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Estimates suggest there are over 8,000 family offices worldwide, dedicated to managing the complex financial and personal affairs of ultra-high-net-worth (UHNW) individuals and their families, controlling trillions of dollars in assets, and employing a range of skilled family office professionals.
The United States represents the biggest single market for the sector. Research from Deloitte indicates that the country is home to around 40%, or 3,180, of single-family offices as of 2024, with this figure set to rise by around 1,000 by 2030. However, this growth isn’t evenly distributed. Instead, we’re seeing a marked concentration and expansion in specific U.S. wealth centres, leading to competition for family office talent in specific markets.
The “Sunshine State” has become a prime destination for UHNW individuals due to a favourable tax environment with no personal income tax, as well as high quality-of-life indicators and excellent international connectivity. Data from the state’s Chamber of Commerce illustrates this trend clearly, showing Florida gained over $36 billion in net income from domestic migration in 2024, outperforming the second-largest recipient of income migration, Texas, by a multiple of around 3.5.
This inward wealth migration is fuelling demand for experienced family office professionals, particularly in trust and estates, investment management, and operations, often requiring talent relocation from more established financial centres.
With its robust economic growth, business-friendly policies, lack of state income tax, and significant wealth generated from energy, technology, and corporate headquarters, Texas is another major growth centre. The state consistently ranks among the leaders in US job creation, and its GDP growth outpaced the U.S. as a whole last year (according to Bureau of Economic Analysis data).
Offices in key locations such as Austin, Dallas, and Houston manage a diverse range of interests, including operating businesses, real estate, and energy investments. This creates a demand for adaptable and talented family office professionals skilled in managing tangible assets alongside financial portfolios.
Despite growth elsewhere, New York City remains a global financial heavyweight and a traditional family office stronghold. Its status as a top-tier financial centre, consistently ranked first or second globally by indices like the Global Financial Centres Index (GFCI), provides unparalleled access to investment opportunities, top advisors, and a deep, albeit highly competitive, recruitment pool continually refreshed with international talent.
As regulatory change and technological advancements put pressure on family offices to professionalise and innovate, established offices in New York increasingly require highly specialised professionals adept at navigating complex global investments, sophisticated legal and compliance frameworks, and intricate financial structuring.
Home to Silicon Valley and a thriving entertainment industry, California is a hub for newly created tech and venture capital wealth. Despite growing competition from emerging technology centres such as Austin, Chicago, and Atlanta, the state continues to dominate U.S. venture capital investment, with Pitchbook data showing California capturing over 40% of total annual U.S. VC funding in 2024.
This fuels demand for family office professionals skilled in venture capital, private equity analysis, technology operations, cross-border transactions, and increasingly, impact and ESG investing strategies, particularly in hubs like the Bay Area and Los Angeles.
This geographic concentration directly translates into intense demand for specific expertise within these hubs, with several key roles emerging as being highly sought-after:
Beyond technical and professional qualifications, family offices place a premium on crucial soft skills: absolute discretion, high emotional intelligence, adaptability, strong communication, and, critically, a cultural fit with the specific family’s values and dynamics. Finding individuals possessing this unique blend of technical and soft skills remains a significant challenge.
Demand within these key locations has created a highly competitive landscape for both candidates seeking niche roles and family offices seeking to appoint top talent, especially those newly established in regional markets. Compensation expectations are high, and the recruitment process requires nuance, discretion and deep sector understanding.
Partnering with a specialised recruiter can help family offices overcome these challenges, providing intimate knowledge of the family office ecosystem, an understanding of the specific demands of different regional hubs, and extensive networks capable of identifying candidates with the necessary blend of skills and cultural compatibility – whether or not they are actively seeking new opportunities.
At Victus Search, we’ve been working within the sector for over a decade, with a successful track record of matching the right individuals to family office vacancies, whether in leadership, advisory or specialist roles. We understand the specific needs and nuances of family offices, and our discreet and confidential search process delivers candidates who align with your family’s values and vision.
Contact us today to discuss your needs.
Whether you’re looking to fill a specialist role, or seeking the right position to deploy your unique skills and experience, the first step is to get in touch with one of our expert consultants.
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