Asia-Pacific registered the highest increase in the number of family offices in the last two years outside of emerging markets, at 44 percent, to total 1,314.

This represents 18 percent of the estimated 7,300 total family offices in the market globally, according to Campden Research. North America topped the chart (42 percent), followed by Europe (32 percent), Asia Pacific and emerging markets (8 percent) which include South America, Africa and the Middle East. 

In terms of growth, emerging markets led the pack with the number of family offices having increased half in the last two years. APAC ranked second, followed by North America (41 percent) and Europe (28 percent).

The 7,300 family offices represented $5.9 trillion in assets under management from families with an estimated total wealth of $9.4 trillion.

Succession Planning Drives Asia Growth

In addition to phenomenal wealth generation, the rapid growth of Asia’s family office segment has been driven by succession planning needs, according to Campden Research.

«As a by-product, some families are shifting from a growth-oriented investment model, which is often favored by the first generation of wealth creators, to a preservation-oriented model, which can be better suited to later generations which might not have the same entrepreneurial skillsets as their parents,» said Rebecca Gooch, director of research at Campden.

«Whilst family offices are most famously known for investing, a lot of their other activity involves succession planning and next generation prepping. In turn, family offices are ideal vehicles for those looking at how best to preserve their wealth for generations to come.»