Global Family Offices Market to Grow at a CAGR of 7.4% during 2024-2032, Aided by the Rise in Worldwide Wealth

Integrating technology with the traditional working method, due to distant working owing to the pandemic is anticipated to drive the family offices industry in the coming years. The adoption of technically driven management systems to manage family wealth is now being outsourced to software that can quickly and efficiently perform tasks that are otherwise time-consuming if done by humans, thus boosting productivity and invigorating the market growth. Artificial Intelligence (AI) can perform tasks at greater speed and efficiency. The use of robotic process automation (RPA) for automating routine and manual tasks so that employees can focus on higher-value activities, is expected to further drive the market in the forecast period. However, cyber threats like data breaches are projected to hinder market growth yet continuous improvement in technology to secure online wealth management is providing lucrative growth opportunities.

Among many companies in the family offices industry , is a Berlin-based family office, Kalodion. In October 2021, the single-family office made investments in Circuonomics, a Germany-based startup that works on circular battery economy. As the startup primarily operates on providing batteries to electric-run vehicles, which is the future of Germany, such investments hold tremendous growth opportunities for the family offices industry. The need to address social issues like global warming and sustainable methods of living is anticipated to provide impetus to the family office industry. The investment will enable the production and circulation of recycled lithium-ion batteries optimised with the use of data analytics. With family wealth being invested in promising startups, the family office industry is anticipated to robustly drive the market in the forecast period. Further, agreements such as the one made by Ecolab (NYSE: ECL) and Cascade Investment and the Bill & Melinda Gates Foundation Trust to permit Gates investment vehicles to attain up to 25% ownership stake in Ecolab, are also expected to boost the market growth.

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Market Analysis by Type, Asset Class, and Region:

• Based on type, the market can be divided into single family office, multi-family office, and virtual family office.

• On the basis of asset class, the market can be categorised into bonds, equities, alternative investments, commodities, and cash or cash equivalents.

• The major regional markets for family offices are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

• The emergence of family offices can be attributed to the rise in worldwide wealth and the consequent need to manage the affairs of wealthy families.

• The market for family offices is being augmented by the demand to navigate the complexity of geographical wealth dispersal.

•  The rising penetration of family offices in India is anticipated to provide lucrative growth opportunities for market growth.

• Technological integration to keep up with long periods of distant working conditions is bolstering the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market of family offices for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) markets for types, assets classes, and regions of family offices.

• The report analyses market dynamics, covering the key demand indicators, total cost of operating family office in the market along with an assessment of the SWOT and Porter’s Five Forces.

The major players in the global family offices market are Cascade Investment Group, Inc., MSD Partners, L.P., Stonehage Fleming Family and Partners Limited, The Glenmede Trust Company, N.A., Bessemer Group, Incorporated, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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