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Family Offices: Boutiques And Big Banks Vie For $46T In Assets

Family Offices: Boutiques And Big Banks Vie For $46T In Assets

Family office businesses are booming around the globe, largely in response to increased demand from a growing demographic – wealthy individuals with at least $1m in investable assets.  That demographic grew by over 9% in 2012, to 12 million individuals worldwide, according to a report from Capgemini and RBC Wealth Management. Nearly 85% of wealthy families today squander their fortunes by the third generation, according to James Hughes, who has authored several works on wealth management.  In the vast majority of cases, Hughes attributes their decline to a lack of communication between family members that keeps them from making important financial decisions as a family. North America represents the largest growth in the number of millionaire investors – an 11.5% increase in 2012 – to 3.73 million, that’s nearly four million people with at least a million dollars to invest, excluding their primary residence and other net worth assets.  Total ... Read More »

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