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World’s wealthiest families keep getting richer as markets boom

Sabah Mannan

Thanks to booming stock markets and money-spinning private-equity deals just 4% of the world’s richest families lost money last year.
According to a report by family office researchers Campden Wealth and Swiss investment bank UBS published on Tuesday, 22% wealthy families reported no change to their wealth, just 10 out of 262 suffered a decline in wealth in 2016 and three-quarters [74.2%] of the families – who had an average fortune of $1.45bn (£1.1bn) – increased their wealth.The average return generated by family offices that invest and manage rich people’s fortunes – stood at 7%. According to the Bank of England, this compares with average interest rates of just 0.35% offered by instant-access high street bank accounts. Pioneered by the Rockerfellers in the late 19th century to preserve their wealth for future generations, family offices had rebounded from average returns of 0.3% in 2015 when financial markets were in unrest.
With North America and Europe having the most, followed by fast growth in Asia, there are now more than 5,000 family offices across the world and they are growing increasingly popular as there is a better understanding and knowledge of what a family office is and the role it can play in helping with transition of wealth and how to grow wealth.

Source: The Guardian

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