Key Takeaways
- • Multi-family offices (MFOs) collectively oversee more than $5.2 trillion in assets globally, equivalent to roughly 8% of global pension assets, which Willis Towers Watson sized at $68.3 trillion in 2025.
- • North America holds 35% of tracked MFOs and 57% of total MFO AuM, while the DACH region ranks second in both office count and assets, driven largely by Switzerland.
- • Public equities (74%), fixed income (66%) and private equity (65%) are the most widely held MFO asset classes, with real estate held by 59% of firms and private credit by 29%.
- • Consolidation is reshaping the sector: Corient acquired Stonehage Fleming and Stanhope Capital in September 2025, bringing more than $214 billion in client assets, while its pursuit of AlTi Global ended without a deal by March 2026.
- • The database tracked 1,632 MFOs globally as of December 2025, with 45% managing more than $500 million and just over 9% managing above $5 billion.
Summary
Multi-family offices represent a significant institutionalized segment of global wealth management, according to a 2026 report that places MFO assets at more than $5.2 trillion across nine regions. The report's database covered 1,632 MFOs as of December 2025. North America accounts for 35% of firms and 57% of total MFO assets, while the DACH region, led by Switzerland, ranks second in both office count and assets, reflecting the country's appeal to international high-net-worth individuals and its established private wealth expertise.
MFOs were established to serve families whose wealth did not justify the cost of a single-family office, which typically holds $50 million or more and requires in-house staff and advisors. A typical MFO serves between 10 and 50 clients, with individual account minimums starting at around $5 million. Families typically hold $10 million or more when using these firms as a one-stop shop for tax, legal, estate and investment services. Unlike single-family offices, where alternatives are the largest allocation, MFOs allocate most heavily to traditional asset classes, and they pool capital to access private markets otherwise limited to larger institutions.
Regulation remains uneven. Monaco (Law n° 1.439, December 2016) and Mauritius separately license MFOs, while Singapore requires a Capital Market Services License for MFOs with at least SGD250 million ($200 million) in AuM. Elsewhere, MFOs operate under general frameworks, and wealth managers offering 'family office services' face few defining rules, so service quality varies considerably.
Consolidation is a defining trend in mature markets. Corient's September 2025 acquisition of Stonehage Fleming and Stanhope Capital brought more than $214 billion in client assets to its US wealth business. Reports in December 2025 that Corient was considering a purchase of Swiss firm AlTi Global, with $89 billion in AuM, did not result in a deal, as Corient withdrew from talks by March 2026. AlTi had earlier entered Germany through its April 2025 acquisition of Kontora, which manages €14 billion ($16.5 billion). Smaller European firms are also merging to broaden services rather than scale rapidly, as seen in Amadeus Capital's November 2025 acquisition of Amasus Investment and the November 2024 merger of VECO Group and SwissPath Group. Smaller firms cite the risk of higher fees and reduced service levels beyond a certain size.
By AuM bracket, 25% of MFOs manage $100 million to $500 million and 31% manage less than $100 million, while 45% oversee more than $500 million. Public markets remain foundational: 74% of MFOs hold public equities, 66% fixed income and 65% private equity. Real estate is held by 59%, real assets such as infrastructure, gold, commodities and natural resources by 36%, and private credit by 29%.
MFOs were established to serve families whose wealth did not justify the cost of a single-family office, which typically holds $50 million or more and requires in-house staff and advisors. A typical MFO serves between 10 and 50 clients, with individual account minimums starting at around $5 million. Families typically hold $10 million or more when using these firms as a one-stop shop for tax, legal, estate and investment services. Unlike single-family offices, where alternatives are the largest allocation, MFOs allocate most heavily to traditional asset classes, and they pool capital to access private markets otherwise limited to larger institutions.
Regulation remains uneven. Monaco (Law n° 1.439, December 2016) and Mauritius separately license MFOs, while Singapore requires a Capital Market Services License for MFOs with at least SGD250 million ($200 million) in AuM. Elsewhere, MFOs operate under general frameworks, and wealth managers offering 'family office services' face few defining rules, so service quality varies considerably.
Consolidation is a defining trend in mature markets. Corient's September 2025 acquisition of Stonehage Fleming and Stanhope Capital brought more than $214 billion in client assets to its US wealth business. Reports in December 2025 that Corient was considering a purchase of Swiss firm AlTi Global, with $89 billion in AuM, did not result in a deal, as Corient withdrew from talks by March 2026. AlTi had earlier entered Germany through its April 2025 acquisition of Kontora, which manages €14 billion ($16.5 billion). Smaller European firms are also merging to broaden services rather than scale rapidly, as seen in Amadeus Capital's November 2025 acquisition of Amasus Investment and the November 2024 merger of VECO Group and SwissPath Group. Smaller firms cite the risk of higher fees and reduced service levels beyond a certain size.
By AuM bracket, 25% of MFOs manage $100 million to $500 million and 31% manage less than $100 million, while 45% oversee more than $500 million. Public markets remain foundational: 74% of MFOs hold public equities, 66% fixed income and 65% private equity. Real estate is held by 59%, real assets such as infrastructure, gold, commodities and natural resources by 36%, and private credit by 29%.
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