Geopolitics was the consensus concern amongst family offices worldwide, with expectations that such a worry could intensify, according to a Goldman Sachs report. However, allocations remained steady with some confident about adding risk assets.
More than one-third (34 percent) of family offices worldwide plan to reduce cash balances and redeploy capital into risk assets, according to Goldman Sachs’ third «Family Office Investment Insights» report. This includes 39 percent and 38 percent who are seeking to increase allocations to private equity and public equities, respectively. 26 percent also want to add exposure to private credit.
Thematically, 58 percent expect portfolios to be overweight technology with 86 percent investing in AI. 33 percent now invest in cryptocurrencies, up from 26 percent in 2023.
Current allocations remain broadly unchanged compared to 2023, led by alternatives (42 percent), followed by public equities (31 percent), fixed income 11 percent) and cash excluding US Treasuries (12 percent). Private equity saw the biggest shift from 26 percent in 2023 to 21 percent in 2025.
Top Concerns
Despite plans to increase risk assets, many remain concerned about the macro environment. Geopolitics was named as the top worry by 66 percent (75 percent in APAC) with 66 percent expecting this risk to rise over the next year. Political instability (39 percent) and economic recession (38 perent) and global tariffs (35 percent) were also named as top risks.
The report was based on the perspectives of decision-makers, 67 percent of which have a net worth of at least $1 billion. By region, 47 percent were from the Americas followed by EMEA (26 percent) and APAC (27 percent).
