Family Office 2026: the global map
5 MAY, 2026
By Joanna Piwko from RankiaPro Europe
The great transformation of wealth is already underway. In the next 25 years, about 70,000 billion dollars will change hands between generations globally, and family offices have become the main tool with which the world's richest families are preparing to manage this transition. The sector has recorded a growth of 75% in two years, with an aggregate wealth estimated today at 518 billion dollars, according to the J.P. Morgan Global Family Office Report 2026, based on 333 single family offices interviewed in 30 countries between May and July 2025.
But growth does not mean maturity. 86% of these structures do not have a formal succession plan for their decision makers. 68% do not have a family council. Therefore, it is a sector that is accelerating, but that carries with it structural weaknesses that no portfolio performance can solve alone
Geopolitics, the main risk
Geopolitics is the number one risk for global family offices. One in five (20%) cites it as the main threat to the portfolio, significantly distancing any other category, according to the J.P. Morgan Global Family Office Report 2026, based on 333 single family offices interviewed in 30 countries between May and July 2025.
Inflation follows closely: almost 60% of participants include it in their top five risks. It is not a conjunctural legacy of the post-pandemic, but a structural change. According to J.P. Morgan, we have entered an era where inflation is destined to be more volatile compared to pre-pandemic trends and more subject to upward shocks, a persistent threat to purchasing power and the preservation of wealth in the long term.
Geography significantly affects risk perception. European, Latin American, and Asian international offices perceive geopolitics as a primary threat much more markedly than Americans: 74% include it in the top five, compared to 57% of their American colleagues, who focus more on interest rates (64%) and inflation (61%). The reason is structural: international offices are more exposed to cross-border capital flows and regional political instability, and they know it.
How are family offices positioning themselves
Risk perception translates directly into portfolio choices. Those who identify inflation as a primary risk allocate almost 60% to alternative investments, about 22 percentage points more than the global average. These offices also have double exposure to real estate (16.3% versus 7.4% average) and double exposure to hedge funds (9% versus 4.7%), according to the J.P. Morgan Global Family Office Report 2026.
Those who fear geopolitics instead adopt a different defensive posture: they double the allocation to gold (2% versus 0.9% average) and increase fixed income by about 5 percentage points (19.6% versus 14.8%).
Asset allocation: where do large fortunes invest?
The average portfolio of a global family office in 2026 is largely risk-oriented. Public equity (38.4%) and private investments (30.8%) together absorb over two-thirds of total assets. Fixed income stops at 14.8%, liquidity at 7.8%. The average net worth of the participants in the J.P. Morgan survey is $1.6 billion, with average assets under supervision of $1.16 billion. It is a universe that is progressively approaching the model of institutional investors: long horizons, high risk appetite, privileged access to private markets.
However, there are significant regional differences. US offices are significantly more aggressive: they allocate on average 34.3% in private investments versus 25.6% of internationals, and only 10.7% in fixed income versus 20.8%. A gap of almost 10 points on the private that reflects structural differences in terms of taxation, risk propensity and market access, according to J.P. Morgan.
Private equity
Private equity is the investment class of the moment. 37% of global family offices plan to increase their allocation in the next 12-18 months, the highest percentage among all asset classes monitored by the J.P.Morgan report. The most eloquent data is another: 2.5 times more offices are increasing their exposure to private compared to those who are reducing it. It's not a tactical adjustment: it's a structural trend.
Those aiming for returns above 11% per year (a third of the J.P. Morgan sample) allocate on average over 40% in private markets, with a particular concentration on direct control investments. Drawdown funds remain the dominant access vehicle, used by 67% of global offices, with 35% dedicating more than half of the entire allocation to private.
Developed markets
Among the asset classes on which global family offices plan to increase their exposure in the next 12-18 months, European and UK equities rank second, cited by 33% of respondents globally and by 34% of international offices, according to J.P. Morgan. Interest is driven by specific themes: security and defense, energy, infrastructure — sectors that directly benefit from the new geopolitical context and European public investments.
On the bond front, international offices maintain almost double exposure compared to Americans (20.8% vs 10.7%). A choice that reflects a greater aversion to risk and, in many cases, more conservative liquidity and estate planning needs.
Real estate and alternatives
Real estate remains in third place among asset classes where a global increase in exposure is expected (30%), driven mainly by US offices (35%), according to the J.P. Morgan Global Family Office Report 2026. For those who fear inflation, real estate is not an option but a necessity: these offices allocate 16.3% of the portfolio to it, compared to the 7.4% average.
Hedge funds, on the other hand, remain underutilized: 4.7% of average global allocation, despite market volatility and the high correlation between equity and bonds that would make their diversifying contribution useful. 51% of family offices have no exposure to this asset class.
On the thematic front, 65% of global family offices identify artificial intelligence as a current or future investment priority, placing it first among all monitored themes. They are followed by healthcare innovation (50%) and infrastructure (41%). The paradox, however, is clear: 57% of offices have no exposure to growth equity or venture capital, precisely the structures where AI application innovation is concentrated. A gap between intentions and actual allocations that J.P. Morgan explicitly points out as a strategic anomaly.
