According to EY, there are more than 10,000 family offices in the world. Capgemini puts the U.S. total above 3,000.
Handler sees growth in virtual family offices, multifamily offices and single family offices—in that order—whereas internationally the ranking is mostly reversed, he says.
“There’s been a global proliferation of wealth,” Handler reckons as the reason for the surge in family offices. Tax reform in the U.S. may set off another growth spurt and awaken the super wealthy to the need for a more organized family office structure.