With 6.01% CAGR Global Family Office Market And Is Expected To Reach USD 23.71 Billion By The Year 2028

Market Overview:
Global Family Office Market Was Valued At USD 15.76 Billion In 2021 And Is Expected To Reach USD 23.71 Billion By The Year 2028, At A CAGR Of 6.01%.

A family office is a privately owned organization that manages the financial assets and wealth of affluent families, typically with over $100 million in investable assets, in order to effectively grow and transfer wealth to future generations. The family's wealth serves as the company's financial foundation, and the family office is responsible for a wide range of services, including household staff management, property management, travel arrangements, day-to-day accounting and payroll activities, legal affairs management, family management services, family governance, financial and investor education, coordination of philanthropy and private foundations, as well as succession planning.

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Market Dynamics:
Driver:
The role of family offices is crucial in the asset management of High-Net-Worth Individuals (HNWIs) and assisting them with succession planning as they expand their businesses globally. With a growing focus on sustainability and impact investing, wealthy families are increasingly setting up family offices. These offices are often created through succession planning and wealth transfer between generations, offering greater privacy and higher returns, as well as effective governance and alignment of interests. Family offices also address various complexities of financial services requested by HNWIs, which drives the growth of the global family office market.

Opportunities:
The family office market presents numerous prospects for expansion and advancement. Currently, direct investments account for approximately 39% of the overall investments made by family offices, and this percentage is expected to rise in the future as more funds are allocated to illiquid assets with higher returns. Collaborative co-investment agreements with other families are also projected to become more popular, creating possibilities for partnerships and potential synergies. Moreover, as high net worth individuals demonstrate an increasing interest in sustainable and impact investing, family offices are likely to play a more prominent role in this area, providing opportunities for firms that specialize in these types of investments.

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Market Segmentation
By type, the single-family office segment is expected to register the maximum family office market share during the forecast period. The single-family office market is primarily driven by the expanding need for wealth management, which is fueled by the growing number of billionaires. There is a considerable increase in the growth of single-family offices, which is driving the growth of the market, with numerous new organizations and enterprises being created every day.

By the asset classification, alternative assets classification segment is anticipated to register the maximum family office market share over the forecast period. Family offices are engaging specialized investment professionals to maintain and safeguard the family legacy, trust, and provide concierge services due to the evolution of asset classification, where family offices are changing from traditional asset management services to alternative asset classes.

By Type
• Multi-Family Office
• Single Family Office
• Embedded Family Office

By Asset Classification
• Alternative Asset Classification
• Traditional Asset Classification
• Precious Metals, Art & Artifacts

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Regional Analysis for the Family Office Market:
With almost 92,000 rich individuals, North America dominates the family office sector. With over 89,000 UHNWIs, the United States alone accounts for half of all global UHNWIs. North America is home to approximately two-thirds of the world's family offices, which invest through SFOs and MFOs.Western Europe's key countries, such as Italy, France, Germany, the United Kingdom, and Spain, account for the majority of the family office market's revenue. Traditional family businesses that invest in expanding their wealth and holding their family legacy and values via their mission drive the family office sector in Western Europe.

• North America
o US
o Canada
o Mexico

• Eastern Europe
o Bulgaria
o The Czech Republic
o Hungary
o Poland
o Romania
o Rest of Eastern Europe

• Western Europe
o Germany
o UK
o France
o Netherlands
o Italy
o Russia
o Spain
o Rest of Western Europe

• Asia Pacific
o China
o India
o Japan
o South Korea
o Malaysia
o Thailand
o Vietnam
o The Philippines
o Australia
o New Zealand
o Rest of APAC

• Middle East & Africa
o Turkey
o Bahrain
o Kuwait
o Saudi Arabia
o Qatar
o UAE
o Israel
o South Africa

• South America
o Brazil
o Argentina
o Rest of SA

Key Industry Developments in the Family Office Market:
In July 2020, BNY Mellon and Deutche Bank teamed up to create a new API-enabled foreign exchange solution that will reduce confirmation times for restricted emerging-market currency deals.
In June 2019, UBS AG and Sumitomo Mitsui Trust Holdings, Inc. have formed a strategic partnership in Japan to launch a wealth management initiative.

Players Covered in Family Office market are :
• Bayshore global management L.L.C
• Euclidean Capital
• Bessemer Trust
• The Bank of New York Mellon Corporation
• UBS AG
• BMO Financial Group
• Pictet Group
• Wells Fargo Bank (Abbot Downing)
• Walton Enterprises Inc.
• Bezos Expeditions
• Cascade Investment LLC
• MSD Capital L.P.
• Glenmede Trust
• Silvercrest Asset Management Group Inc and other major players.

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