Family Offices Market

Family Offices Market Size and Share:

The global family offices market size was valued at USD 20.6 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 29.8 Billion by 2033, exhibiting a CAGR of 4.15% during 2025-2033.  North America currently dominates the market, holding a significant market share of over 40.9% in 2024. The market is experiencing steady growth driven by the increasing demand for personalized financial services, the rising emphasis on succession planning and wealth preservation, and growing wealth among high-net-worth individuals.

The rising level of interest in wealth preservation, estate management, and succession planning is proving to be one of the major market growth drivers across the globe. The growing wealth of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) is facilitating the need for customized financial solution, which, in turn, is acting as a major growth-inducing factor in the market. The rising demand for philanthropic planning, private equity management, and impact investing contributes to the growth of this market. This is in line with the increasing intricacy in global investments, tax structures, and regulatory environments compelling families to seek professional management, thereby further facilitating the market growth.

The United States stands out as a key market disruptor, driven by the increasing emphasis on wealth preservation, succession management, and wealth management, coupled with the growing demand for personalized financial services. For instance, in November 2024, The Goldman Sachs Group, Inc. announced an evolved family office platform that offers its private wealth clients flexibility, choice, and simplicity. The firm has integrated its Ayco and Private Wealth Management (PWM) family office offerings, leveraging decades of experience providing an advisor-led outsourced family office. As a part of the new platform, the firm is also building an à la carte service solution, designed to meet targeted client needs and preferences.

Family Offices Market Trends:

Increased Adoption by High-Net-Worth Individuals

The global family office market size is significantly influenced by the widespread adoption among high-net-worth individuals and families. As of 2021, there were around 22 Million high-net-worth individuals (HNWIs) worldwide, defined as persons with a net worth over USD 1 Million. The continued increase in wealth, coupled with its inherent complexity, necessitates specialized firms capable of handling multifaceted financial needs. The House of Commons predicted that by 2030, the richest 1% will own two-thirds of global wealth. Family offices, through their tailored services encompassing investments, estate planning, philanthropy, and more, provide an integrative solution to wealth management, thereby transforming the family offices market outlook.

Enhanced Focus on Socially Responsible Investments and Philanthropy

The family offices market growth is driven by an increasing emphasis on socially responsible investments (SRIs) and philanthropy. High-net-worth families are aligning their investments with social, environmental, and ethical values, reflecting a broader societal shift towards responsible stewardship of wealth. According to Morgan Stanley, more than 77% of individual investors worldwide want to invest in firms or funds that strive to generate market-rate financial returns while also having a beneficial social and/or environmental effect. Family offices' unique positioning to understand and implement these purpose-driven strategies attracts clients who seek meaningful impact through their investments, further bolstering the family offices’ market revenue.

Technological Advancements

The family offices market is greatly stimulated by technological advancements, focusing on investment analytics, comprehensive reporting, and seamless digital experiences. Integration of technologies such as artificial intelligence and machine learning broadens the scope of services, fostering innovation and adaptability within the sector. AI adoption stabilized at 50-56% in 2022, following rapid growth between 2020 and 2022. This is one of the significant family offices market trends. For instance, in May 2024, Armanino LLP (Armanino), a national accounting and consulting business, launched a suite of artificial intelligence technologies and time-saving automated solutions to help family offices improve productivity and provide high-quality service.

Global Family Offices Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on type, office type, asset class, and service type.

Analysis by Type:

• Single Family Office
• Multi-Family Office
• Virtual Family Office
   

Single family offices stand as the largest component in 2024, holding around 53.2% of the market. According to the family offices industry overview, the single-family offices segment is driven by the demand for personalized financial management and the need for a centralized focus on a particular family’s wealth. The intent for control and confidentiality, coupled with targeted investment strategies and estate planning lies in line with the goals and values of the family. The single-family office model also captures a more unified perspective in dealing with other financial needs while placing the thread of tax optimization, legal matters, philanthropy, and succession planning together, thus enhancing the overall cohesion and direction of a family's financial trajectory. For instance, in July 2024, Eton Solutions, a global cloud-based services provider for future family offices, launched AtlasFive, its ERP platform for family offices, in India. It can enable single offices firms to reimagine the value they can provide to their clients.

Analysis by Office Type:

• Founders’ Office
• Multi-Generational Office
• Investment Office
• Trustee Office
• Compliance Office
• Philanthropy Office
• Shareholder’s Office
• Others
   

Founders’ office leads the market with around 21.5% of the market share in 2024. The founders' office segment is influenced by the need to manage and preserve the wealth generated by business founders.  These offices tend to offer customized solutions and involvement in decision-making. They are thus organized to cater for the different financial needs of entrepreneurs, ranging from tax optimization and succession planning to investment strategies that make sense given the founders' business interests and legacy goals. Additionally, they address specialized expertise, in the context of sustainable investment and philanthropic pursuits, where many founders now are reportedly focusing. The growth of high-net-worth entrepreneurship globally only adds another layer of strength to the founders' offices domination of this space. For instance, in October 2024, The Family Office Resource Group (FORG) officially announced its launch, along with a growth equity investment from 4100FS. FORG offers a comprehensive, white-labeled family-office solution to wealth management and professional services firms that want to meet the often complex and ever-growing needs of ultra-high-net-worth (UHNW) individuals and families. The platform includes outsourced CFO and accounting services, as well as business legacy planning, risk management, philanthropy consulting, concierge services, family governance, and advisory firm resources.

Analysis by Asset Class:

• Bonds
• Equities
• Alternative Investments
• Commodities
• Cash or Cash Equivalents
   

Alternative investments lead the market with around 40.8% of the market share in 2024. The alternative investments segment is driven by the pursuit of returns uncorrelated with traditional markets, portfolio diversification, and hedging against market volatility. This segment includes investments like hedge funds, private equity, and real estate, each having unique driving factors. They are aligned with long-term wealth-building strategies, offering protection against market volatility and inflation. The ability of alternative investments to provide unique opportunities tailored to the specific goals and values of wealthy families further solidifies their prominence in this segment. For instance, in October 2024, The Bank of Singapore announced its collaboration with the global fintech firm iCapital to launch an alternative investment digital platform, FIM Alternatives Select, dedicated to the bank’s financial intermediary partners, also known as independent asset managers.

Analysis by Service Type:

• Financial Planning
• Strategy
• Governance
• Advisory
• Others
   

Financial planning leads the market with around 66.6% of the market share in 2024. According to the report, the financial planning segment is propelled by the comprehensive need for budgeting, risk management, tax planning, and retirement planning. A holistic approach to financial well-being and alignment with short-term and long-term family goals are key drivers for this segment. The integration of these elements allows for a more robust and flexible financial strategy, catering to the specific needs and preferences of the family, and fostering stability and growth in their financial landscape.

Regional Analysis:

• North America  
  • United States  
  • Canada 
• Asia Pacific  
  • China  
  • Japan  
  • India  
  • South Korea  
  • Australia  
  • Indonesia  
  • Others 
• Europe  
  • Germany  
  • France  
  • United Kingdom  
  • Italy  
  • Spain 
  • Russia 
  • Others 
• Latin America  
  • Brazil  
  • Mexico  
  • Others 
• Middle East and Africa 
   

In 2024, North America accounted for the largest market share of over 40.9%. According to the family offices industry outlook, the market in the North American region is influenced by a robust financial infrastructure, regulatory environment, economic policies, and technological advancements. The concentration of wealth, entrepreneurial growth, and a stable political system contribute to the attractiveness of the region for family offices. The increasing number of high-net-worth individuals in the region is also acting as one of the key factors driving the family offices market growth. For instance, according to Statista, in 2021, there were around about 7.4 Million high-net-worth individuals in North America.

Key Regional Takeaways:

United States Family Offices Market Analysis

In 2024, US accounted for around 94% of the total North America Family Offices market. The U.S. is home to more than 20,600 ultra-high-net-worth individuals, each possessing more than USD 100 Million, according to the Global Wealth 2021 study. These families manage their wealth through various channels, including family-run businesses, multi-family offices, and wealth advisors. The growing number of ultra-high-net-worth individuals (UHNWIs) in the U.S. has fueled the demand for family offices, which offer comprehensive wealth management services. These offices provide tailored solutions, including investment management, estate planning, tax strategy, and philanthropy. Acting as a central hub for financial management, family offices serve as the primary source of information and guidance for wealth owners. In addition to wealth management, the U.S. leads globally with more than 71,000 new startups annually, driving further demand for family office services, especially among entrepreneurs. Among U.S. states, Texas ranks third in family offices, following New York and California, benefiting from favorable tax policies and a growing number of UHNW individuals.

Asia Pacific Family Offices Market Analysis

Family offices in Asia are expanding, especially in Singapore and Hong Kong, driven by a growing billionaire population. These offices are crucial for managing family finances, assets, succession planning, and legal matters. Singapore's favorable financial incentives, stable government, and strong legal, regulatory, and tax systems have strengthened its position as a hub for family offices. In 2022, Singapore attracted a net influx of about 2,800 high-net-worth individuals, solidifying its role as Asia’s wealth management center. The ultra-high-net-worth population in the region has surged, with China having the second-largest number of UHNWIs. A study shows that assets under management for Chinese family offices tripled in 2021 compared to three years earlier. While family offices are well-established in Hong Kong and Singapore, growing interest is also seen in India, China, Taiwan, and Southeast Asia as business-owning families seek similar arrangements.

Europe Family Offices Market Analysis

Europe is home to 23% of the billionaires listed in the 2022 Forbes World Billionaires List, with the number of billionaires increasing by 80% since 2016. This growth is contributing to a rise in the number of family offices across the continent. Family offices are becoming more prevalent, with many opening branches in countries like Switzerland, Germany, and the United Kingdom, and expanding their presence in wealthy areas such as Monaco, Switzerland, and London. As of 2021, about one-third of family offices in Europe have multiple branches, reflecting the growing trend of expansion in both services and structures. In Germany alone, there are an estimated 500-700 single-family offices. These offices manage investments in diverse sectors, from real estate and venture capital to private equity, luxury assets like art, yachts, and exclusive car collections. The family office market in Europe is set to grow as more ultra-high-net-worth individuals turn to these solutions for wealth management. The increasing wealth and internationalization of families, along with a desire for entrepreneurial opportunities, is driving the demand for multi-family offices. These offices offer expertise in multiple fields and jurisdictions, often with cross-disciplinary teams of advisors to meet the needs of complex families.

Latin America Family Offices Market Analysis

Family offices are becoming increasingly popular in Latin America as ultra-high-net-worth individuals (UHNWIs) turn to these private wealth management organizations for services ranging from investment management to estate planning and philanthropic counselling. As the region’s ultra-wealthy population continues to grow, the number of family offices is also rising. According to a UBS and Campden Wealth report, there are currently around 500 family offices in Latin America, with an average wealth of USD 900 Billion, reflecting the increasing demand for comprehensive wealth management solutions.

Middle East and Africa Family Offices Market Analysis

Middle Eastern family offices are rapidly emerging due to economic transformation and an increasingly sophisticated wealthy population demanding higher service levels for their growing assets. With nearly 6,000 high-net-worth individuals in the region, holding a combined net worth of $995 Billion, family offices are expanding their role in investment management, ownership tracking, and reporting. The UAE, in particular, is becoming a hub for family offices, with financial wealth growing by 20% in 2021. Family offices are expected to be the fastest-growing wealth structuring vehicle for wealthy families in the region.

Competitive Landscape:

The market is highly competitive with a mix of single-family offices (SFOs) and multi-family offices (MFOs). Established players include prominent wealth management firms, boutique advisory services, and traditional private banks entering this space. MFOs are gaining traction due to their cost-efficiency and ability to serve multiple clients while SFOs cater to ultra-high-net-worth families seeking personalized solutions. It focuses on tailoring services such as investment management, estate planning, and impact investing. For instance, in October 2024, HK Family Offices, one of Hong Kong’s biggest property agencies ramped up its family office business by partnering with China’s leading mutual fund to facilitate wealth management products amid a real estate entity, Centaline Wealth Management Ltd., a subsidiary of Centaline Group. The latter will start offering products including fixed-income, money market funds, and exchange-traded funds with China Asset Management.

The report has also analysed the competitive landscape of the market with some of the key players being:

• 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
   

Latest News and Developments:

• September 2024: Arch has introduced "Portfolio Insights," an AI-powered tool designed to streamline the management of private investments for family offices. The tool automates document processing, provides summaries of investment updates, and offers real-time performance insights, improving workflows and supporting better decision-making for investors.
• July 2024: Eton Solutions, a global provider of cloud-based services for family offices, announced the launch of its AtlasFive® ERP platform in India. The family office of Infosys founder Narayana Murthy, Catamaran, has been confirmed as the platform's first client in the region. Eton Solutions, headquartered in North Carolina, has been operating in India for the past five years with its Global Technology Center in Bengaluru, which supports AtlasFive® clients globally.
• June 2024: Wealth.com, an estate planning platform, has launched Family Office Suite™, a comprehensive set of technologies designed for managing complex estates. Tailored for firms serving high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients, the suite enables advisors and in-house wealth strategists to enhance estate planning services while streamlining operations through scalable and automated processes.
• May 2024: Armanino LLP, a top 20 national accounting and consulting firm, has introduced a suite of artificial intelligence tools and automated solutions aimed at improving efficiency and service quality for family offices. John Stewart, Partner and Strategy & Transformation leader, joins Chris Mays, Partner at Armanino, to co-lead the initiative. Together, they will oversee the deployment of these new AI and automation services to support family offices nationwide.
• April 2024: PremjiInvest, managing more than USD 10 Billion for Azim Premji, planned to increase investments in artificial intelligence companies while enhancing proprietary AI tools tailored for family offices. Their Managing Partner and CIO TK Kurien highlighted the development of an AI-driven quantitative model for public market investments, building on the firm’s successful use of AI in private equity to support family office clients.

Family Offices Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the family offices market from 2019-2033.
• The family offices market research report provides the latest information on the market drivers, challenges, and opportunities in the global market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the family offices industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.