Global family offices are increasingly worried about geopolitical risk, but they are not flocking to traditional havens like gold or crypto, according to J.P. Morgan Private Bank’s 2026 Family Office Report.  

The survey of 333 family offices across 30 countries, with an average net worth of $1.6 billion, found that 64% see geopolitics as the greatest threat to their portfolios, yet 72% have no gold exposure and 89% hold no cryptocurrencies, favoring tangible assets and established private-market strategies instead.  

“While family offices everywhere are facing similar headwinds, their actions vary regionally. What stands out globally is a clear risk-on attitude,” said Natacha Minniti, global co-head of the family office practice. “Not surprisingly, AI is the top investment theme, yet 57% of respondents have no exposure to growth and venture capital—where much of the innovation happens.” 

Alternatives already account for 30.8% of family office portfolios, with private equity the largest private allocation at 9.8% and 37% of respondents planning to increase PE exposure over the next 12 to 18 months.  

Christophe Aba, head of International Investments & Advice, noted that with the top 10 AI companies valued at about $1.5 trillion, “much of AI’s future value has yet to be created outside the public market sphere.” Yet 79% of family offices have no infrastructure exposure—including data centers, transportation and other real assets—and just 7.4% of portfolios sit in real estate. 

Private credit is similarly underpenetrated, with 58% reporting no exposure, although nearly 30% expect to lift allocations in the coming year. For families most focused on inflation risk, alternatives climb to nearly 60% of portfolios, with hedge funds and real estate allocations roughly double the average—even as overall hedge fund exposure remains modest at 4.7%. 

Connect Money is spotlighting rising stars who have made a valuable contribution to the wealth management industry. Based on your nomination, we will recognize professionals who have significantly influenced both the workplace and community. The nomination deadline is March 4. Click here to submit your nominations and help us highlight the next generation of wealth management leaders.