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Globally there are now over 8,000 family offices, which are private companies that manage the wealth of ultra-rich families, and they control $5.5 trillion worth of assets, according to a report released Wednesday by professional services giant Deloitte.
The value of wealthy families’ assets has risen by 66% since 2019. By 2030 Deloitte expects that there will be over 10,700 family offices globally.
"Globally, family offices are expanding rapidly by focusing on their growing presence throughout different areas of the world," said Wolfe Tone, Deloitte Private Global leader, Deloitte Global.
Family offices’ surge in popularity is driven by a combination of factors, including increased wealth concentration, successful transfers of generational wealth, robust private equity and mergers and acquisitions markets, the report said.
North America leads in number of ultra-rich families with 3,180 family offices, followed by Asia Pacific (2,290) and Europe (2,020).
Asia Pacific is set to outpace North America in terms of speed of growth between now and 2030.
"With an expectation that family wealth will nearly triple between 2019 and 2030, this is spurring demand for private wealth management structures, leading to a rapid rise in the size and sophistication of the family office arena," said Rebecca Gooch, head of insights at Deloitte Global.
The study also found that women are increasingly earning their own fortunes and taking on greater leadership roles within the family enterprise.
They now serve as the principals for 15% of family offices worldwide.
The study surveyed 354 single family offices from around the world between September and December 2023. Deloitte also conducted in-depth interviews with 40 senior family office executives, representing some of the most prominent families in the world.
The family offices surveyed had an average of only 15 employees managing $2 billion in assets. About one-third of these offices were led by individuals from outside the family.
