Damascus Partners

While family offices have existed for around 200 years—one of the first was established by the family of J.P. Morgan in 1838—they have grown substantially in recent years as the number of ultra-wealthy families around the globe, and the amount of wealth they hold, has exploded. Though the exact number is difficult to quantify, there are now over 8,000 single-family offices worldwide, 68% of which were established this millennium, managing more than $3 trillion in assets. And the total number is expected to grow even more dramatically, increasing by 75% by 2030.

How family offices became the investment powerhouses behind America's wealthiest dynasties Family offices have become an economic force, remaking how the wealth management industry operates.

Countries that attract HNWIs from other parts of the world achieve powerful benefits like job creation and investment. Reversals in fortune are also notable as they impact global investment strategy.