Family offices in Asia, M-E to double: Insead

Singapore

THE number of family offices in Asia and the Middle East will more than double to about 400 over the next eight years as the ranks of wealthy individuals swell, Michael Prahl of Insead business school said.

Driven by the region's economic expansion, the number of wealthy individuals is expected to rise 40 per cent by 2023, Mr Prahl, executive director at Insead in Singapore, said on April 24.