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li ka-shing, the eldest son of hong kong's richest man and chairman of the cheung kong group, recently announced that he would set up a li family office in hong kong. at the same time, in order to attract world-renowned family offices, the singapore government is further optimizing comprehensive policies from tax exemptions to permanent status granting. in china, after more than a dozen insurance companies have set up family offices, dajia life insurance recently added a new member. as the highest form of family wealth management and an organization at the top of the financial industry chain, family offices are accelerating their expansion and upgrading around the world.

family offices now manage more assets than hedge funds

as a new exploration of wealth management, family offices have been attached to family businesses for a long time. however, after world war ii, with the massive rise of the middle class in western society and a new round of social wealth boom, a group of independent family offices began to step onto the center stage under huge demand.

the us subprime mortgage crisis and the global financial crisis have caused the wealth of many families around the world to shrink significantly, and their sense of crisis has also been unprecedentedly enhanced. the demand for professional wealth management among wealthy families is increasing day by day, and the creation and embracing of family offices seems to have become a standard action for the top wealthy families. according to estimates by the economist magazine, there are currently about 5,000 to 10,000 family offices in the world, and the scale of asset management has surpassed hedge funds, reaching 6 trillion us dollars, equivalent to 7% of the value of the world's stock market.

family offices are institutions that provide wealth management and family services for wealthy families and high-net-worth individuals. in terms of affiliation, family offices are divided into two categories: built-in and independent. the former is affiliated with the family business, and the latter is a third-party service agency. in terms of the number of service objects, the two types of family offices can be divided into single family offices (sfo) and multi-family offices (mfo). the former only provides services to itself or a single family, while the latter provides wisdom support to multiple family members. looking back, it is found that many wealthy families in history initially used sfos, but later basically switched to upgrading to mfos.