Global Wealth & The Family Office
A family office is generally designed to prepare family members to manage, sustain, and grow their wealth across multiple generations. While many of us have our own definition of what we consider to be wealthy, the industry views individuals with a minimum of $ 1 million as a high-net-worth individual.
Research shows that there has been an increase in these individuals since 2001, to the tune of 2.9 million more globally. Those individuals who have a net worth greater than $30 million are considered by the industry to be ultra-high-net-worth individuals. This group of individuals has also grown up to 6.3 percent in the global population. Yet, the bigger picture is, who is handling this wealth? It’s clear that the wealth is being sustained and managed to a point that it is growing at a steady rate. Family offices come in all shapes and sizes. There are no two equal family offices and each is unique. That being said, in our next collection of blog posts we will explore and learn the different kinds of family offices, how they work, and how to determine what is the right kind of family office for you.