"We
estimate that there are now 7,300 single family offices
worldwide, with 42% housed in North America, 32% in Europe, 18%
in Asia-Pacific and 8% in the Emerging Markets of South America,
Africa, and the Middle East," research director Rebecca Gooch
said.
The biggest growth came in emerging markets, where the number of
family offices rose by half over the period, followed by
Asia-Pacific (+44%), North America (+41%) and Europe (+8%).
The total estimated wealth of the families they work for stood
at $9.4 trillion.
The trend has been helped as the ranks of the ultra rich --
people whose wealth exceeds $50 million -- grow even wealthier.
And as the wealthy target greater investment diversification and
as business owners hand over the reins to successors, family
offices are sprouting in financial hubs as well as emerging
markets, including South America, Africa and the Middle East.
Family offices offer a one-stop solution to managing the wealth
of the rich, including investments, charitable giving, taxation
and wealth transfer. Staffed by bankers, fund managers, lawyers
and tax experts, some even provide overseas private schooling
and travel arrangements as add-on services.
Campden sees further growth in assets.
"Given the rapid rise in the number of family offices globally,
broadly speaking, the total assets under management will likely
continue to grow," Gooch said.
(Reporting by Michael Shields and Oliver Hirt, editing by John
Miller and David Evans)
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