Minnesota has many multi-generational family enterprises in agriculture, food, retail, hospitality and medical devices, centered on Minneapolis, St. Paul and Wayzata.
The family office landscape in Minnesota
Family offices in Minnesota are concentrated in and around:
Where family office candidates come from in Minnesota
The Twin Cities' large corporate headquarters and CPA firms supply experienced accountants, and the University of Minnesota's Carlson School adds graduates.
Across the state, accountants and auditors earn an average of $94,060, 1% below the US average of $94,750 and #13 of 51. Financial managers average $176,560, 6% below the US average of $186,910 (BLS Occupational Employment and Wage Statistics, May 2025). Family offices usually pay above these averages to win experienced people.
Family office salaries in Minnesota
| Role | Base salary in MN | Typical bonus |
|---|---|---|
| Family Office Controller | $170K–$235K | 15–25% |
| Family Office Accountant | $95K–$140K | 5–15% |
| Family Office Tax Manager | $145K–$205K | 10–20% |
| Family Office CFO | $295K–$470K | 25–50% |
| Family Office Chief of Staff | $145K–$245K | 15–30% |
| Family Office Operations Manager | $125K–$195K | 10–20% |
| Family Office Executive Assistant | $90K–$145K | 10–20% |
| Family Office Payroll Manager | $110K–$145K | 5–15% |
Our estimates for a single family office managing $250M–$1B, adjusted for Minnesota using BLS pay levels for accountants and financial managers (2% below the national midpoint). Try the salary calculator for other office sizes.
Taxes, trusts and the law in Minnesota
Minnesota taxes wages at high rates and has its own estate tax, which leads some families to plan around residency.
How Minnesota compares with nearby states
| State | Accountant avg. (BLS) | Financial manager avg. (BLS) | Family office controller (estimate) |
|---|---|---|---|
| Minnesota | $94,060 | $176,560 | $170K–$235K |
| Iowa | $83,640 | $149,730 | $160K–$220K |
| Kansas | $86,130 | $171,510 | $165K–$230K |
| Missouri | $83,180 | $163,820 | $165K–$225K |
| Nebraska | $77,660 | $155,410 | $160K–$215K |
| North Dakota | $80,090 | $153,130 | $160K–$215K |
| South Dakota | $85,030 | $172,430 | $165K–$230K |
What this means for hiring in Minnesota
Accountant pay in Minnesota sits mid-pack nationally (#13 of 51). A family office that offers a clearly defined role, a meaningful bonus and some flexibility can stand out against corporate employers here. Because Minnesota's taxes are among the highest in the country, candidates weigh total pay, bonus and flexibility carefully, and some families hire staff who live across a state line. With a smaller local finance community, the strongest candidates for Minnesota often live elsewhere. Plan on a recruiter-led search, and budget for relocation on senior roles.
Family office questions for Minnesota
Does Minnesota have an estate tax?
Yes. Minnesota has its own estate tax with a lower exemption than the federal one.
How much do family office jobs pay in Minnesota?
We estimate a family office controller in Minnesota earns about $170K–$235K base and an accountant about $95K–$140K. For context, accountants and auditors in Minnesota earn an average of $94,060 across all employers, 1% below the US average (BLS, May 2025).
Where are family offices in Minnesota?
Mostly around Minneapolis, St. Paul.
Does Minnesota have a state income tax on wages?
Yes. Minnesota taxes wages at high rates and has its own estate tax, which leads some families to plan around residency.