will reach at $ 121.34 bn by 2032 with Top Key Players -Atlantic Trust, Hawthorn, Wilmington Trust, BMO Harris Bank, HSBC Private Bank, Stonehage Fleming Family and Partners, BNY Mellon Wealth Management, Northern Trust, Citi Private Bank, UBS Global Fami

The global family offices market attained a value of about USD 79.2 billion in 2021 and will reach at $ 121.34 bn by 2032. The market is further expected to grow at a CAGR of 11.8% during the forecast period of 2022-2032

Shifting economic and market forces and the continuous globalisation of society, commerce and regulation are driving the emergence of family offices. Geographical dispersal, including global investments and family members settling away from family's home base for work or education, is adding to the need for a well-established and fabricated money management service. The family office, thus, deals with administration and effective day-to-day management of a family's cross-border wealth, thus, fueling the market growth. 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. Managing and reporting international tax is, hence, propelling the market growth. Additionally, family offices are being selected by wealthy families to assist with succession planning as advisors may help the family plan for the future, which is further augmenting the family offices industry.

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The global family office market is segmented by regions into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Among these regions, the market in North America registered the largest share of 44.63% along with a value of USD 7.90 billion in the year 2019 and is further expected to reach a value of USD 11.99 billion by the end of 2028 by growing at a CAGR of 4.74% during the forecast period. Presence of numerous ultra-high-net-worth individuals who are increasingly establishing family offices in order to have greater control over their investments, along with the fact that the financial services for HNIs are not fulfilled by wealth management firms and private banks, are some of the factors raising the demand for establishing family offices in the region, which in turn is anticipated to drive the market growth in North America

By Type

The global family office market has been segmented on the basis of type into single family office and multi-family office. The single family office registered the largest market share along with a value of USD 13.39 billion in the year 2019 and is projected to reach a value of USD 19.90 billion by the end of 2028 by growing at a CAGR of 4.50% during the forecast period. The segment is further sub-divided into independent from family business and embedded within family business, out of which, the embedded within family business segment registered the largest market share and further gained a value of USD 8.09 billion in the year 2019. The increasing need for wealth management, backed by the growing number of billionaires is significantly driving the single-family office segment. With several new organizations and companies being launched every day, there is a significant rise in the growth of the single-family offices, which in turn is driving the growth of the segment. Single-family offices either have occasionally adjusted term sheets or standard protection requirements while making investments. The majority of single-family offices provide family services such as accounting, and tax management followed by succession planning.

Market Drivers and Challenges

Growth Indicators

Increasing Wealth of High-Net-Worth Individuals (HNWI)

Growing investment in fashion, technology, real estate and financing has drastically increased the wealth of high-net worth individuals across the world during the past three decades. During the era of Dot Com Boom, many giant organizations grew their assets multiple fold, therefore creating opportunities for other companies across the world. Additionally, the significant growth of billionaires was led by the high returns gained across almost all major asset classes, despite a loss of momentum in the global economy and turbulent geopolitical environment. Moreover, despite the trade wars, slowing global growth and the volatile stock market, the total number of millionaires in the world increased significantly.

Numerous Benefits Associated With Family Office

The family office plays an important role in asset management of HNWI. It further helps the HNWI with succession planning within the business to expand in different regions worldwide. Wealthy families are setting up family offices with a growing interest in sustainability and impact investing. Most family offices are established as a result of the management of succession and transfer of wealth from one generation to another. Moreover, family offices also provide greater confidentiality & privacy and higher returns, and further ensures that there is good governance and better alignment of interest. It further addresses a wide range of complexity of the financial services demanded by the HNWIs. Such factors are anticipated to drive the growth of the global family office market.

Family Offices Segmentation by Type:

Single Family Office, Multi Family Office, Virtual Family Office.

Family Offices Segmentation by Application:

Financial, Strategy, Governance, Advisory

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Restraints

High Cost of Operation

One of the major challenges faced by family offices is to control the cost of operations, which includes staffing costs, operational cost of running IT systems and the overhead administrative costs. The challenges observed in structuring the family office to maximize cost-effectiveness and expense deductibility is causing great concerns amongst the family office members, which is anticipated to restrain the market growth during the forecast period.

Competitive Landscape
The report includes an overview of the largest family offices and a few mid-sized family offices with increasing participation in VC funding operating in the market studied. Each Profiling of the organization concentrates on the nature of family offices, how they finance their operations, services offered, families served, major funding activities and philanthropic donations done, risk profiling, and recent developments in the firm. Currently, some of the major players dominating the market studied, in terms of market share are listed.

Competitive Landscape

Some of the affluent industry leaders in the global family office market are Bessemer Trust, The Bank of New York Mellon Corporation, UBS AG, BMO Financial Group, Pictet Group, Wells Fargo Bank (Abbot Downing), Walton Enterprises, Inc., Bezos Expeditions, Cascade Investment LLC, and MSD Capital L.P.

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