The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Family Offices Global Market Report 2024, the family offices market is expected to show significant growth in the forecast period.

Steady Market Growth

• Recent Market Expansion
  • Market size grew from $18.33 billion in 2023 to $19.4 billion in 2024.
  • Achieved a compound annual growth rate (CAGR) of 5.8%.
• Historic Growth Factors
  • Wealth accumulation trends.
  • Need for asset diversification.
  • Succession planning.
  • Globalization of wealth.
  • Tax optimization strategies.

Future Market Prospects

• Projected Market Growth
  • Expected to reach $23.82 billion by 2028.
  • Forecasted CAGR of 5.3%.
• Forecasted Growth Drivers
  • Increase in ultra-high net worth individuals (UHNWI).
  • Impact investing trends.
  • Digital transformation in finance.
  • Generational shifts in wealth management.
• Emerging Trends
  • Rise of co-investment opportunities.
  • Family office consolidation.
  • Focus on family governance.
  • Adoption of philanthropic strategies.
  • Increased regulatory compliance.

Rising Need for Wealth Management

• Driving Market Growth
  • Wealth management services help individuals and families preserve, grow, and manage wealth.
  • Family offices offer sophisticated financial services tailored to high-net-worth individuals’ needs.
• Private Equity Investments
  • In June 2022, the Global Family Office Report by UBS Group AG noted that over 80% of family offices invested in private equity.
  • Private equity allocations rose from 10% in 2020 to 13% in 2021.
• Benefits of Family Offices
  • Personalized and comprehensive financial services.
  • Facilitates preservation, growth, and efficient management of wealth across generations.

Leading Companies in the Market

• Major Players
  • Cascade Investment Group Inc.
  • MSD Partners LP
  • Stonehage Fleming Group
  • Glenmede Trust Co.
  • The Bessemer Group Incorporated.
  • UBS Group AG, and others.

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Technological Advancements Driving Innovation

• Disruptive Technologies
  • AI and blockchain are gaining popularity in the family offices market.
  • Companies are increasingly adopting these technologies to stay competitive.
• Innovative Platforms
  • In October 2022, Raffles Family Office launched Revo Digital Family Office.
  • This platform enables ultra-high-net-worth families to invest in digital assets.
  • Designed with blockchain technology for enhanced security and efficiency.

Strategic Acquisitions

• Endowus Expands Capabilities
  • In October 2022, Endowus acquired Carret Private Investments.
  • This acquisition allows Endowus to better fulfill diverse customer needs and deliver superior investment and advisory solutions.
  • Carret Private Investments specializes in wealth management, private investments, and wealth planning.

Market Segmentation

• 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 Type
  • 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.

Regional Insights

• Largest Market
  • North America was the largest region in the global family offices market in 2023.
• Fastest-Growing Region
  • Asia-Pacific is expected to be the fastest-growing region during the forecast period.

In conclusion, the family offices market is witnessing robust growth driven by wealth accumulation, asset diversification, and digital transformation. With a strong focus on personalized wealth management services, technological advancements, and strategic acquisitions, the market is poised for significant expansion in the coming years. As ultra-high-net-worth individuals continue to rise and generational wealth management shifts, family offices will play a crucial role in preserving and growing wealth across generations.

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The Family Offices Global Market Report 2024  provides an in-depth analysis on the family offices market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the family offices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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