2026 Global Family Office Report

2026 Global Family Office Report: Navigating growth, complexity & cohesion

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A gold line swoops and curves over a black background. It becomes the signature of JP Morgan.

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

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Thank you so much for joining us today. I'm William Sinclair. And I am the global co-head of our family office practice at JPMorgan Private Bank. We are so excited to launch our 2026 Global Family Office Report. I'm joined by two of my partners here today, Elisa Shevlin Rizzo and Jake Manoukian. I'll let them introduce themselves.

Thanks. Well, I'm Elisa Shevlin Rizzo. I lead our family and family office advisory practice here at the US Private Bank. My team works with both emerging and established family offices to understand the landscape of the clients that we're working with, understand the different possibilities for their family office, think through strategic priorities, and then also talk through some of the governance concerns that face these family enterprises.

And my name is Jake Manoukian. I lead US investment strategy for the Private Bank. And I'm really excited to talk about this report because it provides such a powerful and unique insight into how some of our largest and most sophisticated families are allocating capital in an increasingly complex environment.

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A graphic with the title: We surveyed our single-family office clients around the world. The speaker explains the numbers.

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And this year's report had 333 single-family office respondents. This was a 75% increase from our 2024 report. And it was a really global audience. We had over 30 different countries represented.

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

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And the average net worth of those respondents was $1.6 billion.

So

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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.

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we have a great sample set of clients to glean insights from. And this report helps us bring to light how our families are allocating their capital, the cost of running the single-family office, and what concerns are top of mind.

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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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And the key themes that came out was around, number one, AI focus of these families, how families want to continue to increase their exposure to AI, but in many cases don't invest in the infrastructure that's required for this AI build out.

We also heard some of the key concerns that clients have around areas like inflation or geopolitics and how that changes their allocation, or in some cases their lack of allocation despite their concerns. Elisa's going to take us through how families are thinking about governance and putting a framework around their family enterprise, or if they own an operating business.

And then, importantly, this report takes a deep dive into the costs of running a family office-- how much does it cost to staff the organization; costs by role. And we're continuing to see rising costs in the family offices that we work with. From our report in 2024, the average cost of running a billion-dollar-plus family office was $6.1 million. This year, that same family office is now costing $6.6 million a year to operate.

So we'll go deeper into all of these areas. But why don't we first start, Jake, with you and talk a little bit about how we're seeing our families allocate their capital?

Sure.

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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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And I think the only way to judge an asset allocation is to judge what your goals are for that pool of capital. Around 55% of the single-family offices that we survey are targeting between a 7% to 10% return for their assets. And judging by that return profile, this asset allocation that you see on the screen is probably commensurate with that.

So you have almost 40% in public equities, 35.5% in alternatives, and a little less than 15% in fixed income. So given that return parameter of between 7% and 10%, this amount of risk in a portfolio generally looks aligned with that intent and with that goal.

On the other hand, almost a third of the single-family offices that we survey are targeting returns greater than 11%. So just to put that in perspective, our JPMorgan long-term capital markets assumptions forecast returns across major asset classes for the next 10 to 15 years. Not a single asset class that we forecasted this year has a target return of above 10%. So that goal is going to be a stretch. I think we would view it as it's plausible, but it's a stretch.

Just for context, the way that family offices with higher return targets are planning to generate those returns is a higher allocation to alternatives. So those single-family offices that have that 11%-plus return profile are allocating over 40% of their portfolios to alternatives and have almost double the exposure to direct on balance sheet control investments.

One of the other things that was interesting that we saw was that families in the US tend to have a higher allocation to alternative assets than our international families, that that weighting from alternatives tends to go towards more fixed income rather than alternatives. And the one area that we saw meaningfully decrease from 2024 was the exposure to real estate that a lot of these families have. So that has come down in favor of public equities.

Yeah, and the final point that I think we'll make on the asset allocation is this cash bar in green, 8%, it's hard to judge without knowing what the intent of that cash is for, whether it's earmarked for opportunistic investment or whether some of it is used for operational cash flow. But in a world where policy rates still have a bias downwards and inflation is still relatively sticky, that 8% cash level might be something to consider as we move through 2026.

And, Jake, one of the other things that we saw from this year's report was the desire for clients to think about how to invest behind AI and that build-out. But one of the things that I think was interesting was probably the lack of growth equity and venture capital exposure a lot of these clients have.

Yeah,

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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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100%. And it's no surprise. I mean, AI is a generational investment theme that we're all living through ever since ChatGPT was released in 2022. It's almost somewhat surprising that only 65% of family offices are planning to prioritize AI investments. You might expect that to be even higher.

But, Will, you're right to point out that less than half of these family offices have exposure to venture capital and growth equity. And the reason that matters to us is, yes, AI is a theme that's really permeating public markets. And when you think about the exposure and the share of returns in public markets that have come from the AI theme are certainly notable.

But when you think about innovation cycles and where you think about where a majority of wealth creation could occur at the most rapid pace, it's in the private space. It's in that application layer. It's in the companies that are going to end up-- disrupt existing businesses or parts of the labor market that we find most exciting. And you're generally going to be able to get that allocation through venture capital and growth equity.

But to tie into something that we talked about earlier, we're also increasingly seeing family offices interested in direct on-balance-sheet investment in companies in that space, too. But this is an area where, frankly, I think we would expect exposure to increase as we continue through this AI innovation cycle.

What about on the infrastructure side, too? Because the lack of exposure there in terms of some of the picks and shovels and what's required for this continued AI build out and innovation is really probably lacking in terms of exposure from a lot of these large families.

Yeah, when you listen to-- whether it's the mega-cap software companies that are entrenched in the AI trade or even their private counterparts, it seems clear that power is the key bottleneck. And the way that power manifests itself in traditional asset classes is through infrastructure. So power generation, power transmission is somewhere between 60% and 70% of infrastructure indices. And that's one of the key areas of investment and pricing power that we see as we move through this AI transition.

And the stats are pretty clear. 20%-- only 20% of family offices have any exposure to infrastructure at all. And the average allocation in infrastructure is only 70 basis points. So when we have this mega trend where power is the key constraint, power generation and power transmission will generally have pricing power and pretty good supply-demand dynamics. And the ability to protect against inflation, which was a risk that was top of mind for many family offices, that also seems like an area of investment that could increase on family office balance sheets.

And

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A table is entitled: Top risks impacting current portfolio positioning and outlook. The table reads Top 5 Macro Risks, Globally. Geopolitics 64%, Interest Rates 61%, Economic Growth 59%, Inflation 58%, Trade Policy & Tariffs 55%

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as we go to some of the key risks that we heard, geopolitics was at the top of the list. But rates were right there along with inflation. Anything that you take away from this?

Yeah, it's definitely in line with the zeitgeist. I think everyone is thinking through what geopolitical shifts and global fragmentation mean. That's the phrase that we use in our outlook to describe this. But again, what's the outlook for interest rates and inflation in a backdrop where it seems like we found a new floor, at least in the US, for inflation, and the policy backdrop for interest rates seems to be biased to the downside?

So thinking through those competing risks in a portfolio seems to be-- it's top of mind for us. And it's top of mind for the single-family offices that we surveyed. I do think-- to mention one difference that we saw with US family offices and ex-US family offices, is geopolitics was the primary concern from family offices outside of the US, where interest rates and inflation were a much more top-of-mind risk for family offices within the US.

And so, despite the pervasive sense of these geopolitical risks, only 28% of the 333 families surveyed had any exposure to gold. And so you would think that that number might be higher.

Right.

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Despite the pervasive sense of geopolitical risks, only 28% have any exposure to gold. 20% of clients globally ranked geopolitics as the #1 risk, the highest amongst all risks. 28% Have any allocation to Gold. 0.9% Average Asset Allocation to Gold

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And the reason you might think that's higher is because we believe that gold is the asset that's best positioned to mitigate some of this global fragmentation risk, or geopolitical risk, in a portfolio. Not only over the last three years but over the last 30, gold has very reliably been a hedge against geopolitical risk. And as the world feels more fragmented and as the world feels a little bit more turbulent, gold is probably the asset that's going to benefit the most from that.

So less than 30% of single-family offices have any allocation to gold. And that average asset allocation is less than 1%, 1 percentage point. We would say a portfolio could be anywhere between 3% and 5% to gold. But to go back to a point you made earlier, well, the geopolitical risk is manifesting in higher allocations to fixed income. So of the single-family offices that did list geopolitics as their number-one risk, their exposure to fixed income is almost double the average.

And we saw that with, more so, from families outside the US, interestingly. The other thing that I think was interesting was those that had inflation as top of mind had a much higher weighting towards alternative assets more broadly as an asset class.

Yes,

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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% ats 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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absolutely. And it's very clear that the single-family offices who are nervous about inflation are using private markets and alternatives to mitigate that risk in portfolios. So of the single-family offices who ranked inflation as the number-one risk, their allocation to private markets and alternatives was 60 percentage points, which is 22 percentage points higher than the average.

So they're making it very clear what they want to do about this risk, which is generally to take capital from fixed income markets, which are most exposed to an inflationary environment, and they're allocating it to places like real estate, where they have a 16% allocation versus the population as a whole at 7.5%, and hedge funds. So they're using both of those assets, real estate and hedge funds, as that inflation mitigant within a portfolio, which is very much in line with our way of thinking about it. So it gave us a little bit of solace to know that this is the decision that single-family offices are making who are worried about inflation just like we are.

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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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And maybe, Elisa, we could talk a little bit about how family offices are thinking about their continuity and effectiveness and the key risks that they're facing, too, in sustaining a long-term organization.

Yeah, we did look at risk across the board. And so we asked our clients to rank the top risks to the continuity and effectiveness of their family office. And what we found was that risk comes from several different directions. There are both internal risks and external risks.

The top two risks came from external threats. So the number one most commonly cited answer by 46% of our clients was financial market disruptions that impact their long-term financial goals. That's the number-one risk that most clients indicated. They also were very concerned about regulatory changes, the impact of taxes, legal and compliance requirements that, again, might drag down the effectiveness of the family office and the work that they're doing, that takes them away from their primary objectives, which is really to manage financial capital.

But then, surprisingly, the most commonly cited next risks were all internal risks. And they were all about how the family engaged with one another and the strategic planning for the family office and the long-term objectives. So a third of our clients indicated that family conflict and misalignment of family values was a top risk within the top three.

Another third said it's actually a lack of a succession plan for key decision makers both within the family and within the family office itself. Many of our family offices tend to be relatively lean shops and held by individual decision makers or key executives who've been with the family for a long, long time. And they see that lack of a succession plan for those key individuals is a primary risk to the continuity and effectiveness of the office.

And then, lastly, overreliance on a single individual or a single provider, again, is another most commonly cited risk to the continuity and effectiveness of that family office, which, for many of our clients, has become its own family business. And it becomes the business of managing the family wealth.

Yep,

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As family enterprises grow more complex, governance is becoming a critical tool for managing both risk and relationships. 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 like to: 1, Have formal governance structures, 2, Engage with external advisors, 3, Prioritize family values & legacy prevention

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and then the other thing that we looked at was a lot of these families with operating businesses and, how do they think about sustaining not only the operating business but their family office? And so maybe you could just talk through some of the insights we gleaned from that.

Sure. Privately held businesses continues to be a tremendous source of wealth for many of our family office clients. Of our survey participants, about six in 10 families globally currently have an operating company that runs alongside their family office. And about another 30% formerly had an operating company that was a source of family wealth.

So we really wanted to understand how these families were operating and where they differed from families who had made their wealth from other means or had inherited financial wealth, for example. And so what we found was that business owners were much more concerned about the internal risks than families who never had a family business.

In fact, 41% of business-owning families said that internal family conflict and misalignment on strategy and values was the number-three risk to the continuity and effectiveness of the family office. And 20% of our respondents said it was, in fact, the number-one risk. So they are twice as likely to be concerned about these types of issues as non-business-owning families.

And so what is the recommendation to those families?

Well, we always talk about the importance of family governance and making sure that there's really alignment amongst the family as to the goals and purpose of the family office. What is our common mission? What are the steps we're going to take to get to where we're planning to go? And what are the decision-making rights amongst the various stakeholders?

Oftentimes with these families, we have many adults, individual shareholders, people who want to be engaged in the family enterprise in some way, shape, or form. And so what we see with business-owning families is that they're much more likely to have formal governance measures in place. They commonly are starting family investment committees with external advisors who provide consultative advice to family individuals who are making those investment decisions.

They often build out boards of directors, not just advisory boards, but true fiduciary boards, again with decision making rights, often including non-family members, to provide added support to the work of the board. And then, last, they're taking steps to really prioritize the family cohesion, the family legacy, and make sure that there's alignment as the family expands geometrically from generation to generation.

So a lot more engagement with family governance. One other thing that struck me when I looked at the data from this report is that business-owning families are much more likely to have formal family bylaws or formal constitutions than non-business-owning families. In fact, 66% of our business owners have a formal constitution or a set of written bylaws as compared to just about 50% of non-business-owning families.

So best practice, you would say.

Best practice. Start thinking about, what are the frameworks for decision making? What are the rights, roles, and responsibilities? And have we defined a clear strategy and purpose? Just as we want to have a clear goal for our financial portfolio, we want to have clear goals for the family in terms of what they're doing together and where they might be wanting to take individual action on their own.

One of the other things that we saw is this constant, I guess, look at family offices of what they want to insource and outsource and the costs of their operations. And so maybe you could just take us through, what do we see in terms of the data for costs of operating a family office? And what are things that people are looking to insource versus outsource?

Sure.

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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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Well, as you mentioned, the average operating cost to run a family office year over year has gone up since our last report-- currently now $6.6 million annually to run a billion-dollar-plus family office. But the ranges of costs really vary. And it depends on the scope of the family office, the size of the balance sheet, who's working in the family office.

Many of our newer, more emergent family offices employ or are led by family members who take compensation at dramatically reduced rates than what you would pay external professionals. So what we see is that, as a family office grows and expands and matures and you bring in non-family members to serve in key roles, the cost of doing business run up.

So again, we've got lots of information in the report. We can walk through charts with you. But it's significant. And families are investing in the family enterprise because this is important. It's not just about managing the financial capital of the family. It's really about also having a platform for family engagement.

I would say, too, that talent is a wide driver of costs. I mentioned the cost of bringing in non-family member professionals. Particularly on the investment side, compensation concerns really do drive the cost--

Someone wants to build out their own investment team.

--of a family office. It can be very expensive. Those professionals are looking for compensation at the rates that are paid by the large wealth management funds and the hedge funds and other investment firms out there. So again, costs can really vary dramatically. We've got some great detail in the report. But for those smaller family offices where there are family members serving in key roles, those costs tend to be much more modest. And we see that particularly at the lower end of the segments around family offices with, say, less than $500 million in assets under management.

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Text: Over 4 in 10 indicate at least 30% of costs to run the family office are comprised of external expenses. The average portion allocated to external costs does not meaningfully change with increasing A U S. A bar chart shows the portion of budget made up of external costs. less than 10% said it was 23% 10 to 19.9% said it was 20%. 20 to 29.9% said it was 14%. 30 to 39.9% said it was 14%. 40 to 49.9% said it was 10%. And 50% plus said it was 19%.

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And one of the other areas that I guess we looked at was expenses in terms of what people are allocating to outside of the actual family office, talent and real estate and things like that.

Yeah, we wanted to understand where the costs were going. So it's not all just internal costs. And many of our clients are using external providers to really supplement the work that's being done in the family office. So on average, we know that about 26% of costs are paid out to external providers, often external investment managers, outside legal, tax, other professionals, technology firms, cybersecurity, the types of activities that are really important for the family office but might not be something that they're going to staff for full time.

Some of the frequently outsourced areas that we looked at are legal. About 52% of our clients outsource their legal function. They might have a general counsel or somebody with a legal background in a c-suite role. But the day-to-day legal work is often provided by an outside law firm.

Cybersecurity is another area that is frequently outsourced. And, Jake, trading and market execution, too, on the investment side, a lot of our clients are outsourcing a portion of the investment function. And trading and market execution is outsourced by over 45% of our respondents.

And then things that they're more likely to handle in-house, those tend to be more around financial administration, family office compensation, and staffing. The balance sheet aggregation and reporting, that's often a key function for family office professionals, handled in-house but often in partnership with outside firms that provide software or other reporting capabilities.

Things like we're doing now because we're seeing that with clients coming to us for outsourced family office services, everything from bill pay to aggregation to travel and health care concierge-type services. And so the other thing that we're seeing is an uptick in our outsourced chief investment office business, with a lot of these families thinking about allocating, in some cases, all or a portion of their capital as an outsourced CIO.

And so I think one of the things that we looked at was, why are families using external money managers? And maybe you could talk through some of the key motivations behind that.

Yeah,

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Text: Notably. cost is not one of the top motivations for working with an external advisor. Top motivations for working with external advisors: Access to high-quality investment managers or products 57%, Track record of performance and investment discipline 51%, Expertise in portfolio construction and asset allocation 43%, Access to private investment deal flow, (e.g., private equity, co-investments) 43%, Reputation and experience with similar family office clients 40%, Alignment with family's long-term goals 40%.

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one of the things that we really wanted to understand was, what are the driving factors with the decision to outsource versus building within? And what we found is that cost is not a primary cited factor. In fact, it's anything but cost.

A lot of family offices are looking at using external providers as a way of complementing or supplementing the core activities of the family office. But they're working with outside advisors because they want to gain expertise. They're looking for access to investment opportunities in different products. Technology is a key concern, too.

When families are choosing to outsource to an outside provider, whether it's an outside investment manager or an attorney or an accounting firm, the experience and the ability to work with similarly situated clients, that's cited by over 40% of our clients as a key driver to the decision to outsource. Cost doesn't even come into the top six reasons our clients are outsourcing certain functions.

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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 what we are seeing is about 8 in 10 families outsourcing some part of their investment portfolio. Jake, anything that you would take away from that?

Well, I think the big takeaway is that only 1 in 5 are doing everything in-house. Elisa just went through all of the examples of why family offices are deciding to outsource. And at the top of the list was investment performance and working with high-quality managers.

The other important part of this graphic is that it's not a binary. Family offices don't make a decision to either do it all themselves or outsource everything. There's a wide spectrum of different flavors and different settings that you can use to do what you feel like you're an expert in in-house and then outsource the things where you think you can get a higher-quality service, better execution, better investment performance, better access-to-deal flow across asset allocations and across regions. And I think that's just a really powerful proof statement, that there's an operating model here that's flexible and modular and that can be designed to best suit the needs of the family.

And what I think the report really illustrates is that no two families are alike. We see wide ranges in the way they're organizing themselves, their core priorities, how they're handling key functions, and their allocation of financial capital. So each family office is truly different and should reflect the family of which it serves.

And so over the coming weeks, we look forward to spending more time with you as we go into further detail on our Global Family Office Report. Your JPMorgan team is here to walk you through it. And so appreciate your time and continued trust in JPMorgan. Thank you again for joining us today.

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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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Thank you for joining us. Prior to making financial or investment decisions, you should speak with a qualified professional in your JPMorgan team. This concludes today's webcast. You may now disconnect.

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