Key Takeaways
- • Single-family offices are projected to grow from 8,000 to 10,720 by 2030, with their assets rising from $3.1 trillion today to more than $5.4 trillion, according to a Deloitte Private report cited by CNBC.
- • Total wealth of families with family offices is expected to exceed $9.5 trillion by 2030, more than doubling over the decade.
- • Family offices held 46% of their total portfolios in alternatives in 2024, with private equity the largest allocation at 19%, according to the J.P. Morgan Private Bank Global Family Office Report.
- • North America is expected to account for about 40% of the world's single-family offices by 2030, with 4,190 offices forecast, up from 3,180.
- • Wall Street firms including Goldman Sachs, Morgan Stanley, UBS and J.P. Morgan are poaching family office specialists and building dedicated teams, while private equity firms such as Blackstone, KKR and Carlyle expand private wealth efforts to target them.
Summary
Family offices are expected to add more than $2 trillion in assets by 2030, according to a Deloitte Private report cited by CNBC. The number of single-family offices, the in-house investment and service firms of families typically worth $100 million or more, is projected to rise from 8,000 to 10,720 over that period. Their assets are forecast to top $5.4 trillion by 2030, up from $3.1 trillion today and more than double the 2019 level. Including the families they serve, total wealth associated with family offices is expected to exceed $9.5 trillion in 2030.
The growth is attributed to increasing wealth concentration at the top of the distribution, driven by technology and globalization. CapGemini data cited in the article show the number of Americans worth $30 million or more rose 7.5% in 2023 to 90,700, with their fortunes reaching $7.4 trillion. Henley & Partners and New World Wealth estimate centimillionaires have more than doubled over the past 20 years to over 28,000, and Forbes counts about 2,700 billionaires worldwide. Wealthy families are increasingly choosing single-family offices over single private banks for privacy, customization and multigenerational planning, and to obtain advisors without product-sales incentives, a point Deloitte's Eric Johnson raised regarding traditional firms.
North America leads the expansion. Family office wealth in the region is expected to grow 258% between 2019 and 2030, versus 208% in Asia-Pacific, and regional family office wealth has already reached $2.4 trillion. Asia-Pacific has about 2,290 family offices today, projected to reach 3,200 by 2030. Deloitte survey data show 40% of family offices plan to hire more staff this year, and the average office employs 15 people and manages $2 billion. Family offices are shifting away from traditional 60-40 portfolios toward private equity, venture capital, real estate and private credit, with 62% of surveyed offices making at least six direct investments last year, according to a BNY Wealth survey.
Wall Street response has been substantial. Goldman Sachs, Morgan Stanley, UBS, J.P. Morgan Private Bank and Citi Private Bank are hiring family office specialists, while private equity firms Blackstone, KKR and Carlyle are building private wealth teams. Deloitte also reports that the average principal is 68 years old and that 4 in 10 family offices will undergo succession within a decade, with women controlling 15% of family offices despite representing 10% of wealth holders at the $100 million-plus level.
The growth is attributed to increasing wealth concentration at the top of the distribution, driven by technology and globalization. CapGemini data cited in the article show the number of Americans worth $30 million or more rose 7.5% in 2023 to 90,700, with their fortunes reaching $7.4 trillion. Henley & Partners and New World Wealth estimate centimillionaires have more than doubled over the past 20 years to over 28,000, and Forbes counts about 2,700 billionaires worldwide. Wealthy families are increasingly choosing single-family offices over single private banks for privacy, customization and multigenerational planning, and to obtain advisors without product-sales incentives, a point Deloitte's Eric Johnson raised regarding traditional firms.
North America leads the expansion. Family office wealth in the region is expected to grow 258% between 2019 and 2030, versus 208% in Asia-Pacific, and regional family office wealth has already reached $2.4 trillion. Asia-Pacific has about 2,290 family offices today, projected to reach 3,200 by 2030. Deloitte survey data show 40% of family offices plan to hire more staff this year, and the average office employs 15 people and manages $2 billion. Family offices are shifting away from traditional 60-40 portfolios toward private equity, venture capital, real estate and private credit, with 62% of surveyed offices making at least six direct investments last year, according to a BNY Wealth survey.
Wall Street response has been substantial. Goldman Sachs, Morgan Stanley, UBS, J.P. Morgan Private Bank and Citi Private Bank are hiring family office specialists, while private equity firms Blackstone, KKR and Carlyle are building private wealth teams. Deloitte also reports that the average principal is 68 years old and that 4 in 10 family offices will undergo succession within a decade, with women controlling 15% of family offices despite representing 10% of wealth holders at the $100 million-plus level.
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