A family office is, in its simplest form, the private office for a family of significant wealth. The purpose of an office can range from handling key family assets and core holdings (tax and accountancy, property and estate management) to include more sophisticated wealth management structures, while often providing family members with educational, professional and lifestyle services.
Generally, family offices manage key areas of family assets, including real estate holdings and direct or indirect investments, tax consolidation and estate management, serving as the central hub for a family’s legacy, governance and succession communication.
Families with private wealth in excess of USD 150 million are ideal candidates for establishing a single family office structure.
While it is not uncommon for first-generation entrepreneurs to establish a family office, family offices often support families with more complexity in terms of number of households and generations. This is a key characteristic of family office structures and one that offices must account for when designing and executing investment strategies and family governance plans.