Summary
Market Overview:
The global family offices market size reached US$ 18.7 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 25.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.00% during 2023-2028. Rising trend of global investments in diversified portfolios, the increasing difficulties regarding asset management due to volatile financial markets, and augmenting need for succession and advanced legacy planning represent some of the key factors driving the market.
Family offices are wealth management advisory firms that cater to ultra-high-net-worth individuals (HNWIs) and offer a complete solution for handling the financial and investment needs of wealthy individuals and families. Financial advice is provided exclusively to family members, the advisors are controlled wholly by family members, and they do not present themselves to the public as investment advisors. Therefore, these organizations oversee the administration and efficient day-to-day management of a family’s global wealth, as well as non-financial issues, such as private schooling, travel arrangements, and miscellaneous household arrangements. An integrated approach to asset, cash, risk, and financial planning is often employed by family offices to provide high-level financial planning. They have more flexibility and are less constrained than other investors in their asset allocation, which allows them to allocate more capital to asset classes that have higher risk/return profiles, such as private equity, real estate, and hedge funds.
Family Offices Market Trends:
The global market is majorly driven by a considerable increase in returns on the assets invested which, in turn, is resulting in expanded financial portfolio of high-net-worth individuals. This can be attributed to the rising trend of investments in technology, finance, real estate, and fashion. In line with this, the paradigm shift in economic forces resulting in the continuous globalization of society, commerce and regulation is creating lucrative growth opportunities in the market. Moreover, the growing worldwide wealth is leading to the development of well-established and intricate money management services. Besides this, the increasing difficulties regarding asset management due to volatile financial markets and unstable geopolitical conditions is creating a positive outlook for the market. The market is further fueled by the growing geographical dispersal, such as family members settling away from the home base for education or work purpose. In addition to this, the augmenting complexities in day-to-day management of cross-border wealth and tax legislation are providing an impetus to the market. Apart from this, the growing need for succession and advanced legacy planning requiring a regulated and coordinated management system is further fueling the market. Some of the other factors contributing to the market include inflating disposable income levels, the accelerating need for effective management and reporting of international tax, intricate and detailed asset allocation procedures and extensive research and development (R&D) activities.
Key Market Segmentation:
the analyst provides an analysis of the key trends in each segment of the global family offices market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on type, office type, asset class and service type.
Type Insights
Single Family Office
Multi-Family Office
Virtual Family Office
The report has provided a detailed breakup and analysis of the family offices market based on the type. This includes single family office, multi-family office, and virtual family office.
According to the report, single family office represented the largest segment.
Office Type Insights
Founders’ Office
Multi-Generational Office
Investment Office
Trustee Office
Compliance Office
Philanthropy Office
Shareholder’s Office
Others
The report has provided a detailed breakup and analysis of the family offices market based on the office type. This includes founders’ office, multi-generational office, investment office, trustee office, compliance office, philanthropy office, shareholder’s office, and others.
Asset Class Insights
Bonds
Equities
Alternative Investments
Commodities
Cash or Cash Equivalents
The report has provided a detailed breakup and analysis of the family offices market based on the asset type. This includes bonds, equities, alternative investments, commodities, and cash or cash equivalents.
Service Type Insights
Financial Planning
Strategy
Governance
Advisory
Others
A detailed breakup and analysis of the family offices market based on the service type has also been provided in the report. This includes financial planning, strategy, governance, advisory, and others.
According to the report, financial planning accounted for the largest market share.
Regional Insights:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa.
According to the report, North America was the largest market for family offices. Some of the factors driving the North America family offices market include the presence of several high net-worth individuals, augmenting complexities in day-to-day management of cross-border wealth and tax legislation, rising awareness regarding financial investment, etc.
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global family offices market. Detailed profiles of all major companies have also been provided. Some of the companies covered include BMO Financial Group, Cambridge Associates LLC, Citigroup Inc., HSBC Private Banking (HSBC Holdings plc), Northern Trust Corporation, Silvercrest Asset Management Group Inc., Stonehage Fleming Family & Partners Limited, The Bank of New York Mellon Corporation, The Bessemer Group Incorporated, The Glenmede Corporation, UBS Group AG, Wells Fargo & Company, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
How has the global family offices market performed so far and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global family offices market?
What are the key regional markets?
Which countries represent the most attractive family offices markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the office type?
What is the breakup of the market based on the asset class?
What is the breakup of the market based on the service type?
What is the competitive structure of the global family offices market?
Who are the key players/companies in the global family offices market?
in the market.
