The number of global family offices increased to 8,000 in 2025 and is forecast to reach 10,700 by 2035, according to a report from Savills.

The report, using data from Deloitte, stated that family offices were at the heart of the evolution of long-term wealth strategy, and had increased in number from 6,130 in 2019.

Family office assets under management were also expected to rise, from $3.1trn to $5.4trn between 2019 and 2035.

More than half (52 per cent) of the top 100 family offices by assets under management were in the US, while the UK ranked in second with 7 per cent, followed by Denmark and Singapore (both 4 per cent).

Savills stated that while succession planning had always been a priority, the intensity of focus had increased, and exposure to inheritance tax (IHT) had become a major factor in where older high net worth individuals (HNWI) reside.

Its report ranked the UK, and London in particular, at the top of its ‘lifestyle’ rankings for its depth of offering across shopping, dining, hospitality, members’ clubs, and quality of life.

However, Savills warned that the global reach of the UK’s inheritance system weighed against its strong lifestyle offering.

“The shifting fiscal landscape of recent times have had a cooling effect on its appeal among the older demographic,” the report stated.

“By comparison, jurisdictions such as the United States, where thresholds are far higher, or the Middle East, where it is virtually non-existent, rank more highly from this perspective.”

In the coming decade, the redistribution of wealth will be shaped by generational dynamics and global mobility, Savills noted, with Millennials and Gen Z set to inherit significant capital in the largest transfer of wealth between generations in history.

“This shift will affect the most desirable locations for wealth in the future, as the younger generations tend to favour cities that align with their personal values, such as sustainability-focused cities and investments, as well as locations with strong digital infrastructure and quality of life,” the report stated.

“The new map of wealth is more fluid, decentralised and globally distributed than ever before. Where talent and capital converge, wealth follows. In this new era, the next hotspot may be less about legacy and more about agility, vision and the ability to attract the globally mobile.”

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