The economies of high-net-worth individuals have been greatly helped by the rising investment in banking, technology, and fashion. The creation and growth of the worldwide family offices market were influenced by the phenomenal economic rise of individuals.
Dallas, Texas, Oct. 05, 2022 (GLOBE NEWSWIRE) — The global family office market had a value of USD 18.73 billion and is projected to increase at a CAGR of 5.63% in 2029, with expected value of USD 27.59 billion.
Family offices are becoming more prevalent as a result of shifting economic and commercial pressures, as well as the ongoing globalization of society, business, and regulations. The demand for a well-established and fabricated money management service is increasing because of geographic dispersion, which includes global investments and family members relocating away from the family’s home base for jobs or studies. The family office thereby oversees the administration and efficient day-to-day management of a family’s global wealth, assisting the market’s growth. To manage families’ private wealth, “family offices,” private wealth management consulting firms, were developed. They only provide financial guidance to family members and do not advertise themselves to the general public as investment experts. Family members own and run them in their entirety. In addition, despite a lack of momentum in the global economy and a volatile geopolitical climate, high returns obtained across nearly all major asset classes were the primary driver of the significant expansion in the number of billionaires. The total number of millionaires in the world also dramatically grew despite trade disputes, a sluggish global economy, and erratic stock markets.
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Key players operating in the global family office market are:
Stonehage Fleming Family & Partners
U.S. Trust Family Office
UBS Global Family Office Group
BNY Mellon Wealth Management
Citi Private Bank
HSBC Private Bank
Family offices can allocate a larger percentage of their total assets to asset classes that are higher on the risk/return spectrum because they are less constrained and have more flexibility than other investor types. Private equity and hedge funds are where family offices allocate the majority of their assets. Popular investors in alternative assets include family offices. Most investors focus on private equity and real estate, which is a reflection of broader industry trends in private capital. Family offices involved in real estate are focusing their investing efforts on opportunistic, high-risk/high-return, value-added strategies throughout the course of the upcoming year. The single-family offices segment is accounted for highest market share. The segment is further divided into two categories: embedded within family businesses and independent from family businesses. The embedded within family businesses segment recorded the biggest market share. The demand for wealth management is rising, supported by a rise in the number of billionaires, and this is a major driver of the single-family office market.
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With more than 92,000 wealthy people, North America controls the majority of the family office market. The majority of the family office market in Europe in terms of revenue is accounted for by important Western European nations including Italy, France, Germany, the UK, and Spain.
The billionaire’s family business, The Bezos, was established with the goal of giving the next generation equitable opportunities and making a positive impact on society. Over the past two decades, the organization has launched numerous programmes that connect many people through employment and aid thousands of young people in learning about the importance of serving the family office market.
Sergey Brin, a co-founder of Google, and his wife Anne Wojcicki run Bayshore Global Management as their family business. Family assets worth more than $30 billion are managed by Bayshore Global Management. The Brin Wojcicki Foundation, which supports human rights and donates to philanthropic causes, is likewise operated by the family office.
Table of Contents:
2. Research Methodology
3. Market Outlook
4. Global Family Office Market by Office Type, 2019-2029 (USD Billion)
o shareholders office
o philanthropy office
o compliance office
o family enterprise office
o trustee office
o investment office
o multi-generational office
o founder’s office
5. Global Family Office Market By Application Overview, 2019-2029 (USD Billion)
o financial planning
6. Global Family Office Market by Managed Net Worth Overview, 2019-2029 (USD Billion)
o Aerospace and defence
o 50 million to 100 million
o less than 50 million
o more than 100 million
7. Global Family Office Market by Asset Type Overview, 2019-2029 (USD Billion)
o art and artifacts
o precious metals
o traditional asset classification
o alternative asset classification
8. Global Family Office Market By Region 2019-2029 (USD Billion)
o North America
? Rest of Europe
o Asia Pacific
? Rest of Asia Pacific
o South America
? Rest of South America
o Middle East & Africa
9. Competitive Landscape
9. Company Profiles
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