Family offices place big bets on AI, alternatives and governance, JPMorgan reveals

Family offices continue to professionalize and expand their reach but meaningful disconnects remain between stated priorities and actual investment exposure.

J.P. Morgan Private Bank’s 2026 Global Family Office Report offers a detailed look at how more than 300 single-family offices across 30 countries are positioning portfolios, managing governance and confronting operational pressures.

One of the clearest themes is enthusiasm for artificial intelligence with 65% of global family offices planning to prioritise AI-related investments now or in the future, highlighting the industry’s belief in long-term technological disruption.

But many portfolios appear ill-equipped to capture that growth with more than half of respondents reporting no current allocation to growth equity or venture capital, while 79% have no exposure to infrastructure, despite its role in supporting data centers, energy demand and digital networks tied to AI expansion.

Family offices that rank inflation as their primary concern allocate close to 60% of assets to alternatives, roughly 20 percentage points above the global average. Hedge funds and real estate feature prominently in those portfolios, with allocations approximately double those of peers less focused on inflation.

Despite elevated geopolitical uncertainty, survey respondents remain cautious toward traditional and emerging hedges. The survey shows that 72% hold no gold exposure, while 89% have no allocation to cryptocurrencies. The findings suggest that many families prefer tangible or strategy-driven alternatives over assets commonly viewed as crisis hedges.

Governance issues loom especially large for families that still own operating businesses. Internal conflict is cited as a top-three risk by business-owning families at nearly twice the rate of non–business owners. In response, these families are more likely to formalize governance structures to align interests, reduce friction and support long-term continuity beyond pure investment outcomes.

For offices overseeing at least $1 billion in assets, average annual operating costs reach $6.6 million. Competition for specialized talent is a major driver, as offices seek professionals capable of navigating complex investment strategies, regulatory regimes and multigenerational planning demands.