2026 Global Family Office Report

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Text: ideas and insights. 2026 Global Family Office Report, A Worldwide View into Family Office Strategy.

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Welcome, everyone, and thank you for joining us. My name is Natacha Minniti, and I am the global co-head of our family office. His practice. Today, we are truly excited to unveil our 2026 global family office report.

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She sits with two other people in a room with large windows that look out onto a combination of older and newer buildings. Text: We surveyed our single-family office clients around the world.

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This year's study is our most comprehensive up to date. 333 single family offices across 30 countries participates, 59% from United States and 41% from our international regions-- Latin America, Europe, and Middle East and Asia.

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United States 59%, Latin America and the Caribbean 18%, Europe and the Middle East14%, Asia 11%.

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Respondents reported an average net worth of $1.6 billion and an average of $1.2 billion of assets under supervision.

Collectively, they represent more than $500 billion wealth.

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A pie chart shows that 37% had less than $250 million, 20% had between 250 million to 500 million, 16% had 500 million to 1 billion, and 28% had 1 billion plus. A new slide text reads: Text: Key themes, AI Ambition Outpaces Allocation, Infrastructure Overlooked. Inflation Concern Push Family Office Capital towards Alternatives. Despite Geopolitical Fears, Family Offices Avoid Gold and Crypto. Stronger Governance, Stronger Bonds for Business-Owning Families. Competition for Talent Drives Operating Costs Higher

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Now, to help to unpack these findings and understand what it means in practice, I'm joined by two of our firm's leading experts, Chris Alba and Natalia Murphy. Chris Aba, head of investment and advice for the international Private Bank, will guide us to Insights around investments, asset allocation, the role of alternatives, zooming into our family office, our planning to increase, decrease, or shift the exposure.

Natalia Murphy, wealth advisor and co-head of international Private Bank family office advisory, will help us dissect one of the most important themes from family offices-- the dynamic around governance, legacy, and succession plans. Chris, let's start with portfolio allocation. Clients are risk on. Public markets and private investments are the ones with the majority allocations. At the same time, clients are vocal about the risks they're facing-- geopolitical risk, interest rates, trade policies, inflation. How we embedded all of this together?

Thanks, Natasha. As you highlighted the individuals that responded to this survey collectively manage over $500 billion in assets and, on average, $1.2 billion portfolios. The nature of that type of wealth is that it's going to be multigenerational.

And so those investors are trying to really think long term. Now, that doesn't mean that they're not focused on short term risks as they show up in portfolios. And you're right.

If we look at our international client population, it was interesting to see how consistent their answers were as far as the risks that they are prioritizing this year. And whether we talk about Asia-Pacific, Europe and the Middle East, or Latin America, the top two risks were, number one, inflation, and number two, geopolitics. And within geopolitics, I include trade policy and obviously tariffs.

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With inflation risks top of mind, investors are turning to alternatives for stability. Those who Rank Inflation as the Top Risk, 60% Allocation to Alternatives, (22% pts higher than average), 2 times Exposure to Real Estate, (16.3% versus 7.4%), 2 times Exposure to Hedge Funds, (0% versus 4.7%)

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Now, those investors are expressing different views in their portfolios relative to those risks. As you said, they're predominantly risk on. One of the things that we thought was really interesting in the survey is that of the investors that told us that inflation is their number one concern, those investors have approximately 60% of their assets invested in alternative investments. If you scratch the surface of that number, it was particularly interesting to see that those investors had twice the allocation than their peers as it relates to hedge funds, which is really specifically macro hedge funds, and infrastructure.

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Two pie charts with the title: On average, assets are predominantly allocated across public equities and private investments. The speaker explains the charts.

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You mentioned private investments and alternative investments. We are seeing capital flows going into alternative in one side, but the other side, lower allocation than expected to gold and to crypto. Why do you think it's happening?

So I think you have to take gold and crypto separately. I think gold, as you said, 78% of the respondents told us they had zero allocation to gold, and almost 90% of the respondents told us they had zero allocation to crypto. I think our clients are definitely concerned about inflation. They are expressing that probably more strategically and in a long term focus with things like real estate-- in some cases, infrastructure or others-- rather than something as narrow as a gold-specific trade.

Crypto is an interesting topic. We're spending a lot of time talking about it at JP Morgan. I think the challenge for investors today in terms of that asset class is it comes with a tremendous amount of volatility, and it has correlations that are not necessarily consistent, meaning that it's very difficult to put in a portfolio. The other area that we thought was particularly interesting is our clients are-- about a third of them told us that they are overweight cash or have more than 10% allocation to cash. Conversely, they also said that was the number one allocation that they planned to reduce going forward.

And

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A series of statistics and graphics. The title reads: The promise of artificial intelligence is profound, but family offices lack key exposure. A pie chart shows that 65% plan to prioritize Al investments now or in the future. Text: Yet only a minority of clients have exposures to the key areas driving innovation and those that do allocate only a tiny fraction of their portfolio. Venture Capital & Growth Equity, Percent of clients with any exposure, 43%. Average portfolio exposure, 3.3%. Infrastructure, Percent of clients with any exposure, 21%. Average portfolio exposure, 0.7%.

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no surprise, 65% of the respondents told us that they're planning to reprioritize AI. But we also saw that there is low allocation location to venture into growth, and some of them-- the majority, actually-- they do not have allocation to infrastructure. How you will guide towards these investments, how you embedded these three asset classes?

So we agree with our clients that AI is possibly the most important theme going forward to understand and to capitalize. As you said, they highlighted that as their number one priority going forward. We think the opportunity in AI going forward exists in probably three areas.

The first one is still the large cap US tech companies. I won't go into the detail about each one of these. The second one is really the AI value chain.

And so those are all of the sectors, companies that enable AI going forward. So think about power, semiconductors, commodities, data centers. And then the final area is the companies that are really foot-forward on how to use AI to drive revenue and earnings on a go forward basis.

Those are the areas to prioritize. The question is implementation. And we think that clients need to be looking at private markets.

If you take the top 10 privately owned companies today that are focused on AI, they are collectively worth over $1.5 trillion. So those are not opportunities that you can access in public markets. And so for us, obviously, it depends on the profile and liquidity needs of the investor. But we think there's really interesting and compelling opportunities in direct investments, secondaries for those who underinvested in venture over the last couple of years, or just broader venture and private equity funds.

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A table is entitled: Top risks impacting current portfolio positioning and outlook. The table reads Top 5 Macro Risks International, Globally. Geopolitics 74%, Trade Policy & Tariffs 60%, Economic Growth 57%, Interest Rates 55%, Currency 45%, Asset Valuations, 40%.

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You mentioned implementation. Despite our clients are facing same global challenges everywhere, they execute differently based on where they are. Any things at regional level that you would like to share in terms of allocation?

I think there were a couple of things that are probably more consistent across the board than differences. Number one is that the majority of our clients still manage and value their portfolios in US dollars. The second one is the average international investor probably has a slightly lower allocation to risk assets.

We did mention 2/3 in the beginning. It's a little bit lower for international investors. I think some of that has to do with tax and some of that has to do with risk. But overall, I think the themes are very consistent across what our families are concerned about and where do they see the opportunities going forward.

And you mentioned hedge funds. What is the role that hedge funds are playing nowadays in portfolios?

So hedge funds was interesting to us. 4.7% of clients only mentioned an allocation to hedge funds, which is really very small. We think that's probably a little bit lower than it should be. Hedge funds, obviously, in an environment of heightened volatility and uncertainty with divergent monetary policy in certain places in the world are an interesting asset class to consider. And so we think for those investors that are concerned about volatility, considered about inflation, hedge funds is a place where they can maybe find some of those uncorrelated returns that are difficult to source elsewhere.

Let's switch gears and see how our clients are taking decision [? over ?] the structure.

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As family enterprises grow more complex, governance is becoming a critical tool for managing both risk and relationships. 86% of global family offices do not have clear succession plans in place for decision makers. The Top Five most frequently mentioned structures or frameworks:1. Investment committees (64%), with both family members and nonfamily members (42%) or only family members (22%). 2. Formal investment policy statements (35%). 3. Family office boards of directors (32%). 4. External advisors who conduct periodic portfolio reviews (27%). 5. Family office mission statements or handbooks (26%).

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Natalia, governance is robust. 82% of [INAUDIBLE] is investment committee. But still, succession plan is a gap. How families can close this gap?

Yes, indeed. Succession planning remains a real vulnerability for family offices, with 86% still lacking a succession plan. For many families, governance begins with investment-related decision-making because most family offices are created to oversee investments.

So as you've said, we see investment committees. We see fiduciary boards of directors. We see investment policy statements formally adopted by the families. We also see hiring external professionals to oversee periodically the investment portfolio.

Once the families see the values of having clear rules and roles around investments, it's a natural progression, then, to extend and broaden governance to other areas, such as adopting family councils, family assembly, having bylaws and policies for everything that the families do. And all the while, families are investing time to institutionalize family values as a north star that guides them and their family offices. Having that foundation is really important to evolve as the family changes, as there's more complexity. And so more investment, however, is still necessary to plan for the succession.

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Family offices continue to invest heavily in their operations, even as cost pressures and competition for top talent intensifies. Average annual operating costs tend to increase as A U S increases. Average Annual Cost, $6.6 million for clients with 1 billion dollars plus A U S. A chart shows Average Annual Cost by A U S Tier. $250 million or less, 0.9 million. $250 million to $500 million, $1.7 million. $501 million to $999 million, $3.3 million. $1 billion plus, $6.6 million.

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Clearly, complexity grows with scale, and you mentioned several boards of investment decision, family council. This is another important data that stand out. Costs are increasing, and any difference you see regionally-- we know global, the cost is at $6.6 annually million. Is this different at regional level?

Yes, we see much variation, both by region as well as the size of the family offices and the scale and the 10 year as the family requires. But regionally, the average operating costs for Europe and Middle East is 2.5 million USD. For Latin America, it's $2 million.

For Asia, it's $1.3 million. As such, we see that the families are investing in their operations. But to begin with, we see that many family members and key trusted contacts are playing the initial roles. As the complexity increases, to your point, families increasingly professionalize by looking to external help.

So majority of family offices with 11 plus employees are going to rely on external CEO, CIO, and some other functions. So when the family offices are so professionalized, the cost increase as there's huge competition for talent amongst family offices. And so you brought out 6.6 globally playing out in many regions for large families with a billion plus in the US.

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Top 5 risks to continuity and effectiveness of a family office Those serving multiple generations have a heightened level of concern around maintaining the legacy of the family office. Each risk has a rectangle above it that is filled in with green to match the percentage of people who considered it a problem. 1. Financial Market Disruptions impacting Long Term Goals, 46%. 2. Regulatory and Tax Compliance and complexity, 38%, 3. Family Conflict or misalignment on strategy or values, 33%. 4. Lack of Succession plan for decision makers, 33%, 5. Over reliance on providers or individuals, 33%,

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You mentioned family members. What is the role of the new generation in all of that?

Well, more than 3/4 of families and family offices are engaging with the rising generation. They have strong focus on engagement and education of the rising generation. And these strategies are from wealth education to getting the rising generation involved in the family business, family office, to requiring some external experience before joining the family enterprise.

We have a large number saying that the top measure is to invite the rising generation to meet with professional advisors because professional advisors are key to so many of the family office operations, and they rely on external expertise. Also, families are getting the younger generation involved in family philanthropy. So that's another key measure of engagement. Still, many say, almost a third, that they need more help with the rising generation and that they're not quite ready to take the reins.

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Stronger governance, stronger bonds for business-owning families. 2 times, Business owners likely to be concerned about internal conflict as of their non-business-owning peers. 41% of business owning families identify internal conflict as a top three risk. Compared to non-business owning families, families with operating businesses are more the to: 1. Have formal governance structures, 2. Engage with external advisors,3. Prioritize family values & legacy prevention

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I would like to zoom into some key insights in the international region-- operating business. 75% of the respondents in the international, they still own and manage an operating business. How the playbook change when you own and manage an operating business?

For families with operating businesses, there's much more emphasis on formal governance measures because twice as many business owning families versus non-business owning families cite conflict as the major risk to their effectiveness and continuity. So to anticipate conflict, to eliminate conflict, they are investing in family councils, family assembly, formal policies from anything governing employment to a selection of decision makers to sharing information. And importantly, business owning families also meet much more regularly, as we see, because it's important to bring everybody together, cause alignment, share information. And that's a key differentiator from other family offices.

And how having an operating business impact portfolio allocation?

So we definitely think that clients should be incorporating or integrating the two risks-- the financial asset portfolio and the operating company risk. While they are different and need to be managed differently, only by bringing them together from an analysis perspective can families truly understand if they're running any kind of regional risks, sector risks, or maybe liquidity risks. And so while both need to be managed distinctly, we definitely think that families should be incorporating into their risk analysis the drivers of risk on both sides.

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8 in 10 families are outsourcing at least some portion of their investment portfolio. As family offices mature, they then increasingly integrate external professional talent, expanding beyond family led staffing models as complexity grows. 80% Leverage particle outsourcing, with more then one-third wholly or partially outsourcing more that of of their portfolios. A bar chart with the title: Share of investment portfolio outsourced varies. 20% have 0% outsourced. Less than 25% have 33% outsourced. 25 to 50% have 14% outsourced. 50 to 75% have 17% outsourced. 75 to 100% have 12% outsourced. 100% have 5% outsourced.

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And for both of you, how you see the balance between insourcings and outsources, giving that complexity require more expertise and more talent?

Well, some of the major services that are outsourced is investment management, followed by legal and tax, followed by cybersecurity services.

Yeah, I think what we see with our clients is that they outsource a portion of the investment management because realistically, for them to in-source security selection becomes very expensive and very difficult. And so what they do is they focus their time and energy really on manager selection and partnering with firms or outside advisors that can help them source the best opportunities that they're looking for.

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An image of the front cover of the report. Text: We look forward to discussing the report with you in greater detail!

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A report like ours, which embedded $500 billion of wealth, has a lot of data that you unpacked today. If there is one data that stands out to you, which one is?

So for me, it would probably be the underinvestment to infrastructure. As you highlighted, over 2/3 of the clients told us that they have zero exposure to infrastructure, which I thought was really surprising given the very heavy allocation to private investments and the intention to increase private investments.

And so we believe that infrastructure is a critical opportunity with a multi-year time horizon. And so that was probably the number one data point that surprised me. But I also know that a lot of clients are telling us through this report that through either real estate, private investments or infrastructure, they are planning to close some of that gap.

Natalia?

No succession plan for 86%. That's a surprising number for me. Family offices simply need to invest more time and resources in thinking through what ought to be the right succession plan for them.

Thank you, Natalia. Thank you, Chris.

Thank you.

JPMorgan Private Bank, our family office practice-- it's all about meeting the evolving needs of family offices. It's important for us to provide access to specialized, strategic insights, and opportunities that are typically reserved for the largest and most complex institutions. To go deeper on AI, infrastructure, private allocation, governance, succession, or integrating an operating company in your portfolio location, please connect with your JPMorgan team.

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Understanding long-term estimates. Our investment management research incorporates our proprietary projections of the returns and volatility of each asset class over the long term, as well as estimates of the correlations among asset classes. Clearly, financial firms cannot predict how markets will perform in the future. But we do believe that by analyzing current economic and market conditions and historical market trends, and then, most critically, making projections of future economic growth, inflation and real yields for each country, we can estimate the long-term performance for an entire asset class, given current and our estimated equilibrium levels. The "equilibrium" level shows the average or central tendency of a market or macroeconomic variable such as yield or credit spread that is expected to prevail over the long-term, because the level represents the value inherent in a given market. The return assumptions are based on our proprietary process of using a building block approach for each of the asset classes. For instance, the building blocks for equity consist of our projections on inflation, real earnings growth, dividend yield and the impact of valuations. The building blocks for fixed income consist of our projections for future yields and the change in bond prices. The estimates for alternatives are driven by our historical analysis and judgment about the relationship to public markets. It is possible - indeed, probable that actual returns will vary considerably from this expectation, even for a number of years. But we believe that market returns will always at some point return to the equilibrium trend. We further believe that these kinds of forward-looking assessments are far more accurate than historical trends in deciding what asset class performance will be, and how best to determine an optimal asset mix.

in reviewing this material, please understand that all references to expected return are not promises. or even estimates, of actual returns one may achieve. The assumptions are not based on specific products and do not reflect fees, such as investment management fees, oversight fees, transaction costs or other expenses that could reduce return. They simply show what the long-term return should be, according to our best estimates of current and equilibrium conditions. Also note that actual performance may be affected by the expertise of the person who actually manages these investments, both in picking individual securities and possibly adjusting the mix periodically to take advantage of asset class undervaluations and overvaluations caused by market trends. For the purpose of this analysis volatility is defined as a statistical measure of the dispersion of return for a given allocation and is measured as the standard deviation of the allocation's arithmetic return. The Sharpe ratio is a return/risk measure, where the return (the numerator) is defined as the incremental annual return of an investment over the risk free rate. Risk (the denominator) is defined as the standard deviation (volatility) of the allocation's return less the risk free rate. The risk free rate utilized is I.P. Morgan's long-term assumption for Cash. Correlation is a statistical measure of the degree to which the movements of two variables, in this case asset class returns, are related. Correlation can range from I to 1 with I indicating that the returns of two assets move directionally in concert with one another, i.e. they behave in the same way during the same time. A correlation of 0 indicates that the returns move independently of each other and 1 indicates that they move in the opposite direction