The global family office market is projected to grow from USD27.2bn in 2022 to USD54.7bn by 2032, driven by rising wealth and complex wealth management needs, Allied Market Research said in a report. The market is expected to expand at a CAGR of 7.5% over the forecast period. Single-family offices held about 60% of the market in 2022, offering tailored investment and legacy planning solutions. Virtual family offices, however, are projected to grow fastest at 9.6% annually. Legacy and planning management remains the largest application segment, while investment management is set to rise rapidly. North America accounted for half the market in 2022, while the Middle East and Africa are expected to grow fastest at 12.7% amid rising oil wealth and entrepreneurship.