Wealth, in their words
For families who have built enduring wealth, the challenge is rarely just about managing it, but managing it with intention.
Through candid one-on-one conversations, the world’s wealthiest families share perspectives on leadership, investing, philanthropy, and legacy, offering rare insight into how enduring wealth is created and sustained.
We are honored to present their insights as a resource for families worldwide.
5 Key Takeaways
The discussions reveal authentic, firsthand insights into how the principals are stewarding their wealth, businesses, communities, and future generations. The report explores person behind the principal.
Private investment momentum: Doubling down, not dialing back
Principals are no longer content to be passive capital providers—they’re becoming active architects within private markets. Twice as many principals interviewed cited increasing exposure as those reducing it
The rise of specialty assets: More than just a trophy
20% of principals interviewed now own controlling stakes in sports teams. Ownership is both a strategic and emotional endeavor—a way to align family unity, institutional capital and generational legacy around shared passion.
Resilience in action: Global families with global challenges
56% of principals cite geopolitical tensions as the top risk to their wealth in today’s environment. With participants spanning 28 countries and 15 industries, the impact is both deeply personal and professional.
From hype to habit: Turning AI into an everyday advantage
Artificial Intelligence has moved from theory to practice among the world’s wealthiest principals. Nearly 80% report using AI personally and 69% in their businesses, applying it to everything from research and planning to legal analysis and strategy.
The evolution of family leadership:The power of purpose
Nearly three-quarters of principals either founded or still hold leadership roles in their operating companies. However, their focus now extends beyond business toward building purpose, unity and responsibility across generations.
23 Wall
The 2025 Principal Discussions Report was authored by 23 Wall at J.P. Morgan in collaboration with colleagues from across the firm. This dedicated, global team provides institutional coverage for the world’s largest families, offering access to the vast network and resources across the entire J.P. Morgan franchise
Andrew L. Cohen
Executive Chairman of the Global Private Bank
Natacha Minniti
Managing Director, Head of 23 Wall, International and Global Co-Head of the Family Office Practice
Noah Wintroub
Global Chair of Investment Banking and Head of 23 Wall, U.S.
Ted Madara
Managing Director, Operating Head of 23 Wall, U.S.
