How do billionaires think? And perhaps more importantly, what do they think when it comes to how their money is managed and its impact?
That’s what JPMorgan’s elite 23 Wall Team have revealed in the firm’s 2025 Principal Discussions Report, drawn from interviews with 111 principals spanning 28 countries and 15 industries, families each with fortunes large enough to move markets.
It shows that they are redefining what it means to be rich in an era when volatility, technology, and social scrutiny are reshaping the meaning of success.
“Principals remind us that prosperity is about much more than financial capital,” says Andrew L. Cohen, executive chairman, Global Private Bank. “Their perspectives challenge us all to rethink what it means to build enduring wealth, placing purpose, connection, and stewardship at the very heart of their journey.”
Roughly nine in ten respondents said their truest form of wealth isn’t measured in dollars but in time, health, and relationships, while 85% described “success” as the ability to help others and lead with integrity.
It highlights that values-based planning is now the expectation and wealth creators want their capital to reflect their character.
Geopolitical tension tops the worry list for 56% of principals, while nearly four in five have already integrated AI into their personal lives, and about 70% use it in their businesses. Clients may want exposure to innovation, but they also crave guidance on when and how to trust it.
“AI is opening new doors for families and their enterprises, but true success lies in balancing innovation with discernment,” Cohen said.
The report looks at specialty assets that blend personal passion with strategic purpose. Sports teams are the standout with 34% of principals holding ownership stakes, often citing them as both community investments and family legacies. Art (23%) and collectible cars (10%) also feature prominently, not just as trophies but as assets that can be monetized, collateralized, or passed down.
The world’s richest families are doubling down on formal governance, family councils, and philanthropic infrastructure and more than 70% maintain a dedicated philanthropy team to ensure impact and accountability.
Younger family members increasingly see wealth as a platform for influence, not indulgence. They expect transparency, alignment, and measurable outcomes from both investments and giving.
The report shows that the world’s wealthiest families increasingly want advisors who act as partners and educators, not just money managers. Respondents emphasized:
In short, advisors are expected to be strategic confidants helping families translate values into action and legacy.
Read the full 2025 Principal Discussions Report from JPMorgan Private Bank.
“It’s time for an economic reset,” wrote the California governor, in a post on X.
Masterworks was launched in 2017 but its RIA, Masterworks Advisers, is just three years old.
One 2017 form, no broker license, and a $42 million gap they say surfaced on a webinar.
Fewer than half of Americans in their peak earning years feel on track for retirement, while many say limited financial knowledge and access to professional guidance are holding them back.
Meanwhile, Wells Fargo hauled advisors overseeing $825 million in the West Coast, while Wedbush has welcomed a seasoned professional from Stifel in California.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
