The new report by Expert Market Research titled, ‘Global Family Offices Market Report and Forecast 2024-2032’, gives an in-depth analysis of the global family offices market, assessing the market based on its segments like type, asset class, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2032)
- Historical Market Value (2023): USD 87.18 Billion
- Forecast CAGR (2024-2032): 7.5%
- Forecast Market Value (2032): USD 133.60 Billion
The growth of family offices is being driven by shifting economic and market dynamics, as well as the continuous globalization of society, commerce, and legislation. Geographical dispersion, which includes global assets and family members relocating for job or study outside from the family’s home base, is increasing the demand for a well-established and fabricated money management service.
As a result, the family office is responsible for the administration and effective day-to-day management of a family’s cross-border wealth, supporting market growth. Another element driving the demand for family offices is the complexity of tax legislation as a result of wealth dispersion around the globe. As a result, managing and reporting international tax is pushing industry growth. In addition, wealthy families are turning to family offices for aid with succession planning, as consultants can help the family plan for the future, further boosting the family office business.
Family Offices Industry Definition and Major Segments
Family offices are private wealth management advisory organizations that were established to manage the private fortunes of families. They exclusively give financial advice to family members, are entirely owned and controlled by family members, and do not advertise themselves as investment consultants to the general public.
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Based on type, the market covers:
- Single Family Office
- Multi-Family Office
- Virtual Family Office
Based on asset class, the market is segmented into:
- Bonds
- Equities
- Alternative Investments
- Commodities
- Cash or Cash Equivalents
The major regional markets include:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Family Offices Market Trends
In recent years, the number of family offices set up to manage the affairs of wealthy families has increased significantly. The creation of family offices can be traced back to an increase in global wealth over time. The expansion of the family office sector is being fueled by the complexity of asset management, turbulent financial markets, and dangerous geopolitical events. Such complexity necessitates a controlled and coordinated money management system, which helps family offices grow their market share.
The growing use of family offices in places like India is projected to present the industry with lucrative growth prospects. In India, family offices tend to invest in traditional assets such as equities, real estate, and gold. However, in the next years, family offices are likely to fund the country’s burgeoning startup ecosystem, accelerating the market development of family offices. The industry is gaining traction in India, with celebrities, NRIs, and digital entrepreneurs establishing family offices and investing in Indian firms.
Key Market Players
The major players in the market are Cascade Investment LLC, MSD Capital LP, Stonehage Fleming Family & Partners LimitedmGlenmede Corporation, Bessemer Trust, among others.
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