Family Office Expansion Accelerates in Asia and Middle East as Talent Shortages Bite

Family office expansion in Asia and the Middle East is accelerating as rising private wealth pushes families to diversify and professionalise investment, governance and operating models, recruiters say.

Singapore and Hong Kong are competing aggressively for family office mandates, with Singapore’s single-family offices climbing to about 2,000 by end-2024, according to government data cited by Reuters.

In the Gulf, Dubai and Abu Dhabi are attracting established regional families and new arrivals, driving demand for specialists in investment, structuring, tax and risk.

Many family offices are increasing direct allocations to private equity, venture capital, private credit and infrastructure, raising expectations around controls, execution and oversight.

With senior professionals able to work closely with principals in short supply, talent shortages are emerging as the main constraint on family office expansion, pushing up compensation and extending hiring timelines.