U.S. family offices have become emerging power players on Wall Street

According to Odaily, an increasing number of American billionaires are establishing family offices. These institutions provide comprehensive services for ultra-wealthy individuals, including both wealth investment management and personal affairs administration. They are large in scale and operate discreetly, with their influence on Wall Street and the entire U.S. economy continuously rising. Data from Deloitte shows that the wealth managed by U.S. family offices currently stands at approximately $5.5 trillion, a 67% increase compared to five years ago; it is expected to rise to $6.9 trillion this year and surpass $9 trillion by 2030. Deloitte also predicts that in the coming years, the assets managed by family offices will exceed those managed by hedge fund companies. According to Deloitte, there are now more than 8,000 single-family offices worldwide, an increase of about one-third from 6,130 in 2019, and this number is expected to exceed 10,000 by 2030. Major banks and other financial institutions are eager to meet the various needs of family offices, while entrepreneurs and investment managers are vying to get a share of the enormous wealth held by these wealthy families.