Report: Family office growth exploded over past 5 years

Marcus Baram
Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.

Mar 01, 2024
5 months ago

Preqin, a data research firm, found that the number of family offices has more than tripled between 2019 and 2023 — from 1,285 to 4,592. Single-family offices made up about 59% of that total.

Many of those family offices have some exposure to alternative assets, said the report — 57% in North America, 69% in Europe, 74% in Asia and 74% across the rest of the world.  

North America remains the region with the greatest share of global private wealth, holding 33% of global wealth. Following are Europe at 23% and the Asia Pacific region at 36%, driven by China’s wealth. 

“One phenomenon impacting both the creation of new family offices and their investment strategies is the great wealth transfer, which is expected to make millennials the richest generation in American history,” said Alex Murray, a Preqin vice president and head of real assets and research insights.

“An aging population means more family offices are transferred to the next generation, and this demographic shift is happening across the world. With this demographic change comes a shift in focus for family offices, from wealth creation to wealth retention.” 

Marcus Baram
Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.