Family offices are emerging as pivotal players in the dynamic landscape of Asian finance. In 2023, these financial powerhouses have multiplied to over 1,000 strong across Asia, collectively managing a staggering $1 trillion in assets. This phenomenal expansion marks a significant transformation from just a few years ago when family offices in the region were a rarity.

This surge in the Asian family office sector can be attributed to a confluence of factors. Firstly, the region’s rapid economic growth sets the stage for this financial renaissance. Secondly, the swelling population of ultra-high-net-worth individuals (UHNWIs) in Asia demands more sophisticated wealth management. These influential families are not just seeking financial stewardship but a broader array of services, including investment management, wealth planning, and guidance on family governance.

A report by Deloitte in 2023 forecasts a remarkable 60% growth in the number of UHNWIs in Asia from 2022 to 2027. This impressive rise can be largely attributed to the success of entrepreneurs in thriving sectors like technology, healthcare, and consumer industries. As the league of UHNWIs swells, so does the demand for family offices, institutions adept at catering to the multifaceted financial needs of these elite individuals.

Asian family offices are directing investments towards a diverse array of assets, notably in technology, healthcare, consumer industries, and infrastructure. Moreover, they are pivotal in nurturing the growth of early-stage startups, infusing capital and support into the region’s budding innovators.

Diving into the figures, the Deloitte report projects an anticipated 50% growth in the number of family offices in Asia from 2022 to 2027, effectively expanding the reach and influence of these financial bodies. The assets managed by Asian family offices are predicted to soar to an impressive $2 trillion by 2027, further affirming their growing importance.

Tech startups are becoming a favored destination for family office investments, with over 50% of them showing keen interest. Healthcare startups attract more than 30% of these investors, while over 20% channel their funds into promising consumer startups.

Leading Family Offices

The influence of Asian family offices transcends the financial realm, fostering innovation and contributing significantly to job creation. Here’s a closer look at the leading Asian family offices making headlines and how they are shaping the future of the region:

Ambani Family Office (India): Pioneering investments in Indian startups like Jio Platforms and Reliance Retail, reshaping India’s digital landscape.

Chearavanont Family Office (Thailand): Focusing on Thai startups like Grab and Sea Group, they are a driving force behind the success stories of Thailand’s entrepreneurial ecosystem.

Kwek Family Office (Singapore): Firmly positioned in Singapore’s startup landscape, they have investments in platforms such as Shopee and Bytedance, shaping the nation’s digital future.

Lee Family Office (South Korea): Nurturing South Korean startups with investments in companies like Kakao and Naver, contributing to the growth of South Korea’s tech industry.

Li Ka-Shing Family Office (Hong Kong): Extending support to Chinese startups such as Tencent and Xiaomi, playing a pivotal role in China’s tech sector development.

These family offices play a pivotal role in the Asian startup scene, fostering innovation and creating job opportunities. Their influence extends beyond finance, shaping the future of the region’s economy and entrepreneurial landscape.