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Family Offices Market Trends That Will Shape the Next Decade: Insights from Technological Advancements Driving Innovation In Family Offices Market
Family Offices
How Large Will the Family Offices Market Size By 2025?
The market size of family offices has seen robust growth in the past few years. The market, which is expected to be at $19.29 billion in 2024, is projected to expand to $20.39 billion in 2025, growing at a compound annual growth rate (CAGR) of 5.7%. This historical growth is largely due to factors such as trends in wealth accumulation, the need for asset diversification, succession planning, the globalization of wealth, and strategic tax optimization.
How Big Is the Family Offices Market Size Expected to Grow by 2029?
Anticipated robust expansion is on the cards for the family offices market in the upcoming years where it's projected to reach a size of "$25.46 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.7%. The expansion foreseen during this period can be attributed to an increase in ultra-high net worth individuals (UHNWI), emerging investment trends, the digital revolution in finance sector, and intergenerational wealth management shifts. Other notable trends within this forecast period encompass the advent of co-investment opportunities, consolidation within the family office sector, an emphasis on family governance, the introduction of philanthropic strategies, as well as a stricter regulatory compliance regime.
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Which Key Market Drivers Powering Family Offices Market Expansion and Growth?
The escalating demand for wealth management is anticipated to fuel the expansion of the family offices market in the future. This refers to the specialized services and strategies adopted to aid individuals or families in maintaining, expanding, and handling wealth. Family offices are expanding by offering a wider range of advanced financial services and knowledge to address the intricate requirements of affluent individuals and families. The advantage of a family office in wealth management is the delivery of highly individualized and comprehensive financial services designed to match the unique requirements and objectives of wealthy families, enabling the preservation, expansion, and effective management of their wealth for future generations. For example, in June 2022, the Global Family Office Report 2022 by UBS Group AG, a Swiss investment banking corporation, stated that over 80% of family offices invested in private equity, with a rising number making direct investments yearly. The average total wealth allocations to private equity have steadily increased to 13% in 2021. Thus, the escalating demand for wealth management will propel the growth of the family offices market.
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Which Fast-Growing Trends Are Poised to Disrupt the Family Offices Market?
Disruptive technologies like AI and blockchain are increasingly shaping the family offices market. Leading firms in this market are actively embracing such innovations to remain competitive. For example, in October 2022, Raffles Family Office in China introduced Revo Digital Family Office, a blockchain-powered platform that enables ultra-high-net-worth families to invest in digital assets by transforming traditional wealth management systems for enhanced security and efficiency.
What Are the Emerging Segments in the Family Offices Market?
The family offices market covered in this report is segmented -
1) By Type: Single Family Office, Multi-Family Office, Virtual Family Office
2) By Asset Class: Bonds, Equities, Alternative Investments, Commodities, Cash Or Cash Equivalents
3) By Office: Founders' Office, Multi-Generational Office, Investment Office, Trustee Office, Compliance Office, Philanthropy Office, Shareholder's Office, Other Offices
4) By Net-Worth Managed: Less Than 50 Million, 50 Million To 100 Million, More Than 100 Million
Subsegments:
1) By Single Family Office: Traditional Single Family Office, Investment-Focused Single Family Office, Hybrid Single Family Office
2) By Multi-Family Office: Independent Multi-Family Office, Bank-Affiliated Multi-Family Office, Wealth Management Firm Multi-Family Office
3) By Virtual Family Office: Technology-Enabled Virtual Family Office, Outsourced Virtual Family Office Services, Advisory-Based Virtual Family Office
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Who Are the Global Leaders in the Family Offices Market?
Major companies operating in the family offices market include 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, 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 Chernin Group Inc., The Pritzker Organization LLC, The Raine Group LLC, The Yucaipa Companies LLC, Tiger Global Management LLC
Which are the Top Profitable Regional Markets for the Family Offices Industry?
North America was the largest region in the global family offices market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the family offices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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