🚀 Rise in Family Offices

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Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. The global family office sector has experienced significant growth, with the number of family offices tripling since 2019, reaching over 4,500 worldwide. North America holds the largest share of these family offices, managing more than half of the world's family office assets. The increase in family offices corresponds with the rise in the number of billionaires and individuals worth $100 million or more, indicating potential for further expansion. This surge has attracted attention from private equity firms, hedge funds, and venture capital firms, all vying for investments from these wealthy families. Major private equity players like Blackstone, KKR, and Carlyle are expanding their efforts to cater to family offices, developing teams and products specifically designed for them. Despite some disappointment in returns from venture capital and private equity in recent years, family offices remain optimistic and continue to diversify their investments across various alternative assets.

2. President Joe Biden, in his State of the Union address, outlined a strategy for tax system reform aimed at easing financial burdens for Americans. Emphasizing the economic improvements achieved during his tenure, Biden proposed ensuring that corporations and the affluent contribute their fair share in taxes. His plan includes a billionaire tax, the elimination of tax breaks for specific executives and industries, and addressing unjust pricing tactics. Furthermore, Biden suggested a mortgage tax credit to support first-time homebuyers and underscored his administration's initiatives to enhance domestic manufacturing, reflecting a commitment to equitable taxation and economic growth.

3. Visa and Mastercard agree to historic $5 Billion Settlement! In a groundbreaking move for the payment industry, Visa and Mastercard have come to a historic $5 billion settlement, marking a pivotal moment for small business owners. If you are a small business owner, claim your share today!*

4. Headlines

   1. The unemployment rate rose for every group in the US except for Black women, who saw their unemployment rate drop from 4.8% to 4.4%.

   2. Costco missed earnings expectations last quarter.

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