How the world’s wealthiest keep it in the family

The world’s richest families, disillusioned with traditional wealth management, are taking matters into their own hands. Lucy Loewenberg reports on the rise of the family office.

In medieval times, royals appointed a steward who was responsible for managing their wealth, domestic staff and household affairs. This idea filtered down to the aristocracy, giving rise to the concept of "stewardship".

The modern notion of a family office, charged with the stewardship of a specific family's wealth for current and future generations, emerged in the 19th century, when the family of financier and art collector JP Morgan founded the House of Morgan in 1838 to manage the Morgan family's wealth. Today, those with family offices include Bill Gates, Oprah Winfrey, and the Duke of Westminster.

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Lucy has previously written for the iPaper and MoneyWeek, writing about a variety of financial topics such as funds, the economy and bank accounts.