While this of course can vary depending on the family’s needs ranging from as few as 2 to around 350 or more individuals. The average for a small family office is around 6 employees and can cost a significant $1 to $2 million to operate annually. As for a mid-sized family office depending on the assets needed to be managed this can require upwards of 15 people to operate needing a budget ranging $3 to $5 million. A large family office ranging from 25 to 30 individuals and an average of around $8 to $10 million. Whereas some of your even larger family offices can take upwards of 40 to 50 with an annual budget running $14 to $20 million!