Research Nester has released a report titled “Family Office Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global family office market in terms of market segmentation by type, office type, managed net worth and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global family office market is segmented by type into single family office and multi-family office, out of which, the single-family office segment registered the largest market share in the year 2019 and is further anticipated to grow with a CAGR of 4.50% during the forecast period, i.e. 2020-2028. The segment is further projected to reach a value of USD 19.90 billion by the end of 2028 from a value of USD 13.39 billion in the year 2019.
The global family office market is anticipated to record a CAGR of 4.62% during the forecast period. The market is projected to reach a value of USD 26.57 billion by the end of 2028 from a value of USD 17.70 billion in the year 2019. Increasing need amongst the families or individuals for outsourcing their entire financial management is one of the major factors anticipated to drive the growth of the global family office market.
Regionally, the global family office market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The market in North America registered the largest share of 44.63% in the year 2019 and is anticipated to grow with a CAGR of 4.74% during the forecast period on account of the increasing number of established family offices in the region backed by the presence of numerous ultra-high-net-worth individuals. The North America family office market is further projected to reach a value of USD 11.99 billion by the end of 2028 from a value of USD 7.90 billion in the year 2019.
Increasing Wealth of High-Net-Worth Individuals (HNWI)
Over the years the investment across different end user industries has grown manifold, which has further contributed to the increase in wealth of the high-net worth individuals worldwide. The last few decades also observed significant growth in the assets of the organizations that came up during the Dot Com era. Although, the global economy has observed ups and downs, yet the total number of millionaires worldwide increased gradually, therefore raising the need for deploying family offices for the efficient management of their family wealth and assets.
However, concerns regarding the high cost of operations, that occupy a major share of the profits generated by these family businesses are anticipated to hamper the market growth during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global family office market, which includes company profiling of Bessemer Trust, The Bank of New York Mellon Corporation (NYSE: BK), UBS AG (SWX: UBSG), BMO Financial Group, Pictet Group, Wells Fargo Bank (Abbot Downing) (NYSE: WFC), Walton Enterprises, Inc., Bezos Expeditions, Cascade Investment LLC, and MSD Capital L.P. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global family office market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.