Belgium
Europe's most concentrated cluster of billion-euro family holding companies, where industrial dynasties such as the Colruyt and Frère families run patient, institutionally managed capital from Brussels and Flanders.
Family Offices
60+ (est.)
Avg AUM
€1B+ (est.)
Regulatory Body
Financial Services and Markets Authority (FSMA)
Tax Environment
25% corporate tax on holding companies; a new 10% capital gains tax on financial assets from 2026, with a €1M five-year exemption for holdings of 20% or more.
Introduction
Belgium punches far above its size in family capital. A small group of long-established industrial holding companies in Brussels and Flanders — Cobepa, Frère-Bourgeois, SPDG and Korys among them — manage multi-billion-euro fortunes with the governance of listed investment companies, making the country the anchor of the Benelux family office market.
Key Numbers
Evaluation
Family holding companies pay 25% corporate tax. Since 1 January 2026, individuals pay a new 10% capital gains tax on financial assets, with a separate regime for holdings of 20% or more: a €1 million exemption spread over five years, then progressive rates from 1.25% to 10%.
Resources Directory
Key Highlights
Billion-euro holding companies
Fourteen family offices each hold more than €1 billion in equity
Institutional governance
Family capital is typically run through holding companies with professional boards and investment committees
Active co-investment culture
Belgian families co-invest frequently with each other and with private equity sponsors
Luxembourg next door
Direct access to Luxembourg's fund domicile and structuring ecosystem
Frequently Asked Questions
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