JPMorgan 2026 Report: Family Offices Favor AI over Crypto
Artificial intelligence has become the leading investment theme among major family offices, while interest in cryptocurrencies remains limited, according to JPMorgan Private Bank’s 2026 Global Family Office Report. The survey, conducted between May and July 2025, gathered responses from 333 single-family offices across 30 countries. It found that 65% of respondents (216 offices) are prioritizing AI-related opportunities now or in the future, compared with 17% (56 offices) that view crypto and digital assets as a key theme.
Crypto holdings are largely absent from these portfolios. The report indicates that 89% of family offices currently have no exposure to cryptocurrencies. On average, global allocations to crypto and digital assets stand at 0.4%, while exposure to Bitcoin (BTC) averages 0.2%.
Gold also sees limited use, with 72% of respondents reporting no exposure. The report noted that despite heightened geopolitical concerns, family offices have shown restrained interest in both traditional and alternative hedges.
Top investment themes among family offices. Source: JPMorgan
Private equity seen as leading area for allocation increases
Of the family offices surveyed, 59% (197 offices) are based in the United States, with the remainder located across Europe, Latin America and the Asia-Pacific region. Private equity is the most favored asset class for future commitments, with 37% of respondents planning to raise allocations over the next 12 to 18 months. Growth equity and venture capital—key channels for early-stage AI exposure—are also drawing interest, although more than half of family offices reported no current exposure to these segments.
Geopolitics is cited as the top global risk by 20% of respondents, followed by liquidity and trade policy at 12% each. Concerns over asset valuations, economic growth and portfolio concentration also feature prominently in risk assessments.
Top risks impacting portfolio positioning among family offices. Source: JPMorgan
Asian family offices expand crypto allocations
Separate reporting last year from Reuters indicated that wealthy families and family offices in Asia have been increasing their cryptocurrency exposure, with some targeting around 5% of portfolios. Interest has been particularly strong in Singapore, Hong Kong and mainland China, supported by rising client inquiries, higher trading volumes and demand for crypto-focused funds.
In June, Hong Kong–based multi-family office VMS Group, which manages $4 billion in assets, said it planned to enter the crypto market for the first time and was considering investing up to $10 million in Re7 Capital strategies.
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