AI Leads Family Office Investments as Crypto Slumps, JPMorgan Report

Artificial intelligence has become the dominant investment theme for the world’s largest family offices, while cryptocurrencies attract relatively muted interest. JPMorgan Private Bank’s 2026 Global Family Office Report, which surveyed 333 single-family offices across 30 countries between May and July 2025, lays out a landscape where AI is prioritized by a clear majority, and crypto remains a niche asset class. The study’s results show a wide gap between the momentum in AI and the tepid appetite for digital assets, underscoring how family offices are calibrating risk and diversification in a rapidly changing macro environment. A key data point: 65% of respondents are prioritizing artificial intelligence-related investments now or in the near term, while only 17% regard crypto and digital assets as a meaningful theme. The report’s granular figures also reveal that exposure to crypto remains minimal on a global basis.

Key takeaways

• AI dominates planned investment themes among family offices, with 65% of respondents prioritizing AI-related opportunities either now or in the near term.
• Crypto and digital assets remain a marginal part of portfolios: 89% report no exposure, and the average allocation across all family offices sits at 0.4%; Bitcoin exposure averages about 0.2%.
• Gold, a traditional hedge, also garners limited interest, with 72% of surveyed offices reporting zero exposure to the yellow metal.
• Private equity leads the arc of planned asset-allocation increases, as 37% of respondents intend to raise allocations in the next 12–18 months, with growth equity and venture capital gaining traction as AI-driven ventures mature.
• Asia is highlighted as a region where crypto exposure is rising among wealth managers, aided by greater client demand and new crypto-focused strategies, including notable moves by multi-family offices in Hong Kong.

Tickers mentioned: $BTC

Sentiment: Neutral

Price impact: Neutral. The report describes asset-allocations and risk perceptions rather than market moves or catalysts that would shift prices in the near term.

Market context: The study sits within a broader environment in which risk sentiment toward crypto remains cautious among large capital allocators, even as institutional interest in AI accelerates. The data aligns with ongoing conversations about diversification, liquidity management, and the evolving regulatory backdrop that shapes family offices’ ability to deploy capital across traditional and emerging asset classes.

Why it matters

The JPMorgan Private Bank report sheds light on how some of the world’s most affluent families are balancing portfolios in a period of elevated macro uncertainty. The pronounced tilt toward AI signals that family offices are chasing capabilities and strategic advantages in technology, data, and automation—areas perceived to drive productivity and growth across sectors. This appetite for AI aligns with broader institutional narratives around machine learning, automation, and intelligent software as engines of value creation in corporate earnings and portfolio construction.

At the same time, crypto’s subdued footprint underscores a persistent risk calculus. The finding that 89% of surveyed offices have no exposure to cryptocurrencies, with an average crypto allocation of 0.4% and just 0.2% allocated to Bitcoin, points to a conservative stance on digital assets among the ultra-wealthy. This is a departure from early 2021–2022 enthusiasm and contrasts with periods of higher marketplace liquidity and access to crypto products. The data imply that family offices are treating digital assets as a niche allocation with limited tolerance for volatility, counterparty risk, and regulatory uncertainty—even as some institutions experiment with structured vehicles and delegated custody.

Gold, long regarded as a hedge, also fails to attract broad interest, with three-quarters of respondents reporting zero exposure. The report notes a general aversion to both traditional hedges and newer risk-management tools in times of geopolitical strain. This cautious posture toward hedges suggests a broader trend toward selective exposure and a preference for core, yield-generating strategies, including private equity, which remains a bright spot in the report’s allocation plans.

Asia’s position adds nuance to the global picture. While the region has historically lagged in institutional crypto adoption, the report cites a shift toward higher crypto curiosity and engagement among family offices in Singapore, Hong Kong, and mainland China. This echoes earlier reporting that highlighted rising client inquiries and venture into crypto-focused funds. One notable development cited in the coverage is a Hong Kong-based multi-family office planning to allocate up to $10 million to crypto strategies, signaling that certain segments of the region’s wealth management ecosystem are testing the asset class under supervised frameworks.

What to watch next

• Follow the evolution of AI-related investments in family office portfolios over the next 12–18 months, including metrics on deployment speed, returns, and risk controls.
• Monitor crypto exposure shifts, particularly in Asia, and watch for new product structures or custody solutions that could reduce friction and risk for ultra-wealthy clients.
• Observe private equity, growth equity, and venture capital allocations as family offices reassess opportunities in technology-enabled businesses and AI-driven platforms.
• Track any regulatory developments or tax policy changes that could influence holdings in digital assets and related hedges across major markets.

Sources & verification

• JPMorgan Private Bank, 2026 Global Family Office Report (survey of 333 single-family offices across 30 countries, conducted May–July 2025).
• Second-figure data on exposure to crypto and gold: 0.4% crypto allocation on average; Bitcoin exposure ~0.2%; 89% with no crypto exposure; 72% zero exposure to gold; Source: JPMorgan.
• Asia-focused developments in crypto adoption among family offices, including cited moves by Hong Kong–based groups and related coverage referenced in the report.
• Publicly available materials linked in the article, including the JPMorgan report download page and related industry coverage.

AI dominates family office allocations and crypto remains on the margins

In a landscape shaped by rapid technological advancement and shifting regulatory currents, the 2026 Global Family Office Report provides a roadmap of where capital is headed and where it lingers. The emphasis on artificial intelligence as the centerpiece of growth strategies reflects a broader market consensus that AI capabilities can translate into tangible competitive advantages for portfolio companies and endowments. The reported 65% of family offices prioritizing AI-related investments underscores a material shift away from traditional diversification alone toward active bets on AI-enabled disruption across industries, from enterprise software and semiconductor tooling to data infrastructure and automation services.

Concurrently, the crypto footprint across family offices remains surprisingly modest. The fact that nearly nine in ten offices report no exposure, with an average crypto allocation near half a percent and Bitcoin hovering around a quarter of that, signals a risk-aware approach in an ecosystem characterized by volatility and evolving custody norms. Even as the ecosystem matures and regulated investment vehicles broaden access to digital assets, the data suggest that family offices are exercising caution, preferring to reserve capital for strategies with clearer, more predictable risk-and-return profiles.

Yet the momentum is not uniformly negative on digital assets. While overall exposure stays low, the report acknowledges a growing interest in specialized vehicles and structured strategies that could unlock selective access to crypto for family offices wary of direct holdings. The Asia narrative adds a further layer: as client inquiries grow and trading volumes pick up, some wealth managers in the region are taking measured steps toward crypto exposure, signaling a potential inflection point in a market where appetite remains heterogeneous across geographies and wealth bands. Investors and managers watching for policy clarity and institutional-grade infrastructure may see gradual shifts over the next several quarters as product offerings mature and custody solutions gain uptake.

Beyond crypto, the report highlights a robust appetite for private markets. Private equity leads the anticipated allocation increases, with 37% of respondents signaling plans to raise allocations in the next 12 to 18 months. Growth equity and venture capital are also gaining attention, seen as the gateway to early-stage tech innovation that often underpins AI-enabled platforms. For many family offices, this route offers both potential upside and a means to align portfolios with long-term technology trajectories, even as more traditional assets are revisited for liquidity and risk management.

Geopolitical risk remains a persistent concern among family offices, topping the risk agenda at 20% of respondents. Liquidity and trade policy each attract roughly 12% of attention, with several other variables—valuations, economic growth, and portfolio concentration—closely following. The global risk matrix underscores the delicate balancing act family offices perform as they navigate cross-border allocations, currency dynamics, and the regulatory climate that frames both traditional and digital asset classes.

Looking ahead, market participants will be watching how these themes unfold in practice. Will AI-focused strategies deliver the expected productivity gains and returns that justify larger allocations? Will crypto become a more mainstream hedge or a strategic diversification tool for select segments within Asia and other regions? The JPMorgan report provides no single verdict, but it does offer a coherent snapshot of how the wealthiest families are recalibrating exposure, risk, and time horizons in a world where technology reshapes possibilities—and where cautious, evidence-based decision-making remains the norm.

Top risks impacting portfolio positioning among family offices. Source: JPMorgan

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