLC
• The Raine Group LLC
• The Yucaipa Companies LLC
• Tiger Global Management LLC
What Is The Most Dominant Region In The Family Offices Market?
North America was the largest region in the global family offices market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the family offices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
