The number of family offices in Asia is set to triple from 500 to 1,500 within the next seven to 10 years according to Citigroup reported Bloomberg this w
The number of family offices in Asia is set to triple from 500 to 1,500 within the next seven to 10 years according to Citigroup reported Bloomberg this week, quoting Richard Strauss, Asia Pacific head of global family office and institutions for the US bank’s private banking unit. There are currently around 6,000 family offices worldwide. Strauss thinks that the region is underrepresented with respect to the number of family offices given the volume of wealth there. “We see Asia as having the largest potential for growth,” Strauss was quoted as saying. Strauss and his team work with family offices to provide a wide range of services from philanthropy to estate planning. Many of Asia’s businesses are still being run by first-generation entrepreneurs but Strauss says that many outside China “are now in their 70s and 80s and many of them have children who are getting involved in the business”. He believes this represents an interesting phase in terms of wealth maturity. Singapore could be well positioned to capitalise on this growth in Asian family offices if Strauss’s prediction proves accurate. A recent PricewaterhouseCoopers LLP study in June said the Lion City would become the world’s number one wealth management centre by 2013, overtaking Switzerland and London.
