Family Offices Hold 31% in Private Markets, Real Estate Takes Largest Share

J.P. Morgan survey of 333 offices managing $518 billion shows geopolitics topping risk concerns globally while U.S. offices worry most about interest rates.

By the Family Office Real Estate Daily Desk·Monday, August 31, 2026·1 min read

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How much are family offices allocating to real estate and private markets in 2026?

J.P. Morgan Private Bank's 2026 Global Family Office Report, drawn from 333 family offices across 30 countries managing a collective $518 billion, shows private investments represent 30.8% of family office portfolios, with real estate taking the largest single slice at 7.4% within that allocation. Geopolitics ranks as the top risk globally while U.S. offices rank interest rates first at 64%.

Key facts

J.P. Morgan Private Bank's 2026 Global Family Office Report surveyed 333 family offices across 30 countries between May 2025 and July 2025, representing a collective net worth of $518 billion.
The reported average net worth of survey participants was $1.6 billion, according to J.P. Morgan Private Bank's data.
Within private investment allocations, J.P. Morgan Private Bank's survey found private equity was the largest sub-category at 9.8%, followed by real estate at 7.4% and control-oriented private investments at 6.1%.
U.S. family offices in J.P. Morgan Private Bank's survey ranked interest rates as their top portfolio risk at 64%, followed by inflation at 61% and economic growth at 61%.
Geopolitics ranked as the top risk globally among family offices in J.P. Morgan Private Bank's survey, cited as the first-ranked risk by 20% of respondents, while 74% of international family offices ranked it in their top five risks.

Family Offices Hold 31% in Private Markets, Real Estate Takes Largest Share — Image: editorial illustration · Story sourced from AI-CIO

Family offices allocated 30.8% of portfolios to private investments in 2025, with real estate claiming the largest share at 7.4%, according to J.P. Morgan Private Bank's 2026 Global Family Office Report. The survey polled 333 family offices across 30 countries between May and July 2025, representing collective net worth of $518 billion.

Private equity accounted for 9.8% of total portfolios, followed by real estate at 7.4% and control-oriented private investments at 6.1%. Growth equity and venture capital held 3.3%, while private credit took 2.4%. Infrastructure, transportation and other real assets made up 0.7%, and secondaries 1.1%.

Public equities remained the largest allocation at 38.4%, with fixed income at 14.8% and cash at 7.8%. Hedge funds held 4.7%, commodities 1.3%, and art or collectibles 1%. Crypto and digital assets accounted for 0.4% of portfolios.

The average net worth of survey participants was $1.6 billion. Nearly 60% of surveyed family offices are based in the United States, with 16% in Latin America, 14% in Europe, the Middle East and Africa, and 11% in Asia Pacific.

Geopolitics ranked as the top global risk, with 20% of offices naming it their primary concern. Trade policy and tariffs and liquidity each drew 12%, while asset valuations and economic growth each took 10%. Portfolio concentrations rounded out the top risks at 10%.

In the United States, interest rates led risk concerns at 64%, followed by inflation and economic growth at 61% each. Geopolitics ranked fourth at 57%, and asset valuations fifth at 56%. Internationally, geopolitics topped the list at 74%, with trade policy and tariffs at 60%, economic growth at 57%, interest rates at 55%, and currency at 45%.

Of the offices surveyed, 29% were established in the past five years, 23% within six to 10 years, 26% within 11 to 20 years, and 22% more than 20 years ago. Nearly half serve two or three generations, with 44% serving two generations and 44% serving three. Only 13% serve a single generation.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

The 7.4% real estate allocation places property ahead of private credit and growth equity combined, suggesting family offices treat real estate as foundational private-market exposure rather than opportunistic. Offices with materially lower real estate weights should decide whether that reflects deliberate sector conviction or portfolio drift. The 2.4% private credit allocation implies limited appetite for floating-rate credit despite interest-rate concerns—offices hunting yield may find less competition in senior secured strategies than in core property.

The 30.8% private-investment total implies median offices are running 70% liquid. That liquidity budget accommodates control-oriented stakes at 6.1% and secondaries at 1.1%, both of which lock capital for years. Offices considering direct real estate should model whether a 7% to 10% property allocation still leaves room for co-GP commitments in other privates without breaching a 35% illiquidity threshold. The 0.7% infrastructure weight suggests most offices have not yet allocated to data centers, cell towers, or renewable assets—sectors institutional capital has crowded but family offices have largely skipped.

Geopolitics ranking first globally but fourth in the U.S. points to a hedging gap. Offices with meaningful international exposure should stress-test whether their 14.8% fixed-income allocation includes non-dollar sovereigns or inflation-linked bonds, or whether it clusters in U.S. Treasuries that offer no geopolitical diversification. The 64% U.S. concern over interest rates argues for floating-rate private credit or short-duration real estate debt, yet the 2.4% credit allocation suggests offices are underweight the very instruments that hedge their stated top risk.

Questions this story answers

01What are family offices most worried about in terms of portfolio risk in 2026?

J.P. Morgan Private Bank's 2026 Global Family Office Report found that geopolitics is the top risk ranked first globally, cited by 20% of respondents. U.S. family offices ranked interest rates first at 64%, followed by inflation and economic growth both at 61%. Internationally, 74% of family offices ranked geopolitics in their top five risks.

02How large is the family office universe represented in J.P. Morgan's 2026 report?

J.P. Morgan Private Bank's 2026 Global Family Office Report reflects perspectives from 333 family offices across 30 countries, surveyed between May 2025 and July 2025. The collective net worth represented by all respondents was $518 billion, and the reported average net worth of participants was $1.6 billion.

03Where are the family offices in J.P. Morgan's survey located?

According to J.P. Morgan Private Bank's 2026 Global Family Office Report, 59% of surveyed single family offices are located in the United States, 16% in Latin America, 14% in Europe, Middle East and Africa, and 11% in Asia Pacific.

04How do family offices split their private investment allocations across different strategies?

J.P. Morgan Private Bank's 2026 Global Family Office Report shows that within private investments, private equity accounts for 9.8%, control-oriented private investments for 6.1%, real estate for 7.4%, growth equity and venture capital for 3.3%, private credit for 2.4%, secondaries for 1.1%, and infrastructure, transportation and other real assets for 0.7%.

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