J.P. Morgan Private Bank published its 2026 Global Family Office Report, a study of 333 family offices across 30 countries with an average participant net worth of $1.6 billion.
The report highlights a gap between intent and execution in technology investment. While 65% of respondents say they plan to prioritize artificial intelligence investments, the survey indicates that many family offices have not yet built meaningful exposure to growth equity, venture capital, or infrastructure, which the report frames as key asset classes connected to the AI buildout.
Risk concerns are also shifting. Geopolitics is cited as the top risk by 64% of family offices, yet allocations to traditional and emerging-market hedges remain relatively low: 72% report no gold exposure and 89% report no cryptocurrency holdings.
On the portfolio construction side, the report’s global allocation snapshot shows public equities as the largest category at 38.4%, followed by private investments at 30.8%. Within private investments, private equity represents 9.8%, real estate 7.4%, control-oriented private investments 6.1%, growth equity and venture capital 3.3%, private credit 2.4%, secondaries 1.1%, and infrastructure, transportation, and other real assets 0.7%. Fixed income averages 14.8%, cash 7.8%, and hedge funds 4.7%, while commodities sit at 1.3% and crypto and digital assets at 0.4%.
Operationally, the report describes rising organizational complexity and a growing reliance on outsourcing. The average annual operating cost is cited at $3 million, rising to $6.6 million for family offices with more than $1 billion in assets. It also finds that 80% outsource some aspect of portfolio management, and that legal services, trading and market execution, and cybersecurity are among the most frequently outsourced functions. Cybersecurity and technology platforms are emerging priorities as offices digitize and aggregate data, with 32% citing cybersecurity as their top service need.
The survey also highlights governance and succession challenges, particularly for business-owning families. The report says 86% of family offices lack a clear succession plan for key decision makers, and notes that business-owning families are more likely to establish formal governance structures and to flag internal conflict as a leading risk.
KEY QUOTES
“Through serving the world’s most prominent families across generations and jurisdictions, we have a unique vantage point into their greatest aspirations. This report reflects their perspectives and priorities, offering a window into how family offices are shaping their futures. As family offices navigate a world of unprecedented complexity, our role is to help them transform ambition into enduring impact.”
William Sinclair, Global Co-Head of the Family Office Practice at J.P. Morgan Private Bank
“This report is more than a survey, it’s the result of our collaboration with some of the world’s most sophisticated family offices. While family offices everywhere are facing similar headwinds, their actions vary regionally. What stands out globally is a clear risk-on attitude. Not surprisingly, AI is the top investment theme, yet 57% of respondents have no exposure to growth and venture capital – where much of the innovation happens.”
Natacha Minniti, Global Co-Head of the Family Office Practice at J.P. Morgan Private Bank
“To fully capture the AI opportunity, investors should look beyond the mega-cap leaders and focus on the enablers driving the supply chain—from semiconductors and power infrastructure to networking and cooling systems. Equally important is private market exposure, where the top ten AI companies are already valued at around $1.5 trillion, underscoring that much of AI’s future value is still being created outside public markets.”
Christophe Aba, International Head of Investments & Advice at J.P. Morgan Private Bank
“The greatest risks for family offices often arise from missed synergies, overly lean staffing and a lack of holistic risk management. These challenges become even more pronounced as economic and generational transitions accelerate. Family business owners are acutely aware of these internal risks and are proactively taking steps to safeguard the continuity and effectiveness of their family offices.”
Elisa Shevlin Rizzo, Head of Family Office Advisory at J.P. Morgan Private Bank
