The Family Office Map: Why Wealthy Families Now Run Bases in Several Cities

As of 9 November 2026. Figures are in US dollars, as in the source reports.

The short answer. Wealthy families are no longer choosing a single home city for their money. A Knight Frank survey drawing on interviews with more than 40 family offices, based in London, New York, Dubai, Singapore, Hong Kong and other centres, found that families are increasingly setting up several bases to reach deals, networks and talent. London and New York remain important. Dubai, Hong Kong and Singapore are gaining momentum.

Why it is happening: there is more wealth to place

Knight Frank's Wealth Report, now in its 20th edition, counts 713,626 people worldwide with net assets of at least USD 30 million in 2026, up from 551,435 in 2021. That is about 89 new members of this group every day over five years. The report puts the number of billionaires at 3,110.

The growth is not evenly spread. The United States created 41% of the new ultra-wealthy over the five years, and its share of the global total rose from 33% to 35%. Asia-Pacific holds nearly 31% of the total. The Middle East's share rose from 2.4% in 2021 to 3.1% in 2026, and Knight Frank expects it to hold that share through 2031.

The hubs at a glance

• London and New York. Family offices interviewed by Knight Frank said both cities remain important centres.
• Dubai. Interviewees named Dubai among the hubs gaining momentum. Across the wider region, Knight Frank forecasts that Saudi Arabia's ultra-wealthy population will grow by about 63% by 2031.
• Hong Kong. About 6,788 ultra-wealthy residents today. Knight Frank forecasts growth of 25% to 8,485 by 2031.
• Mainland China. About 121,677 ultra-wealthy people, up 23% in five years, with a forecast of 144,602 by 2031. Its share of the global total currently stands at around 17%, and is expected to edge down even as the number grows.
• Singapore. Named by interviewees alongside Dubai and Hong Kong as gaining momentum. We have not quoted Singapore figures because the sources we checked do not give them.

What family offices are buying

Portfolios are becoming more structured. According to Knight Frank, family offices often combine liquid assets with private equity, venture capital, infrastructure and direct property. Co-investment, where families join larger deals alongside others, lets them share risk and reach bigger opportunities. Interviewees see operational real estate sectors as combining stable income with long-term growth. Knight Frank also suggests that single family offices may prove the most resilient, because they can decide quickly using one pool of capital.

What it means for firms that serve wealthy families

A family with bases in more than one city may need advisers who can work across them: wealth managers, private-client lawyers, trust and corporate-services firms, property agents and the technology that ties reporting together. The Knight Frank survey does not rank advisers, so this is our reading of what its findings imply, not a finding of the survey itself.

The takeaway

Ultra-wealth is growing fastest in the United States and Asia-Pacific, the Middle East is expected to hold a steady share, and Hong Kong is forecast to recover. For advisers and investors, the question is less which single city to choose and more how to be present in two or three.

Sources: Knight Frank, Family Office Survey 2026 results (April 2026); Gulf News, World adds 89 ultra-rich people a day (9 May 2026), reporting the Knight Frank Wealth Report 2026; South China Morning Post, Mainland China's ultra-wealthy numbers rise, Hong Kong tipped for faster growth.

This article is general information and does not constitute legal, financial, tax or investment advice. Speak to a qualified adviser about your own circumstances.