J.P. Morgan Private Bank: 65% of family offices target AI, most lack growth equity exposure
Family business-owning offices show stronger governance, with 48 per cent establishing formal structures compared to 40 per cent of non-business-owning peers, the 2026 Global Family Office Report showed
06 February, 2026
TT
16
J.P. Morgan Private Bank released its 2026 Global Family Office Report on February 4, providing insights from 333 family offices across 30 countries with an average net worth of $1.6bn.
The report highlights priorities, prospects, and strategies shaping family offices worldwide, focusing on portfolio allocations, succession, and strategic and operational foundations.
Sixty-five per cent of family offices plan to prioritise artificial intelligence investments, though over 50 per cent currently have no exposure to growth equity or venture capital.
More than 70 per cent have no investments in infrastructure.
Christophe Aba, international head of Investments & Advice at J.P. Morgan Private Bank, said: “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 $1.5tn, underscoring that much of AI’s future value is still being created outside public markets.”
Inflation is driving allocations toward alternatives, with the most concerned offices allocating nearly 60 per cent of their capital to hedge funds and real estate. Geopolitical risk is cited by 64 per cent as the top concern, though 72 per cent of family offices have no gold exposure and 89 per cent hold no cryptocurrencies.
Family business-owning offices show stronger governance, with 48 per cent establishing formal structures compared to 40 per cent of non-business-owning peers.
Internal conflict is cited as a top risk by 41 per cent of business-owning families versus 23 per cent of non-business owners. Less than half of offices (48 per cent) include their operating company in investment decisions.
Succession planning remains a concern for family offices: Report
Succession planning remains a concern, with 53 per cent of business-owning families identifying it as a top issue and 86 per cent of family offices globally lacking a clear succession plan for key decision makers. Elisa Shevlin Rizzo, Head of Family Office Advisory at J.P. Morgan Private Bank, said: “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 offices face rising operational complexity. The average annual operating cost is $3m, rising to $6.6m for offices with over $1bn in assets.
External services such as legal (52 per cent), trading (45 per cent), and cybersecurity (38 per cent) account for 25–28 per cent of costs.
Eighty per cent of family offices outsource some aspect of portfolio management, and over one-third of offices with $1bn or more in assets outsource more than half of their portfolios. Cybersecurity is cited as the greatest service need by 32 per cent.
The report details global portfolio allocations: 38.4 per cent in public equities, 30.8 per cent in private investments (including 3.3 per cent in growth equity and venture capital, 0.7 per cent in infrastructure), 14.8 per cent in fixed income, 7.8 per cent in cash, 4.7 per cent in hedge funds, 1.3 per cent in commodities, 1 percent in art/collectibles, 0.9 per cent in other, and 0.4 per cent in crypto/digital assets.
William Sinclair, global co-head of the Family Office Practice at J.P. Morgan Private Bank, said: “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.”
Natacha Minniti, global co-head of the Family Office Practice at J.P. Morgan Private Bank, added: “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 per cent of respondents have no exposure to growth and venture capital – where much of the innovation happens.”
The report provides detailed insights into regional risk rankings, portfolio exposures, and operating patterns across family offices globally, including in the US, LATAM, APAC, and EMEA.

















