Family Offices: Where Prosperity Meets Purpose 

By: Ron Diamond, Chicago and Family Office Chair

I believe many of the world’s most serious problems will be addressed by family offices. These are entrepreneurs who apply the same discipline they used to build their wealth to the way they give it away.  

When run through a family office, philanthropy can do more than fund causes. It can become a self-sustaining engine that earns in parallel to its giving. This creates a model where resources grow while impact grows, allowing families to continue addressing problems far into the future. The result is a forward-focused system built on prosperity with purpose. 

This belief comes from personal experience.  

In 1990, my father and my first boss, Michael Milken, were diagnosed with prostate cancer at the same time.  

My father did what most of us would do. He sought the best doctors, got multiple opinions, and pursued every treatment available. He lived for several more years.  

Michael Milken took a different path. Rather than writing one large check to a single organization, he invested smaller amounts into a variety of promising research initiatives. He treated the effort like a venture portfolio. That approach accelerated breakthroughs that have turned prostate cancer into a disease that most men will live with rather than die from.  

He did this through his family office, which was the first time I had ever heard the term. That experience shaped my view of what family offices can do. 

Today there are about 15,000 family offices controlling roughly 10 trillion dollars. That is larger than the entire global hedge fund industry.  

Over the next two decades, we will see the largest transfer of wealth in history, with an estimated 124 trillion dollars moving from baby boomers to the next generation. This will transform how capital is deployed, how businesses are financed, and how philanthropic giving is conducted. 

The next generation is approaching this wealth with a different mindset.  

They care about the source of products, the treatment of workers, environmental impact, and long-term social outcomes. They are not content to give for the sake of giving. They want measurable results. This is why I believe we will see philanthropy that is more strategic, more targeted, and more willing to take risks in pursuit of solutions. 

Why This Matters

Family offices have the ability to commit patient capital.  

They are not bound to three-to-five-year investment horizons. They can hold an investment for decades if that is what it takes to realize its full potential.  

This makes them uniquely positioned to tackle complex challenges like climate change, poverty, medical research, and education reform.  

Family offices have the independence to act decisively and the resources to sustain that action over time. 

Governments often move slowly, and large corporations are subject to short-term pressures.  

The current family office sector is still fragmented and often inefficient. Many operate in isolation. That is beginning to change. We are seeing more collaboration, more sharing of ideas, and more co-investment in projects with real social impact. As this trend continues, the combined influence of family offices will grow even stronger. 

My North Star 

Every family has been touched by something deeply personal, whether it is cancer, diabetes, or another life-changing event. For me, the goal is to take the resources and skills that built our prosperity and direct them toward solving problems that matter.  

When philanthropy earns alongside its giving, it creates a cycle of growth and impact that can last for generations. That is the true potential at the intersection of prosperity and purpose. 

For more than two decades, I have worked with family offices ranging from 250 million dollars to over 30 billion dollars in assets. I have seen the transformative power that comes when wealth is directed with both strategy and purpose.  

When families approach philanthropy as they would a business—measuring outcomes, investing for long-term growth, and aligning capital with values—they create impact that compounds across generations.  

I have also seen promising legacies falter when the human, cultural, and structural foundations are ignored.  

The future of the family office will be defined by those who build sustainable, purpose-driven institutions capable of growing their prosperity while addressing the world’s most urgent challenges. 

About Ronald Diamond  

Ronald Diamond is the Chicago and Family Office Chair for TIGER 21, the premier peer membership organization for ultra-high-net-worth entrepreneurs, investors, and executives. He is also the Founder and Chairman of Diamond Wealth, as well as the Founder, Host, and CEO of Family Office World Media, a leading platform for family offices to collaborate, innovate, and access valuable resources.  

Ron serves on the Advisory Board and Steering Committee for the University of Chicago Booth School of Business Family Office Initiative and is a member of the Leadership Circle of the Aspen Institute. A dedicated philanthropist and civic leader, he is as a recognized thought leader and LinkedIn Top Voice. Ron frequently shares insights on Family Office topics and is a sought-after speaker at conferences worldwide.