Family Offices Market Overview: Market Size, Major Drivers And Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global family offices market is poised for significant growth, projected to increase from $17.28 billion in 2022 to $18.33 billion in 2023, marking a Compound Annual Growth Rate (CAGR) of 6.0%. Looking ahead, the market is anticipated to reach $22.52 billion in 2027, reflecting a CAGR of 5.3%. In this blog, we explore the driving forces, key players, and emerging trends shaping the landscape of family offices.
Fueling Growth: Increasing Need for Wealth Management
– Understanding Wealth Management
The primary catalyst behind the growth of the family offices market is the increasing need for wealth management. Wealth management involves professional services and strategies aimed at preserving, growing, and managing wealth. Family offices are playing a pivotal role in meeting the complex needs of high-net-worth individuals and families by providing a comprehensive range of sophisticated financial services.
– Tailored Financial Services
Family offices offer highly personalized and comprehensive financial services tailored to the specific needs and goals of affluent families. This facilitates the preservation, growth, and efficient management of their wealth across generations. According to the Global Family Office Report 2022 by UBS Group AG, over 80% of family offices invested in private equity, showcasing the diversification of services offered.
Pioneering the Market: Major Players
The family offices market is not just about demand; major players are at the forefront, steering innovation. Companies such as Cascade Investment Group Inc., Stonehage Fleming Group, and UBS Group AG are instrumental in advancing wealth management services globally.
Embracing Disruption: Technology Trends
– The Impact of Disruptive Technology
A key trend gaining popularity in the family offices market is the integration of disruptive technologies such as Artificial Intelligence (AI) and blockchain. Major companies operating in this space are increasingly adopting these technologies to stay competitive and enhance their service offerings.
– Revo Digital Family Office
In October 2022, Raffles Family Office, a China-based multi-family office, launched Revo Digital Family Office—a next-generation platform designed to enable ultra-high-net-worth families to access and invest in digital assets. This platform leverages blockchain technology to revamp legacy systems and processes in wealth management, providing enhanced security and efficiency.
Comprehensive Market Segmentation
– Understanding the Landscape
To grasp the nuances of the family offices market, it’s crucial to delve into its distinct segments:
- By Type: Single Family Office, Multi-Family Office, Virtual Family Office
- By Asset Class: Bonds, Equities, Alternative Investments, Commodities, Cash or Cash Equivalents
- By Office: Founders’ Office, Multi-Generational Office, Investment Office, Trustee Office, Compliance Office, Philanthropy Office, Shareholder’s Office, Other Offices
- By Net-Worth Managed: Less Than 50 Million, 50 Million To 100 Million, More Than 100 Million.
– Leading Regions
In 2022, North America took the lead as the largest region in the global family offices market. However, the spotlight is shifting towards Asia-Pacific, expected to be the fastest-growing region in the forecast period. This regional shift underlines the global nature of the family offices market, with different regions contributing to its robust growth.
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The Family Offices Global Market Report 2023 provides an overview of the family offices market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The family offices market forecast analyzes family offices market size, family offices market share, leading competitor and their market positions.
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