Asia-Pacific Set for Unprecedented Growth in Family Office Set-ups by 2030, Outpacing Global Market: Deloitte Report

According to Deloitte, the Asia-Pacific region is predicted to surpass all other regions in the establishment of family offices by 2030. The Asia-Pacific region is experiencing a surge due to its relatively recent emergence as other developed markets reach maturity, as stated in a report.

The number of single family offices in the Asia-Pacific region is predicted to rise by 40% to 3,200 by 2030, while in North America it could grow by 32% to 4,190, according to a global report published by Deloitte Private on Wednesday. The Middle East, still an emerging market, is forecasted to see a 21% increase from its current 290 offices by 2030.

According to a recent study, the number of family offices worldwide is predicted to grow by a third, reaching 10,700 by the year 2030. Their collective wealth is also expected to rise from the current $5.5 trillion to a colossal $9.5 trillion.

The rate of growth in the North American landscape is decelerating due to its relative advancement, whereas in Asia Pacific it's intensifying because of its newer appearance in family offices, as stated in the report.

The predictions may encourage Hong Kong officials to intensify their attempts to attract them to the city, having recently offered numerous incentives such as permanent residency and tax benefits. It's an industry that Singapore and other competing finance centers are chasing to enhance capital influx, investment, and job creation in their economies.