Why Multi-Family Offices Are So Important in 2024-25

Have you ever wondered which country is home to the wealthiest people? The answer to this question is almost self-evident, although the ratio of wealthy families has changed somewhat in recent years. Of course, the largest number of ultra-high-net-worth (UHNW) individuals with net assets of $30 million or more live in the United States. According to the World Ultra Wealth Report 2024, 147,950 people in the United States fall into the UHNW individuals category. This is more than a third of all ultra-high-net-worth individuals globally.

The success of wealthy families is a model for many who try to make the lives of their loved ones more balanced and prosperous. If you ask affluent people to reveal the secrets of their wealth growth, one of the first pieces of advice on this list will be to use the help of a family office. Find out how this service assists in increasing family capital and promotes prosperity for many generations.

Multi-Family Office as a Springboard to Success

The modern world system offers many opportunities for investing capital and running a business. You are no longer limited by the borders of your country and can consider offers from different parts of the world. Investing in rapidly developing economies, industries, or technologies can give much greater profit than buying shares of companies you know well or following any other standard solution for investing capital.

But to take advantage of such an opportunity and increase the wealth of your family, you need deep knowledge various areas:

• Economics
• Finance
• Law
• Cultural studies
• Politics and much more

Moreover, you need reliable contacts in different countries to supervise business or investments. How not to miss these opportunities if one person cannot master the huge scope of these disciplines? The most effective solution is to contact a multi-family office, which provides comprehensive services for wealthy families.

An example of such a multi family office with solid experience in servicing UHNW families is Certuity Company. It helps wealthy families achieve even greater success and advises other companies that want to start a multi-family office business. Using its example, let’s see a range of tasks a multi-family office performs to ensure the well-being of its clients.

The Main Functions of a Multi-Family Office

For a multi-family office to become a true center for managing the affairs of a wealthy family, it must have professionals in all key areas related to wealth management. Moreover, it must ensure the fulfillment of the dreams of all generations and family members, regardless of whether they are connected with business and finance or not. Therefore, the range of functions performed by family offices is extensive:

• Investment advice and formation of a diversified investment portfolio;
• Tax planning for optimization of tax payments;
• Estate planning for fair and efficient transfer of family assets to the next generation;
• Supervision of philanthropic projects;
• Organization of media campaigns to create a favorable image of wealthy families;
• Management of family property, including timely renovation, modernization, etc.;
• Assessment of family risks and search for suitable insurance coverage;
• Organization of various events, including travel, family parties, weddings, etc.

The set of functions that a family office will perform in relation to a particular UHNW family depends on its needs. Therefore, although a family office ultra high net worth serves several families, the range of tasks performed will be unique in each case.

A Special Mission of Multi-Family Offices for 2024-2025

Respectable family offices help preserve and transfer family capital to following generations and increase it. For this purpose, US multi-family offices have a special mission for 2024/2025. Although the number of UHNW individuals in the US is the largest, the lead in the number of billionaires has passed to China since 2023. According to Statista, in 2022, the US was in first place in terms of the number of billionaires, but now, China is ahead by about a dozen people. In 2024, China became home to 814 billionaires, while the US ‒ to 800.

Do you think becoming a billionaire from a UHNW individual is not easy? Perhaps you just haven’t found the family office that will pave the way to greater success. With the help of real professionals in finance and economics, you will see that wealth can accumulate and actively generate even more wealth. To do this, you need to know promising areas for investment, carefully monitor markets, and dare to take on grandiose projects.

Why Are Multi-Family Office Services Even More in Demand?

Over the past year, the growth of ultra-high-net-worth individuals in the United States was +7.9%. And this is not the limit of growth, because the more business and investment opportunities open up for US citizens, the more wealthy people are there. Multi-family offices act as advisors, managers, and guides for them. They take care of all the family’s affairs and place their assets profitably.

Among other types of family offices, multi-family ones are the most popular. The main reason is the combination of tradition and innovation at a moderate cost of their services:

• Maintaining single-family family offices is too expensive and impractical for UHNW families.
• Virtual family offices do not inspire the same level of trust among wealthy families as traditional ones.
• Multi-family offices offer the warmth of traditional communication, professionalism, reliability, and extensive experience. This is why UHNW families primarily consider multi-family office services.

If you haven’t yet found the perfect way to reach a new level of wealth and comfort for your family, consider multi-family office services. They will become your strong support in a dynamically changing world and help you reach new heights.