According to IMARC Group’s latest research report, titled “Family Offices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” presents a comprehensive analysis of the industry, covering family offices market size, share, trends, demand, and growth prospects. The report also provides competitor and regional analysis and showcases the contemporary advancements in the global market.
How big is the Family Offices Market?
The global family offices market size reached US$ 18.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 25.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.00% during 2023-2028.
What are Family Offices?
Family offices are specialized wealth management establishments tailored to ultra-high-net-worth individuals (HNWIs). They provide comprehensive solutions to the financial and investment needs of wealthy individuals and families. They are controlled by family members and their financial advice is only available to the family. These organizations handle the administration of the family’s wealth and manage day-to-day operations and non-financial matters, such as private schooling, travel, and household maintenance. Additionally, they often employ an integrated asset, cash, risk, and financial planning approach to provide high-level financial planning. They have greater flexibility and fewer restrictions on asset allocation than other investors, enabling them to invest more capital in riskier asset classes, including real estate, private equity, and hedge funds.
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What are the Growth Prospects and Trends in the Family Offices Market?
The expanding financial portfolio of high-net-worth individuals majorly drives the global market. Coupled with the rising trend of investing in technology, finance, real estate, and fashion among families is acting as a driving factor. Along with this, the growing wealth among individuals is contributing to the development of well-structured money management facilities, further contributing to the demand. Additionally, the increasing complexity of asset management due to unstable financial markets and geopolitical conditions is significantly supporting the need for family offices. Moreover, the rising complexities in the day-to-day management of cross-border wealth and tax legislation are also providing an impetus to the market. Some of the other factors driving the market include rapid globalization and the growing need for effective money management.
Who are the key Players Operating in the Industry?
- BMO Financial Group
- Cambridge Associates LLC
- Citigroup Inc.
- HSBC Private Banking (HSBC Holdings plc)
- Northern Trust Corporation
- Silvercrest Asset Management Group Inc.
- Stonehage Fleming Family & Partners Limited
- The Bank of New York Mellon Corporation
- The Bessemer Group Incorporated
- The Glenmede Corporation
- UBS Group AG
- Wells Fargo & Company
What is included in Market Segmentation?
The report has segmented the market into the following categories:
Type Insights:
- Single Family Office
- Multi-Family Office
- Virtual Family Office
Office Type Insights:
- Founders’ Office
- Multi-Generational Office
- Investment Office
- Trustee Office
- Compliance Office
- Philanthropy Office
- Shareholder’s Office
- Others
Asset Class Insights:
- Bonds
- Equities
- Alternative Investments
- Commodities
- Cash or Cash Equivalents
Service Type Insights:
- Financial Planning
- Strategy
- Governance
- Advisory
- Others
Breakup by Region:
- North America (United States, Canada)
- Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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