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Laxman Pai, Opalesque Asia: The global family office market is expected to reach an estimated value of USD 30 billion by 2035, by expanding at a CAGR of 5% from 2023 to 2035, said a study.
According to the study by Kenneth Research, the market further generated a revenue of USD 19 billion in the year 2022.
Major key factors propelling the growth of the family office market worldwide are the boom in embedded offices, along with a growing number of private wealth advisory firms, it said.
The growth of the global family office market can majorly be attributed to the increased number of companies starting up. The expectation of making high profits is driving people to start new businesses around the world.
Furthermore, investing in the right business requires expert advice, which is expected to increase the growth of family offices globally.
Over 680000 large enterprises employed more than 635000 workers in the year 2019 compared with more than 635000 in 2016. Furthermore, increased collaboration between major players in developing countries to improve wealth management is projected to drive market growth over the forecast period. For instance, in June 2019, the USB AG and the Sumitomo Mitsui Trust Holding, Inc., announced a partnership to establish a Japan-based strategic wealth management company.
The single-family office segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment ca...................... To view our full article Click here
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