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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Family Offices Market Size
The global family offices market size was approximately USD 93.72 billion in 2023. The market is estimated to grow at a CAGR of 7.4% during the forecast period of 2024-2032 to reach a value of USD 178.42 billion by 2032.
Key Takeaways
- Reportedly, North American family offices have about 20% of their wealth in real estate.
- The presence of a large number of wealthy families and high-net-worth individuals that turn to family offices to manage their wealth and other financial needs is aiding the market growth.
- A growing number of family offices in the North American, Asia Pacific, and European region are increasing their investments in eco-conscious businesses that are working towards reducing social and environmental issues, especially climate change.
Reportedly, there are about 10,500 family offices on a global scale. Geographical dispersal, including global investments and family members settling away from their family’s home base for work or education, is creating a need for well-established and fabricated wealth management services. The family office, thus, deals with the administration and effective day-to-day management of a family’s cross-border wealth.
The complexity of tax legislation owing to the geographical dispersal of wealth is another factor that is leading to a growing demand for family offices.
In 2022, family offices contributed to around one-third of the total capital invested in startups.
Family Offices Market Report Snapshots
Family Offices Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market attained a value of about USD 93.72 billion in 2023.
The market is estimated to grow at a CAGR of 7.4% during the forecast period of 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 178.42 billion by 2032.
The key types are single family office, multi-family offices, and virtual-family office.
The key regional markets for family offices are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The asset classes include alternative investments, equities, bonds, cash or cash equivalents, and commodities.
The driving factors include increase in private wealth, rising adoption of technologies such as artificial intelligence for financial management, and growing need for personalized financial services.
The key players in the market include Cascade Investment Group, Inc., MSD Partners, L.P., Stonehage Fleming Family and Partners Limited, The Glenmede Trust Company, N.A., and Bessemer Group, Incorporated, among others.
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