Strong expected growth for family offices
According to a recent report by WealthInsight, the wealth market intelligence service, family offices benefit from a general growth of wealth management. This trend is especially true on the Asia market where, whilst the creation of HNWIs in Asia continues at a rapid rate, there are currently fewer than 150 family offices operating in the region. The predicted explosion of the number of millionaires and billionaires in Asia sustains the strong demand for wealth management and, consequently, the growth of new family offices.
WealthInsight estimates that there will be over 1 000 new Asian family offices created by 2020, with Hong Kong and Singapore being the most attractive locations as a result of their favourable economic, social and tax conditions.