New research maps 1,632 MFOs across nine regions and documents a wave of deals reshaping the landscape
The global multi-family office sector has crossed a significant threshold, with total assets under management now exceeding $5.2 trillion.
According to new research from With Intelligence by S&P Global, based on a database of 1,632 firms tracked as of December 2025, MFOs account for roughly 8% of total global pension assets (a benchmark Willis Towers Watson sized at $68.3 trillion in 2025).
North America accounts for 573 of the offices tracked and holds $2.945 trillion of total MFO assets, representing more than half the global pool despite containing just over a third of the firms.
The region encompassing Germany, Austria, Switzerland and Liechtenstein rank second on both counts, driven heavily by Switzerland's longstanding position as a hub for international high-net-worth capital, with 388 offices overseeing $1.104 trillion. The British Isles follow with $405 billion across 97 firms.
"Family offices have become one of the fastest growing segments in financial markets, giving high-net-worth individuals access to opportunities and asset classes that have historically only been available to larger institutional investors," said Matthew Holyoak, research lead, family offices, at With Intelligence. "Despite its increased influence on institutional markets, the family office landscape is incredibly opaque and can be difficult to track using conventional data and analytics tools."
Asset allocation
On asset allocation, MFOs diverge meaningfully from their single-family counterparts. Public equities are held by 74% of firms globally, fixed income by 66%, and private equity by 65%, reflecting a structure built around liquidity alongside alternatives exposure.
Real estate features in 59% of portfolios, hedge funds in 40%, real assets including infrastructure, gold, commodities and natural resources in 36%, and private credit in 29%.
That tilt toward public markets contrasts with single-family offices, where alternatives typically represent the largest allocations, and has implications for managers competing for MFO mandates.
The report also documents a consolidation wave that is materially reshaping the competitive environment. In September 2025, Corient acquired both Stonehage Fleming and Stanhope Capital, adding more than $214 billion in client assets. AlTi Global, with $89 billion in AuM, attracted acquisition interest from Corient before talks ended in March 2026. AlTi itself had moved into Germany a year earlier through the purchase of Kontora, an MFO managing €14 billion. Alongside those headline deals, smaller-scale consolidation is also advancing, particularly in Europe.
The report notes a structural tension in this trend. Smaller firms argue that rapid growth is counterproductive to a model built on bespoke service, and that beyond a certain scale, wealth management firms struggle to deliver the personalized approach that defines the MFO proposition.
AuM concentration data underscores the market's fragmented nature. The largest single bracket (25% of all firms) manages between $100 million and $500 million. Another 31% oversee less than $100 million. At the upper end, firms with more than $5 billion in AuM account for just over 9% of the total, with nearly half of those clustered in the $5 billion to $10 billion range.
