Family offices are expected to add over $2 trillion in assets by 2030, bringing their total to $5.4 trillion, driven by concentrated wealth and changes in wealth management, according to a Deloitte Private report. The number of single-family offices, which manage wealth for families worth $100 million or more, will rise from 8,000 to 10,720 by 2030.

This rapid growth is reshaping wealth management, as family offices surpass hedge funds and attract attention from private equity firms and venture capitalists. Wealth concentration, particularly among tech entrepreneurs, has created a boom in family offices, which offer privacy, customization, and dedicated services compared to traditional banks.

The U.S. leads this expansion, with family office wealth in North America expected to grow by 258% by 2030. Meanwhile, family offices are moving towards institutionalization, with larger staffs, more services, and a growing focus on alternative investments such as private equity and direct deals with private companies.