Family Office Asset Allocation: Where Family Offices Aren’t Investing in 2026
The short answer
Across three major 2026 surveys, public equities account for 30% to 38% of the average family office portfolio, and private investments for roughly a third. J.P. Morgan finds 89% of family offices hold no crypto, 79% no infrastructure, 76% no secondaries and 72% no gold.¹
Ask a family office where it invests and you will hear about public equities and private equity. Ask where it doesn’t, and the answer gets more interesting.
Three global reports published this year, from J.P. Morgan Private Bank, UBS and Citi Wealth, drew on close to 1,000 family office responses between them. Read side by side, they describe portfolios anchored in familiar assets, with large empty spaces in places families say they care about. This article looks at family office asset allocation in 2026: where the capital sits, where it doesn’t, and where new money is heading.
What the Average Family Office Portfolio Looks Like
J.P. Morgan surveyed 333 single family offices across 30 countries, with an average net worth of $1.6 billion. On average, public equities make up 38.4% of the portfolio and private investments 30.8%, together more than two-thirds of assets. Fixed income, at 14.8%, completes a core that covers 84% of the portfolio.¹
The rest of the average portfolio:
Cash: 7.8%
Hedge funds: 4.7%
Commodities: 1.3%
Art and collectibles: 1.0%
Crypto and digital assets: 0.4%
Private investments are spread across several buckets: private equity at 9.8%, real estate at 7.4%, control-oriented private investments at 6.1%, growth equity and venture capital at 3.3%, private credit at 2.4%, secondaries at 1.1%, and infrastructure and other real assets at 0.7%.¹
Figure 1: Stacked horizontal bar, “The average family office portfolio.”
Where Family Offices Aren’t Investing: The 0% List
The empty spaces in a portfolio say as much as the full ones. J.P. Morgan found that large majorities of family offices allocate exactly nothing to several asset classes:¹
Crypto and digital assets: 89% hold none
Infrastructure and other real assets: 79% hold none
Secondaries: 76% hold none
Gold: 72% hold none
Private credit: 58% hold none
More than half also have no exposure to growth equity or venture capital.¹
Crypto is the clearest case. After years of headlines, nearly nine in ten family offices hold none. Gold follows a similar pattern even though geopolitics is the most frequently cited top risk, named by 64% of respondents.¹ Offices that name geopolitics as their top risk hold almost double the average in fixed income, which suggests they reach for bonds before they reach for gold.¹
Figure 2: Horizontal bar chart, “Share of family offices with a 0% allocation.
The Inflation Gap in Family Office Asset Allocation
The gaps stand out because they sit next to the risks family offices say they worry about most. In Citi’s 2026 survey of 351 family offices in 41 countries, conducted in June and July, 63% named inflation a top concern, up from 37% a year earlier. Inflation displaced tariffs at the top of the list.²
Yet worry has not translated into wholesale repositioning. Citi found that 42% of respondents made no change to their public equity allocation over the past year, while a net 34% increased it, and a Citi executive said portfolio allocations had not changed as dramatically as concern had.² J.P. Morgan’s data point the same way on infrastructure: 79% of family offices hold none, even though the asset class forms the physical backbone of AI through power, connectivity and logistics.¹
UBS found one visible shift among the offices planning changes: real estate falling from 11% of the portfolio to 8%, while infrastructure doubles from 1% to 2%.³
The AI Paradox
AI is the most popular investment theme among family offices: 65% of J.P. Morgan’s respondents say they intend to prioritize AI-related investments.¹ But many have yet to build exposure to the asset classes that sit closest to the AI buildout. More than half have no growth equity or venture capital, and 79% have no infrastructure.¹ J.P. Morgan adds that the top ten AI companies are already valued at around $1.5 trillion in private markets, so much of AI’s future value is still being created outside public markets.¹
Citi’s data show where the interest is flowing instead. Direct investing is widespread, with 75% of family offices participating, and AI is the top destination for direct investments, chosen by 51% of respondents, ahead of healthcare and real estate.² Citi also describes AI moving from experimentation to implementation, with offices using it across analysis, reporting and workflow while keeping final decisions with experienced people.²
Figure 3: Three-number callout, “AI ambition vs. exposure.”
Where New Family Office Capital Is Moving
Allocations are shifting faster than at any point this decade. UBS found that 60% of the 307 family offices it surveyed plan to change their strategic asset allocation in 2026, the highest share it has recorded and up from 35% in 2025, according to Spear’s coverage.³ Among those planning changes, the moves are measured: real estate 11% to 8%, gold 2% to 3%, infrastructure 1% to 2%, emerging market equities 5% to 6%, and cash 9% to 8%.³
Private markets lead the planned increases. Over the next 12 to 18 months, J.P. Morgan respondents plan to raise exposure to private equity (37%), real estate (30%), growth equity and venture capital (29%), private credit (29%), secondaries (28%) and infrastructure (24%).¹ Note the tension: 76% hold no secondaries today, and 28% plan to add them.
Public markets are still drawing capital. Citi found that nearly half of respondents increased their public equity exposure during the past year, making it the top destination for new capital. Looking ahead, 37% expect to increase global developed equities and 28% hedge funds.²
Figure 4: Horizontal bar chart, “Share of family offices planning to increase exposure”
Why the Three Reports Don’t Match
The reports disagree on basics. Public equities range from 30% of the average portfolio (Citi) to 32% (UBS, end of 2025) to 38% (J.P. Morgan).¹ ² ³ The differences come from who was surveyed, when, and what was measured:
J.P. Morgan: 333 single family offices in 30 countries, average net worth $1.6 billion, survey conducted May to July 2025. Top risk: geopolitics.¹
UBS: 307 family offices, average net worth $2.7 billion, survey conducted January to March 2026. Top risk: major geopolitical conflict.³
Citi: 351 clients in 41 countries, survey conducted June and July 2026, built from attendees of a family office summit averaging $2.1 billion in family net worth and then opened to Citi’s wider client base. Top concern: inflation.²
Even the same asset class can look different. Private equity is 9.8% of the portfolio in J.P. Morgan’s data and 17% in UBS’s, partly because UBS counts direct and fund investments together, while J.P. Morgan reports control-oriented and growth stakes separately.¹ ³ Read together, the reports work best as three snapshots, not one benchmark.
What the Data Doesn’t Settle
These are self-reported surveys of large offices, so they say little about smaller ones. They also measure different things, at different times, with different definitions, and the J.P. Morgan fieldwork predates much of what is reported in 2026.¹ The “0%” figures describe whether an office holds an asset, not whether it has considered it. And planned changes are intentions: UBS’s own data show most shifts are modest.³ None of this is investment, legal or tax advice.
Questions Worth Asking of Your Own Allocation
Do my biggest worries show up in my portfolio, or only in my conversations?
Which of my 0% allocations are decisions, and which are defaults?
If AI is a priority, is my exposure through public companies, direct deals, funds, or the infrastructure beneath them?
How much cash am I holding, and what is it waiting for?
Does my benchmark match my own goals, liquidity needs and horizon?
What I find interesting is how often the story is in the gaps. Family offices have the flexibility to hold almost anything, yet a few familiar assets dominate and several widely discussed ones barely register. Some of those gaps are deliberate. Some may be habits. As 60% of UBS respondents plan to change their mix this year, the question for any family is which of its own gaps it chose.
Frequently Asked Questions
What is family office asset allocation?
It is how a family office divides capital across asset classes such as public equities, private investments, fixed income and cash. The mix reflects the family’s goals, time horizon, liquidity needs and risk tolerance.
How much do family offices invest in private equity?
It depends on the definition. J.P. Morgan reports private equity at 9.8% of the average portfolio, the largest private investment bucket, while UBS puts private equity (direct and funds) at 17%.¹ ³ In J.P. Morgan’s survey, private equity is also the top planned increase, with 37% of offices expecting to add exposure.¹
Do family offices invest in crypto?
Very few do, and lightly. J.P. Morgan found that 89% hold no crypto or digital assets, and the average allocation is 0.4% of the portfolio.¹
Do family offices invest in gold?
Most don’t hold much. J.P. Morgan reports that 72% have no gold exposure.¹ UBS puts the average allocation at about 2% of portfolios, rising to 3% among offices planning changes.³
What returns do family offices target?
About 55% of J.P. Morgan respondents target annual returns of 7% to 10%, and almost a third target more than 11%.¹ In Citi’s survey, 41% target 7% to 10%.²
How much cash do family offices hold?
Averages differ by survey: 7.8% in J.P. Morgan’s, 9% in UBS’s and 12% in Citi’s.¹ ² ³
Do family offices invest directly in companies?
Yes. Citi found that 75% participate in direct investing.² In J.P. Morgan’s survey, sourcing and managing direct investments is a top-three strategic priority.¹ RBC and Campden’s North America survey found direct investments average 45% of the private markets book, ahead of funds at 36%.⁴
Sources
¹ J.P. Morgan Private Bank, 2026 Global Family Office Report (333 single family offices, 30 countries; survey conducted May to July 2025); press release (PR Newswire, February 2026); report page. Return-target data from the report webcast transcript.
² Citi Wealth, 2026 Global Family Office Report (351 clients, 41 countries; survey conducted June and July 2026); press release, September 22, 2026; Funds Society, “AI Crowned Top Direct Investment Destination for Global Ultra-High-Net-Worth Individuals” (October 2026); CNBC, “Family offices double down on stocks and private equity even as inflation spurs worry, Citi survey finds” (September 24, 2026).
³ UBS, Global Family Office Report 2026 (307 family offices; survey conducted January 22 to March 30, 2026), press release, May 28, 2026; Spear’s coverage.
⁴ RBC Wealth Management and Campden Wealth, 2026 North America Family Office Report, press release, September 29, 2026.
This article is for informational purposes only and does not constitute investment advice.
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