Deloitte Family Office Insights Report 2024: 8,030 Family Offices with Average $386 Million AUM & $684 Million Wealth, Source of Wealth Inherited 18%, Inherited / Self-made 51%, Self-made 30%, Top 5 Industries of Family Office Principals – Banking & Finance 26%, Industrial 17%, Real Estate 8%, F&B 8%, Business & Consumer Services 6%, Average Age of Family Office Principals is 68 Year-Old, Gender of Family Office Principals Male 85% & Female 15%, Top 6 Family Office Core Priorities are Portfolio Management 30%, Direct Investment 22%, Administration & Compliance 19%, Business-Focused 15%, Next-generation Focused 7%, Philanthropy Focus 7%
13th September 2024 | Hong Kong
Deloitte Private has released the Deloitte Family Office Insights Report 2024, providing key insights into 354 single family offices with $2 billion average AUM & $3.8 billion wealth. In 2024, the total no. of family offices is 8,030 (North America: 3,180, Europe 2,020, Asia Pacific 2,290, Middle East 290, South America 190, Africa 60). Total Wealth of Family Offices – $5.5 trillion. Total AUM of Family Office – $3.1 trillion. Average AUM – $386 million. Average Wealth – $684 million. Source of Wealth of Family Office Principal with Family Office – Inherited 18%, Inherited / Self-made 51%, Self-made 30%. Top 5 Industries of Family Office Principals – Banking & finance 26%, Industrial 17%, Real estate 8%, F&B 8%, Business & consumer services 6%. Average Age of Family Office Principals – Age 68. Gender of Family Office Principals – Male 85%, Female 15%. No. of Family Office Branches – None 72%, 1 Additional Branch 17%, 2 Branches & more 11%. Top 6 Family Office Core Priorities – Portfolio management 30%, Direct investment 22%, Administration & compliance 19%, Business-focused 15%, Next-generation focused 7%, Philanthropy focus 7%. Family Office Hiring from – Financial services 64%, Accounting 44%, Consulting 25%, Other family offices 22%, Law firms 17%, Within family business 17%, Others 17%. Leaders of Family Office – Patriarch / Matriarch 35%, Next Generation 26%, Other family member (e.g uncle, cousin) 4%, Non-family professional 35%. Leading Family Office after Succession – Next Generation 49%, Other family member (e.g uncle, cousin) 2%, Non-family professional 49%. Head of Family Office Head Professional Background – Investment / Asset Management 81%, Strategy 73%, Finance, tax, legal 69%, Family management 69%. Family Office with Board of Directors by Region – 73%. No. of Board Directors in Family Office – 4. Family Members as Board Directors – 58%. Board of Director Professional Background – Strategy 64%, Finance, tax, legal 64%, Investment / Asset Management 58%, Family management 54%. See below for key findings & summary | View report here
“ Deloitte Family Office Insights Report 2024: 8,030 Family Offices with Average $386 Million AUM & $684 Million Wealth, Source of Wealth Inherited 18%, Inherited / Self-made 51%, Self-made 30%, Top 5 Industries of Family Office Principals – Banking & Finance 26%, Industrial 17%, Real Estate 8%, F&B 8%, Business & Consumer Services 6%, Average Age of Family Office Principals is 68 Year-Old, Gender of Family Office Principals Male 85% & Female 15%, Top 6 Family Office Core Priorities are Portfolio Management 30%, Direct Investment 22%, Administration & Compliance 19%, Business-Focused 15%, Next-generation Focused 7%, Philanthropy Focus 7% “
Deloitte Family Office Insights Report 2024: 8,030 Family Offices with Average $386 Million AUM & $684 Million Wealth, Source of Wealth Inherited 18%, Inherited / Self-made 51%, Self-made 30%, Top 5 Industries of Family Office Principals – Banking & Finance 26%, Industrial 17%, Real Estate 8%, F&B 8%, Business & Consumer Services 6%, Average Age of Family Office Principals is 68 Year-Old, Gender of Family Office Principals Male 85% & Female 15%, Top 6 Family Office Core Priorities are Portfolio Management 30%, Direct Investment 22%, Administration & Compliance 19%, Business-Focused 15%, Next-generation Focused 7%, Philanthropy Focus 7%
Deloitte Private has released the Deloitte Family Office Insights Report 2024, providing key insights into 354 single family offices with $2 billion average AUM & $3.8 billion wealth. See below for key findings & summary | View report here
Deloitte Family Office Insights Report 2024
Summary Profile
- No. of Family Office – 354 single family offices
- Family Office average AUM – $2 billion
- Family Office average Wealth – $3.8 billion
- Family Office total AUM – $708 billion
- Family Office total Wealth – $1.3 trillion
- Family Office HQ – North America 33%, Europe 34%, APAC 25%, Rest of the World 8%
- Year Founded – After 2010 48%, Before 2010 52%
- Generation Managing Wealth for Family Office – 1st Gen 45%, 2nd Gen 25%, 3rd Gen 19%, 4th Gen 11%
- Average Yearly Cost of Family Office by AUM – $250 m to $500 million AUM $2.1 million per year, $1 b to $5 billion AUM $6.8 million per year, > $5 billion AUM $20.8 million per year
Summary
- No. Family Offices in 2024 – 8,030 (North America: 3,180, Europe 2,020, Asia Pacific 2,290, Middle East 290, South America 190, Africa 60)
- Total Wealth of Family Offices –$5.5 trillion
- Total AUM of Family Office – $3.1 trillion
- Average AUM – $386 million
- Average Wealth – $684 million
- Source of Wealth of Family Office Principal with Family Office – Inherited 18%, Inherited / Self-made 51%, Self-made 30%
- Top 5 Industries of Family Office Principals – Banking & finance 26%, Industrial 17%, Real estate 8%, F&B 8%, Business & consumer services 6%
- Average Age of Family Office Principals – Age 68
- Gender of Family Office Principals – Male 85%, Female 15%
- No. of Family Office Branches – None 72%, 1 Additional Branch 17%, 2 Branches & more 11%
- Top 6 Family Office Core Priorities – Portfolio management 30%, Direct investment 22%, Administration & compliance 19%, Business-focused 15%, Next-generation focused 7%, Philanthropy focus 7%
- Family Office Hiring from – Financial services 64%, Accounting 44%, Consulting 25%, Other family offices 22%, Law firms 17%, Within family business 17%, Others 17%
- Leaders of Family Office – Patriarch / Matriarch 35%, Next Generation 26%, Other family member (e.g uncle, cousin) 4%, Non-family professional 35%
- Leading Family Office after Succession – Next Generation 49%, Other family member (e.g uncle, cousin) 2%, Non-family professional 49%
- Head of Family Office Head Professional Background – Investment / Asset Management 81%, Strategy 73%, Finance, tax, legal 69%, Family management 69%
- Family Office with Board of Directors by Region – 73%
- No. of Board Directors in Family Office – 4
- Family Members as Board Directors – 58%
- Board of Director Professional Background – Strategy 64%, Finance, tax, legal 64%, Investment / Asset Management 58%, Family management 54%
Deloitte Family Office Insights Report 2024
1) Profile of Family Office in Survey
- No. of Family Office – 354 single family offices
- Survey Period – Sept 2023 to Dec 2023
Family Office Average AUM & Wealth
- Family Office AUM – $2 billion
- Family Office Wealth – $3.8 billion
Total AUM & Wealth
- Family Office AUM – $708 billion
- Family Office Wealth – $1.3 trillion
Family Office HQ
- North America – 33%
- Europe – 34%
- APAC – 25%
- Rest of the World – 8%
Year Founded:
- Before 2010 – 52%
- After 2010 – 48%
Year Founded (By decade):
- 2020 or later – 14%
- 2010 to 2019 – 34%
- 2000 to 2009 – 20%
- 1990 to 1999 – 12%
- 1980 to 1989 – 8%
- Before 1980 – 12%
Generation Managing Wealth for Family Office:
- 1st Gen – 45%
- 2nd Gen – 25%
- 3rd Gen – 19%
- 4th Gen – 11%
Cost of Family Office by AUM:
- $250 m to $500 million – $2.1 million average a year
- $1 b to $5 billion – $6.8 million average a year
- More than $5 billion – $20.8 million average a year
2) No. of Family Offices
Global Family Offices Count:
- 2019 – 6,130
- 2024 – 8,030
- 2025 – 9,030 (Forecast)
- 2030 – 10,720 (Forecast)
Average AUM & Wealth
- Average AUM – $386 million
- Average Wealth – $684 million
2019 :
- North America: 2,210
- Europe: 1,680
- Asia Pacific: 1,790
- Middle East: 250
- South America: 150
- Africa: 50
- Global: 6,130
2024:
- North America: 3,180
- Europe: 2,020
- Asia Pacific: 2,290
- Middle East: 290
- South America: 190
- Africa: 60
- Global: 8,030
2025 (Forecast):
- North America: 3,550
- Europe: 2,290
- Asia Pacific: 2,600
- Middle East: 310
- South America: 210
- Africa: 70
- Global: 9,030
2030 (Forecast):
- North America: 4,190
- Europe: 2,650
- Asia Pacific: 3,200
- Middle East: 350
- South America: 240
- Africa: 90
- Global: 10,720
3) Family Office Wealth & AUM
Total Wealth of Family Offices:
- 2019 – $3.3 trillion
- 2024 – $5.5 trillion
- 2025 – $6.9 trillion (Forecast)
- 2030 – $9.5 trillion (Forecast)
Total Wealth of Family Offices by Region:
- North America – $2.4 trillion
- APAC – $1 trillion
- Europe – $1.7 trillion
Total AUM of Family Offices:
- 2019 – $1.9 trillion
- 2024 – $3.1 trillion
- 2025 – $3.9 trillion (Forecast)
- 2030 – $5.4 trillion (Forecast)
Total AUM of Family Offices by Region:
- North America – $1.3 trillion
- Europe – $949 billion
- APAC – $590 billion
- Middle East – $159 billion
- Global – $3.1 trillion
4) Principals of Family Office
Source of Wealth of Family Office Principal with Family Office:
- Inherited – 18%
- Inherited / Self-made – 51%
- Self-made – 30%
Source of Wealth of Principals with > $100 Million Wealth (Including with no Family Office):
- Inherited – 8%
- Inherited / Self-made – 26%
- Self-made – 66%
Top 10 Industries of Family Office Principals:
- Banking & finance – 26%
- Industrial – 17%
- Real estate – 8%
- F&B – 8%
- Business & consumer services – 6%
- Non-profit & social organizations – 5%
- Hospitality & entertainment – 4%
- Manufacturing – 4%
- Construction & engineering – 3%
- Textiles, apparel & luxury goods – 3%
Average Age of Family Office Principals:
- Global – 68
- North America – 71
- Europe – 65
- APAC – 67
- Middle East – 67
- South America – 65
Gender of Family Office Principals:
- Male – 85%
- Female – 15%
Gender of Principals with > $100 Million Wealth (Including with no Family Office):
- Male – 90%
- Female – 10%
5) Branches of Family Offices:
No. of Family Office Branches:
- None – 72%
- 1 Additional Branch – 17%
- 2 Branches & more – 11%
Family Office with 2 Branches:
- North America – 36%
- Europe – 48%
- APAC – 12%
- Middle East – 3%
Family Office with 3 Branches & more:
- North America – 20%
- Europe – 31%
- APAC – 25%
- Middle East – 17%
- Africa – 6%
- South America – 1%
Family Office to Setup Additional Branches (Family Office Region):
- North America – 34%
- Europe – 24%
- APAC – 34%
- Africa – 5%
- Middle East – 3%
- South America – 0%
6) Family Office Insights
Top 6 Family Office Core Priorities:
- Portfolio management – 30%
- Direct investment – 22%
- Administration & compliance – 19%
- Business-focused – 15%
- Next-generation focused – 7%
- Philanthropy focus – 7%
Planned Changes in Family Office (Increase):
- No. of family office staff – 40%
- No. of services in family offices or no. of family members receiving services – 36%
- Outsourcing to 3rd-parties – 34%
- Professional & non-family employees – 29%
- In-house services – 23%
Family Office Hiring from:
- Financial services – 64%
- Accounting – 44%
- Consulting – 25%
- Other family offices – 22%
- Law firms – 17%
- Within family business – 17%
- Others – 17%
Average no. of Members Working in Family Office:
- Family member – 2
- Non-family members – 13
- Total staff – 13
7) Leaders of Family Office
Leaders of Family Office:
- Patriarch / Matriarch – 35%
- Next Generation – 26%
- Other family member (e.g uncle, cousin)- 4%
- Non-family professional – 35%
Leading Family Office after Succession:
- Next Generation – 49%
- Other family member (e.g uncle, cousin) – 2%
- Non-family professional – 49%
Professional Background of Family Office Head:
- Investment / Asset Management – 81%
- Strategy – 73%
- Finance, tax, legal – 69%
- Family management – 69%
8) Board of Directors in Family Office
Family Office with Board of Directors by Region:
- Global – 73%
- North America – 63%
- Europe – 86%
- APAC – 66%
- Rest of the World – 79%
Family Office with Board of Directors by AUM:
- Below $1 billion – 74%
- Above $1 billion – 76%
Family Office with Board of Directors by Generation:
- 1st to 3rd Generation – 71%
- 4th Generation & above – 87%
No. of Board Directors in Family Office by Region:
- Global – 4
- North America – 5
- Europe – 4
- APAC – 4
- Rest of the World – 5
No. of Board Directors in Family Office by AUM:
- Below $1 billion – 4
- Above $1 billion – 6
No. of Board Directors in Family Office by Generation:
- 1st to 3rd Generation – 4
- 4th Generation & above – 5
Family Members as Board Directors by Region:
- Global – 58%
- North America – 58%
- Europe – 53%
- APAC – 55%
- Rest of the World – 54%
Family Members as Board Directors by AUM:
- Below $1 Billion – 60%
- Above $1 Billion – 57%
Family Members as Board Directors by Generation:
- 1st to 3rd Generation – 59%
- 4th Generation & above – 52%
Board of Director Professional Background:
- Strategy – 64%
- Finance, tax, legal – 64%
- Investment / Asset Management – 58%
- Family management – 54%
9) Trends & Landscape
Emerging Trends on Family Office Landscape:
- Growing family office structures & services
- Global expansion & mobility
- Growing pool of talent, partnership & outsourcing options
- Impact of emerging technology
- Enhanced governance brings stability
- Risk management becomes a top priority
Future Landscape of family office:
- Expansion in no. of family offices – 73%
- Becoming more institutionalized & professionally managed – 66%
- Greater asset class & geographical investment portfolio diversification – 55%
- Transition of family offices in operating business to independent entities – 38%
- Increasing services offered – 36%
- Operations-based digital technology – 33%
- Sustainable investments / operations – 32%
- Opening multiple family office branches – 17%
10) Family Office 101
What is a family office:
- Family offices provide comprehensive services to manage the wealth and interests of ultra-high-net-worth individuals and families, typically across multiple generations.
- While each family office is as unique as the families themselves, most of them strive to achieve common objectives, including wealth and risk management, coordination of services, enrichment of the family’s legacy, and privacy of the family’s affairs.
- Family offices typically set and lead a family’s wealth strategy, oversee members’ investment portfolios, and manage operational costs and tax considerations.
- Support the education and involvement of family members, oversee relevant governance structures, and assist in the development and execution of succession plans.
- Family offices contribute to a family’s legacy and will often invest sustainably or give philanthropically in an effort to leave a positive mark on society.
Purpose of family office:
- Provide a formal structure for the management and governance of the family’s wealth.
- Promote the family’s vision, values, and legacy.
- Coordinate, integrate, and consolidate customized services for
the family. - Manage economic and personal risks for the family.
- Capitalize on economies of scale gained from consolidated family wealth accumulation, such as preferential investment access and lower fee rates.
- Maintain confidentiality and privacy of family affairs.
- Engage the next generation and help prepare them for succession.
- Manage the generational transition of wealth.
What triggers setup of family office:
- Separation from operating business
- Liquidity event (Exit / IPO)
- Fund redemption (Fund manager redeems all investors. Evolve into a family office serving the principal and family members)
Different types of family office structures
- Single family offices embedded in the family’s operating business
- Single family offices operating independently from the business
- Single family offices operating virtually (not as a separate legal entity) housing few staff and preferring to outsource the bulk of its services.
- Multi-family offices – Wealthy families turn to a multi-family office model to reduce costs by sharing services and administrative overhead across multiple families.
- Private multi-family office – Owned by families and operated for their benefit. Typically start with a founding family before widening their offerings to include multiple unrelated families.
Methodology – Deloitte Global surveyed 354 single family offices from around the world between September and December 2023. These family offices oversee an average asset under management (AUM) of US$2.0 billion, while the associated families have an average wealth of US$3.8 billion (total estimated AUM is US$708 billion and family wealth US$1.3 trillion). The report also conducted in-depth interviews with 40 senior family office executives, representing some of the most prominent families in the world. The report and interviews offer invaluable insights for family offices to navigate the landscape and plan for long-term success.
Deloitte – Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more. Deloitte Private is the brand under which firms in the Deloitte network provide services to privately owned entities and high-net-worth individuals. Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our people deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society, and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories.
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