(Bloomberg) — The wealth of ultra-wealthy families is likely to grow to $9.5 trillion by 2030, according to estimates from consultancy Deloitte, as family offices grow and morph into rival hedge funds.

According to the report, the figure would mark a 73% increase from the current $5.5 trillion controlled by people represented by family offices. The number of investment firms for the wealthy is expected to grow by a third over the same time period, to 10,720.

As wealth inequality concentrates more money in the hands of the very wealthy, and as it becomes easier to open a family office, the industry is catching up to hedge funds in size and — in some cases — hiring from a similar pool of investors. professionals.

Large family offices are carving out new roles in the market, including as activist investorsoverturning corporate managers and pushing for change. of looser restrictions on these firms, and the potential for their investment behavior to have huge ripple effects, was on full display in the 2021 implosion of Bill Hwang's family office, Archegos Capital Management. (In July, a jury found Hwang guilty of criminal charges stemming from the collapse.)

The family offices surveyed in the Deloitte report averaged just 15 employees, handling $2 billion in assets. Only about a third were run by someone outside the family.

“Obviously it can be risky to manage so much wealth,” said Rebecca Gooch, global head of insights for Deloitte Private, which looks after closely held companies. “Family offices need to be careful who they bring on board.”

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