![fcm](/sites/default/files/styles/ratio_1_1_medium/public/2026-09/Untitled%20design%20%289%29.png.webp?h=1a2fc54a&itok=t4er0V08) [\#Family Capital Monitor ](/en/news?topic%5B1932%5D=1932) [\#OpenTheBox](/en/news?topic%5B1933%5D=1933)# Belgian Family Capital Monitor 2026: Belgian family capital in figures

 09/09/2026 | Reading time: 5 minutes 

 

 

 

 

 

 
How much wealth do Belgian families hold through holding companies? How are these structures organised? How much does their management cost? And does having a family office lead to higher returns? The new Belgian Family Capital Monitor 2026 maps Belgian family capital on an unprecedented scale. Here are some of the key findings.

 

 

 

Until now, figures on Belgian family wealth have mainly been based on estimates. The Belgian Family Capital Monitor takes a different approach: the study uses filed annual accounts to analyse the entire market in a consistent way.

For families with more than €100 million, 293 holding companies belonging to 231 families were analysed individually. In addition, 1,387 holding companies with between €20 million and €100 million in financial fixed assets were included.

[**Download the report** ](https://openthebox.com/en/belgian-family-capital-monitor-2026?utm_source=moore_belgium&utm_medium=referral&utm_campaign=family_capital_monitor_2026)

## At least €135 billion in family capital held through Belgian holding companies

One of the Monitor’s main findings immediately stands out: Belgian families hold at least **€135 billion** in capital through holding structures.

This is a lower bound, calculated on the basis of the book values reported in annual accounts. The actual economic value may therefore be significantly higher.

Of this €135 billion, €87 billion is held by the 231 families with more than €100 million. A further €55.6 billion is held by holding companies with between €20 million and €100 million, after adjusting to avoid double counting.

## The typical family holding company is remarkably lean

The Monitor also shows that the typical Belgian family holding company operates with a relatively lean structure. The median consists of **92% equity**, while **91% of the balance sheet consists of participations**. Liquidity accounts for just 2%.

Another notable finding is that the typical holding company has no full-time equivalents. Among the holding companies for which a full five-year period could be analysed, almost half made no distributions during that period.

## Not all family holding companies are comparable

An important distinction in the Monitor concerns the type of holding company. Three categories are identified: historical, mixed and diversified holding companies.

In a historical holding company, at least 75% of the portfolio is concentrated in a single participation. In a mixed holding company, this share is between 50% and 75%. In a diversified holding company, the largest participation represents less than half of the portfolio.

This distinction matters because costs and structures differ significantly between categories. Historical holding companies, for example, have a median visible management cost of 29 basis points, compared with 117 basis points for mixed holding companies and 92 basis points for diversified holding companies.

## From €100 million onwards, the cost structure changes

The size of the family’s wealth also plays a role. As family capital grows, families have more opportunities to professionalise their wealth management and bring certain activities in-house.

This evolution can be seen in the use of a **Single Family Office (SFO)**. Among the 227 families with more than €100 million for which the data was fully measurable, 48 have an identifiable family office. That is more than one in five families.

The phenomenon is particularly common among families with more diversified wealth: 41% of diversified holding companies have a family office, compared with 14% of historical holding companies.

## A family office does not necessarily generate higher returns

A family office offers many potential advantages: greater control, increased professionalisation, better coordination and the ability to manage investments and governance in a more structured way.

However, the Monitor’s figures show that a more extensive structure does not automatically translate into higher returns. No measurable difference in returns was found between the different categories of holding companies.

This does not mean that a family office does not add value. Returns are only one of many possible objectives. Wealth preservation, governance, diversification, preparing the next generation and long-term continuity can be equally important.

## From figures to relevant questions

This is precisely where the value of the Belgian Family Capital Monitor lies. The aim is not to determine what an ‘ideal’ wealth structure should look like, but to provide families with a point of reference.

What level of management costs is normal for a structure of this size? How much liquidity do comparable families retain? How diversified is the wealth? And how does a family’s own structure compare with that of families with similar levels of wealth?

The Monitor translates the available data into ten key findings and a **Family Capital Index**, allowing families to compare several indicators with those of comparable structures.

## Read the full Belgian Family Capital Monitor

Want to discover all the figures, benchmarks and insights? Read the full Belgian Family Capital Monitor 2026 [via this link](https://openthebox.com/en/belgian-family-capital-monitor-2026?utm_source=moore_belgium&utm_medium=referral&utm_campaign=family_capital_monitor_2026).

*The Belgian Family Capital Monitor 2026 is a publication by openthebox, with Moore Belgium as knowledge partner. The research and final editorial responsibility lie with openthebox. Moore worked closely on the further development of the Monitor and assessed the analyses and conclusions against its experience and market knowledge.*

 

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