Strong 2025 returns and easing wealth-transfer pressures give family offices renewed confidence for the years ahead.

Family offices continue to report positive performance outcomes as well as sustained optimism despite several years of persistent volatility in markets and global trade all while cybersecurity has emerged as a persistent operational concern.

That's according to the North America Family Office Report 2026, produced by RBC and Campden Wealth, which surveyed 155 single-family offices and private multi-family offices in North America, with an average total wealth of US$2.25 billion. Of the respondents, 40 percent are family members and more than half hold key leadership positions in family offices, such as chief executive, chairperson, founder, principal or president.

Family offices continue to change, and this report offers insight into their operations and priorities as they move forward.

Technology presents operational, investment risk

In a major shift from 2025, 56 percent of respondents cited cybersecurity and data breaches as the single biggest near-term operational risk among respondents. Last year, it ranked near the bottom at just 16 percent. The concern is not unfounded: half of responding family offices experienced phishing attempts in 2026, a quarter saw a family member’s personal accounts breached, and adoption of basic mitigations slipped. Two-factor authentication fell from 92 percent to 83 percent and dual payment authorization dropped from 84 percent to 72 percent.

The report shows AI is a dominant investment theme for family offices in 2026. Fifty-nine percent of respondents said it was the top investment theme over the next 12 months and 64 percent said it was the top theme over the next two to five years—second only to U.S. equities. 

AI also leads the list of the risks most likely to crystallize within the next five years, with 75 percent of respondents reporting they expect an AI investment bubble to burst within that time frame, and just as many expect AI to disrupt employment.
When it comes to the business case for using AI, sentiments remain divided. Forty percent of respondents say AI is embedded and essential to workflow, while 38 percent disagree. They are split on whether they are prepared to pay for enterprise-grade AI: 36 percent say "yes," 46 percent say "no," and the rest are undecided.

Wealth-transfer worries ease

The financial media has been reporting for several years about an upcoming “Great Wealth Transfer,” in which trillions are expected to be passed down to inheritors in North America. While that transition remains important, its timing varies among respondents.

In 2026, one-fifth of responding family offices reported they had experienced a generational transfer within the past five years. Among the family offices that have not experienced this recently, upwards of 50 percent expect the next transfer to be more than 10 years away. As such, family office leaders have time to reconfigure succession- and estate-planning discussions into long-term conversations and action plans.

The report also shows gaps in succession planning and the next generation's readiness. While the data reflects that this will be a longer-term risk for many, it is important for family offices to start educating the next generation about values, managing wealth, and preparation, which may alter how the next generation approaches long-range objectives.

Investment optimism grows

In 2025, surveyed family offices reported feeling extremely cautious amid trade tensions and geopolitical unrest. At the time, 15 percent of respondents expected a negative outcome for their investments. For most, those expectations did not come to fruition.
With the benefit of hindsight, it's clear their negative outlook was unwarranted: this year’s respondents reported strong overall performance in 2025. On average, they reported a return of 17 percent to 20 percent in equity markets, with developed-market equities returning roughly 18 percent and emerging-market equities returning roughly 22 percent. Respondents reported average returns of 12 percent to 15 percent in private markets. 

Family offices largely anticipate consistently positive returns over the next two to five years. More than half of respondents expect equities to match or exceed last year's performance in the coming years.

Family office leaders are also optimistic when it comes to private markets. More than 80 percent expect private investments to meet or exceed last year’s performance. At the same time, liquidity is becoming a primary concern and fund exits are challenging—so family offices may be optimistic about private equity, but they are increasingly selective about how they access it.

Family offices’ confident expectations seem to signal a belief that the economy is earlier in the economic cycle than nearing the end of a mature bull market.

Respondents shared how they plan to adjust investment allocations over the next two to five years, and those plans reflect their confidence. The asset classes that were most often selected for predicted increases include real estate (44 percent said they intend to increase), equities in developing markets (41 percent) and direct investments in private equity (37 percent). The two asset classes respondents most frequently predicted they will decrease investments in are equities in developed markets (30 percent 

Liquidity drives investment quality

Family office leaders consistently expressed concern about liquidity when evaluating investments, particularly private-market investments and private credit. Nearly all respondents agreed there were large differences in the quality of private market funds, and liquidity was the defining feature they relied on to gauge that quality.

One respondent said they have not made a fund investment since 2015, citing liquidity and manager concerns. For that family, the decisive advantage is their own expertise—the ability to turn an average investment into a great one.

International interest may not translate to action

Family office respondents voiced interest in expanding investments in Europe and Asia-Pacific, but time will tell whether they ultimately take action on those ambitions. Last year, more offices said they intended to add exposure to Europe and Asia-Pacific rather than in the United States. However, the opposite actually occurred: the average U.S. allocation rose from 68 percent to 80 percent, and every non-U.S. region shrank.

Those decisions may be explained by strong U.S. equity performance, as reported by respondents looking back on 2025 results. But because intentions and outcomes diverged so dramatically last year, skepticism is warranted about this year's regional investment plans.

Responsible investing shifts

Most family office respondents (86 percent) reported that they do not participate in responsible or values-based investing. The 14 percent that do is down sharply from 25 percent last year.

However, the numbers don’t tell the whole story. The idea of responsible investing seems to have taken on a new tone, which incorporates values into asset allocation rather than viewing values as an objective in their own right.
Fifty-nine percent of offices are engaged in philanthropy, and the motivations have shifted around the family itself. The top motivation is now “continuing the family's mission, legacy and values,” ahead of “giving back to society,” which led the list last year. Education and community development remain the leading charitable causes, and food security—newly added to the list—drew support from nearly half of respondents. Among the offices that disclosed their gifts, 42 percent gave more than $5 million in 2025.

Families may not consider themselves involved in responsible investing, but the report shows that they are increasingly expressing their values through philanthropy or incorporating them into broader asset-allocation decisions rather than through a formally labeled responsible investing strategy.

Read the full report to learn more about why family offices report greater investment confidence despite liquidity pressure, succession timelines, preparedness gaps, rapid technology adoption and rising cybersecurity risks.