Opening doors to family offices

As our regional peers begin to attract talent in the family office business, Malaysia should begin focusing on this area so as not to miss out. — Photo: jcomp on Freepik

THE rise of family offices in Asia — the region with the highest number of billionaires worldwide — has been phenomenal in recent years. Established to cater to wealthy families for the management of their wealth and assets, this is backed by the fact that the Asia-Pacific region is expected to outperform the global economy’s growth for 2024, according to provider of information and solutions Empaxis.

Across the causeway, the number of family offices has more than doubled from the 400 or so, as at the end of 2020. Malaysia though, has no official figure on this.