J.P. Morgan Private Bank Releases 2026 Global Family Office Report

Global Study Reveals How Family Offices Are Bridging Ambition and Execution

• Insights from 333 family offices across 30 countries, average net worth $1.6 billion
• While 65% intend to prioritize AI investments, many have yet to build exposure to growth equity, venture capital, or infrastructure - all asset classes that are central to the AI revolution
• Geopolitics is cited as the top risk by 64% of family offices, yet most maintain limited allocations to traditional hedges like gold, reflecting a range of approaches to risk management

NEW YORK, Feb. 2, 2026 /PRNewswire/ -- J.P. Morgan Private Bank today announced the release of its 2026 Global Family Office Report, a comprehensive analysis of the priorities, prospects and strategies shaping the world's leading family offices.

"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," said William Sinclair, Global Co-Head of the Family Office Practice at J.P. Morgan Private Bank. "As family offices navigate a world of unprecedented complexity, our role is to help them transform ambition into enduring impact."

"This report is more than a survey, it's the result of our collaboration with some of the world's most sophisticated family offices," said Natacha Minniti, Global Co-Head of the Family Office Practice at J.P. Morgan Private Bank. "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."

The survey draws on insights from 333 family offices across 30 countries, each with an average net worth of $1.6 billion. The report focuses on three key areas: portfolio allocations, succession and engagement, and strategic and operational foundations.

AI Ambitions Outpace Action: The Portfolio Allocation Paradox

The report highlights an opportunity for greater alignment between ambition and execution in technology investing. While 65% of family offices intend to prioritize AI, this focus is not yet fully reflected in their portfolios. In addition to limited exposure to growth and venture capital, more than 70% currently have no investments in infrastructure, even though AI's advancement depends on data centers and digital infrastructure. This suggests there is significant potential for family offices to further enhance their portfolios in these key areas.

"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," said Christophe Aba, Head of International Investments & Advice at J.P. Morgan Private Bank. "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."

Inflation and Geopolitics Reshape Risk and Return

Inflation is driving family offices to alternatives, with those most concerned allocating nearly 60% of their capital to the category, roughly 20% above the global average, and favoring hedge funds and real estate.

Despite ongoing geopolitical uncertainty, most family offices avoid traditional and emerging hedges: 72% have no gold exposure and 89% hold no cryptocurrencies, preferring tangible assets and established strategies. Geopolitics is now the top risk, cited by 64% of family offices.

Family Businesses: The Double-Edged Sword of Succession and Engagement

The report shows business-owning families are paving the way on governance, with 48% establishing formal structures compared to 40% of non-business-owning peers. They're also nearly twice as likely to cite internal conflict as a top risk (41% vs. 23%). The report also revealed that less than half (48%) include their operating company in their investment allocation.

"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," said Elisa Shevlin Rizzo, Head of Family Office Advisory at J.P. Morgan Private Bank. "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."

Succession planning remains a major concern: 53% of business-owning families see it as a top issue, and 86% of all family offices lack a clear succession plan for key decision makers, highlighting a critical area for improvement as generational transitions loom.

Rising Complexity Drives Organizational Change

As family offices contend with increasing complexity, competition for talent and the need for specialized skills are driving up operating costs and prompting a shift toward hiring non-family professionals.

Average annual operating cost for a family office is $3 million, rising to $6.6 million for offices with more than $1 billion in assets. While 40% of offices spend less than $1 million annually, 11% spend more than $7 million, with 25–28% of costs allocated to external services such as legal, trading, and cybersecurity.

Outsourcing has become a strategic imperative: 80% of family offices outsource some aspect of portfolio management, and over one-third of offices with $1 billion or more in assets outsource more than half of their portfolios. Legal services (52%), trading and market execution (45%), and cybersecurity (38%) are the most frequently outsourced functions.

As family offices digitize and aggregate data, technology platforms and cybersecurity have become top service needs, with 32% citing cybersecurity as their greatest priority.

To learn more and review the full 2026 Global Family Office Report, visit here.

About J.P. Morgan Private Bank

J.P. Morgan Private Bank provides customized financial advice to help wealthy clients and their families achieve their goals through an elevated experience. Clients of the Private Bank work with dedicated teams of specialists that bring their investments and financial assets together into one comprehensive strategy, leveraging the global resources of J.P. Morgan across planning, investing, lending, banking, philanthropy, family office management, fiduciary services, special advisory services and more. The Private Bank oversees more than $3.5 trillion in client assets globally (as of 12/31/2025). More information about J.P. Morgan Private Bank is available at privatebank.jpmorgan.com.

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SOURCE J.P. Morgan Private Bank