Since we created the most extensive and up-to-date database of European multi family offices, we were wondering what city actually has the most MFOs. The result was a head-to-head race of two Swiss cities: there are 52 multi family offices in Geneva and 56 multi family offices in Zurich.
With a little distance Paris, the French capital, takes third place with 30 multi family offices, followed by London with 26 MFOs. All European financial hubs are logically included in the ranking: Frankfurt, Luxembourg, London, Paris, Zurich.
Why Zurich is Europe’s “Multi Family Office Capital”
There are many different reasons why the Swiss city ranks first. The city is the home of many major European banks like UBS and Credit Suisse. Especially Switzerland’s largest bank UBS is known for its wealth management business. Besides that, Swiss is a favorite country of the world’s High Net Worth Individuals due to its high secrecy standards and reliability. Also many single family offices of German citizens are located in Zurich. Last but not least, Zurich is known for its high living standard.
Another Multi Family Office Statistic: Density of MFOs
If we look at our first ranking, it’s quite obvious that London, Paris and Munich are ranking high, since they are cities with huge populations. A look on the density of family offices might be more interesting, stating how many inhabitants there are per family office.
If we take a look at the “multi family offices per inhabitants” graphic, Vaduz, the 5000 inhabitant capital of the tiny country Liechtenstein will rank first. Of course this doesn’t mean that almost every inhabitant of Liechtenstein is a family office client, since many Vaduz-based multi family offices are offering fiduciary services – but it’s an interesting statistic nonetheless, also emphasizing the meaning of Geneva, Luxembourg and Lugano as family office hubs.
Picture Source: Kuhnmi, Flickr
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