Family offices in Asia, the Middle East to double, Insead says

The number of family offices in Asia and the Middle East will more than double to about 400 over the next eight years as the ranks of wealthy individuals swell, Michael Prahl of Insead business school said. Driven by the region's economic expansion, the number of wealthy individuals is expected to rise 40 percent by 2023. Family offices manage assets as well as provide tax, legal, accounting and philanthropy services to the wealthy. In the average Asian family office, just three investment professionals manage about US$400 million of assets, according to Insead. That compares with five to six professionals managing between US$300 million and US$1 billion in Europe or the US.