Geopolitics as top risk
The survey, which was conducted from May 2025 through Jul 2025 during a period of market and geopolitical upheavals, found that 89% of family offices held no and 72% held no gold. A majority (64%) said geopolitics was the top risk, with inflation also ranked high in a list of concerns.
Instead of crypto, 65% prioritized investments in Artificial Intelligence, but 79% had no exposure to supporting AI infrastructure, and more than half lacked venture market exposure to the sector. The study covered 333 single-family offices in 30 countries globally.
The US private bank said the average net worth of the participants was $1.6bn, and the collective net worth of all respondents was $518bn.
Ignoring the hype
"Despite the headlines and hype around crypto and other digital assets, the vast majority of family offices (89%) remain on the sidelines," the report said, adding that this mirrored a debate within JPMorgan about the role of crypto in a portfolio, and how much a portfolio should own in digital assets "given their elevated volatility and inconsistent with other assets."
The report found that 17% are considering digital assets for the medium to long-term.
Cutting out the middleman
Binance, the world’s largest , is betting otherwise. In late November, it launched "Binance Prestige," a high-touch service designed to onboard ultra-high-net-worth individuals (UHNWI) and family offices directly, effectively cutting out the traditional banking middlemen. The new offering targets the tier above mass affluent investors to reach investors who want to execute their own strategies without a private banker.
Hong Kong gaming and investment giant Animoca Brands is also targeting the ultra-wealthy with crypto and traditional investments, announcing in December a plan to buy up to 15% of the Hong Kong arm of Chinese asset manager GROW Investment Group.
Once completed, the renamed GROW Digital Wealth would operate a platform in Asia offering crypto and traditional investments to family offices and ultra-high-net-worth individuals (UHNWIs). By positioning the platform directly to individuals, family offices and independent advisors, Animoca is also bypassing traditional private banker channels.
Digital favored in Asia Pacific
Asia Pacific may offer a more receptive environment for digital assets. The region comprised 11% of participants in the JPMorgan survey and covered Hong Kong, Singapore, Australia and Malaysia. The region has the smallest allocation of participants, behind EMEA at 14%, Latin America at 16% and with the US taking up the bulk, at 59%.
In contrast with the JPMorgan report, Sygnum’s report on over 270 high-net-worth individuals (HNWIs) and professional investors across 10 Asia-Pacific markets found that 87% of surveyed Asian HNWIs already hold digital assets in their investment portfolios. The study, released in December, included Singapore, Hong Kong, Indonesia, South Korea and Thailand.
Nearly half (49%) of respondents allocate more than 10% of their total portfolio to crypto, with a typical exposure range between 10% and 20%.
Risk assets popular
The JPMorgan respondents favored , with public equities (38.4%) and private investments (30.8%) accounting for more than two-thirds of assets. The third largest average asset class exposure was in fixed income at 14.8%.
The US private bank said it saw a shift in family office capital allocations, with alternatives becoming a strategic pillar. “Across private equity, private credit, real assets and hedge funds, we’re deploying more capital than ever as families seek durable income streams, access to innovation and diversified sources of return,” the report said.
