European family office market ripe for growth – report
The European family office market, which currently has penetrated just 18% of the ultra-wealthy market in the region, is poised for rapid expansion, according to a report from the US-based research and consulting group Celent.
The report, entitled The European Family Office Market: Where is the Opportunity, said there were approximately 28,500 ultra-high net worth individuals in Europe, whose collective wealth totals $3.3 trillion.
This population represents a potential revenue pool of $16–20bn and is growing at 6% a year. Celent estimates that there are a total of 1,920 multi-family offices in Europe, representing 45% of the family office market.
“MFOs will continue to represent the strongest growth among different types of family offices as multi-generational family assets increase and families seek the greatest value for their money,” the report said.
But the report added that the European market is less mature than the US market and is still very differentiated. Of the markets evaluated by Celent, Switzerland is the most developed and has the highest presence of independent multi-family offices. Many of its single family offices are rapidly evolving towards the multi-family office model, said the research.
In the coming years, Switzerland will consolidate its position as the European hub for family offices, taking advantage of its position as the most developed family office market, exploiting its still great growth potential, and building on its reputation as home to the international wealth managers of choice, said the report.
del.icio.us
Digg
Newsvine
reddit
StumbleUpon
