Key Takeaways
- • J.P. Morgan Private Bank's 2026 Global Family Office Report, based on a survey of 333 single-family offices across more than 30 countries with an average net worth of $1.6 billion, finds that 65% of family offices plan to prioritize AI investments.
- • Despite AI interest, fewer than half of surveyed family offices have exposure to venture capital and growth equity, and only 20% have any infrastructure exposure, with an average infrastructure allocation of 70 basis points.
- • Only 28% of respondents hold any gold, with an average allocation below 1%, against a suggested range of 3% to 5% cited by the bank.
- • The average cost of running a billion-dollar-plus family office rose from $6.1 million in the 2024 report to $6.6 million in 2026, according to the bank.
- • Around 55% of surveyed offices target 7% to 10% returns, while nearly a third target returns above 11%, a goal the bank describes as a stretch given its 10-15 year capital market assumptions.
Summary
J.P. Morgan Private Bank released its 2026 Global Family Office Report, surveying 333 single-family offices across more than 30 countries, a 75% increase in respondents from the 2024 report. Respondents had an average net worth of $1.6 billion. According to the bank's presentation, the report's central theme is an "implementation gap" around AI: 65% of family offices plan to prioritize AI, yet less than half have exposure to venture capital and growth equity, which the bank views as the primary route into application-layer AI companies.
On infrastructure, the bank said power is the key bottleneck in the AI build-out, with power generation and transmission making up roughly 60% to 70% of infrastructure indices. Only 20% of family offices hold any infrastructure exposure, averaging 70 basis points. Allocation patterns also varied by return target. Around 55% of offices target 7% to 10% returns, and their portfolios were described as roughly 40% public equities, 35.5% alternatives and just under 15% fixed income. Offices targeting above 11% returns allocated over 40% to alternatives, according to the bank.
Geopolitics was the top-ranked risk for family offices outside the US, while inflation and interest rates ranked higher for US offices. Only 28% of surveyed families held gold, and the average allocation was below 1%, which the bank said falls short of a 3% to 5% range it considers appropriate. Average cash holdings were 8%. Operating costs rose to $6.6 million annually for a billion-dollar-plus office, up from $6.1 million in 2024. The report also covers governance and succession planning. This summary is based on the webcast transcript and publisher snippets, as the full article could not be retrieved.
On infrastructure, the bank said power is the key bottleneck in the AI build-out, with power generation and transmission making up roughly 60% to 70% of infrastructure indices. Only 20% of family offices hold any infrastructure exposure, averaging 70 basis points. Allocation patterns also varied by return target. Around 55% of offices target 7% to 10% returns, and their portfolios were described as roughly 40% public equities, 35.5% alternatives and just under 15% fixed income. Offices targeting above 11% returns allocated over 40% to alternatives, according to the bank.
Geopolitics was the top-ranked risk for family offices outside the US, while inflation and interest rates ranked higher for US offices. Only 28% of surveyed families held gold, and the average allocation was below 1%, which the bank said falls short of a 3% to 5% range it considers appropriate. Average cash holdings were 8%. Operating costs rose to $6.6 million annually for a billion-dollar-plus office, up from $6.1 million in 2024. The report also covers governance and succession planning. This summary is based on the webcast transcript and publisher snippets, as the full article could not be retrieved.
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