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Family Offices Market Share, Trends, Size, Major Players And Forecast To 2033
Family Offices Market Share
According to The Business Research Company's, The family offices market size has grown strongly in recent years. It will grow from $18.33 billion in 2023 to $19.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to wealth accumulation trends, asset diversification needs, succession planning, globalization of wealth, tax optimization strategies..
The family offices market size is expected to see strong growth in the next few years. It will grow to $23.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to rising ultra-high net worth individuals (uhnwi), impact investing trends, digital transformation in finance, generational shifts in wealth management.. Major trends in the forecast period include rise of co-investment opportunities, family office consolidation, focus on family governance, adoption of philanthropic strategies, increased regulatory compliance..
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Market Drivers and Trends:
The increasing need for wealth management is expected to drive the growth of the family offices market going forward. Wealth management refers to the professional services and strategies employed to help individuals or families preserve, grow, and manage wealth. Family offices are growing by providing a broader range of sophisticated financial services and expertise to meet the complex needs of high-net-worth individuals and families. The benefit of a family office in wealth management is the provision of highly personalized and comprehensive financial services tailored to the specific needs and goals of affluent families, facilitating the preservation, growth, and efficient management of their wealth across generations. For instance, in June 2022, according to Global Family Office Report 2022 by UBS Group AG, a Switzerland-based investment banking company, over 80% of family offices invested in private equity, with a growing number making direct investments yearly. Private equity total wealth average allocations have continued to climb, from 10% in 2020 to 13% in 2021. Therefore, the increasing need for wealth management will drive the family offices market growth.
Disruptive technology such as AI and blockchain is a key trend gaining popularity in the family offices market. Major companies operating in the family offices market frequently focus on disruptive technology to stay competitive by increasingly adopting them. For Instance, in October 2022, Raffles Family Office, China-based multi-family office that offers investment management services, launched Revo Digital Family Office. It is a next-generation platform that enables ultra-high-net-worth families to access and invest in digital assets. It is designed with blockchain technology that revamps legacy systems and processes in wealth management with better security and efficiency.
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Major Key Players of the Market:
Cascade Investment Group Inc.; MSD Partners LP; Stonehage Fleming Group; Glenmede Trust Co; The Bessemer Group Incorporated.; The Bank of New York Mellon Corporation; UBS Group AG; BMO Financial Group; Cambridge Associates Ltd.; Citigroup Inc.; Wells Fargo & Company; Northern Trust Corporation; Silvercrest Asset Management Group LLC; The Pictet Group; Emerson Collective LLC; Bezos Expeditions LLC; Fedesa Europe S.A.; The Woodbridge Company Ltd.; Hillhouse Capital Management Limited; Premji Invest; ICONIQ Capital LLC; Bregal Investments LLP; Gart Capital Partners; Rockefeller Capital Management L.P.; Soros Fund Management LLC; The Blackstone Group Inc.; The Carlyle Group Inc.; The Chernin Group Inc.; The Pritzker Organization LLC; The Raine Group LLC; The Yucaipa Companies LLC; Tiger Global Management LLC
Family Offices Market 2024 Key Insights:
• The family offices market will grow to $23.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Rising Need For Wealth Management To Drive Market Growth
• Technological Advancements Driving Innovation In Family Offices Market
• North America was the largest region in the global family offices market in 2023
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