Managing money over decades and setting up structures to protect family wealth are among the main themes of the  'Wealth Report 2013', sponsored by Global Legal Post in association with Boodle Hatfield.  "Families who’ve had wealth for lots of generations are often better at dealing with it," says Simon Rylatt of Boodle Hatfield. “But with the first generation, the understanding of how to prepare children to look after the wealth is more difficult.”

Growth of family offices

Many of the new millionaires will be being advised about their lawyers on governance issues regarding succession. Family offices, for instance, are a common subject. Data released in the report shows that nearly half (46.5 per cent) of high net worth clients who want to have a family office opt for a 'single-family' office. While only a small per cent age (4.7 per cent) are happy to collaborate with other families on all their assets in a 'multi-family office', there is another substantial proportion (25.6 per cent) who would consider a mixture of single- and multi-family office structures, depending on the kind of assets being managed.