BNY Wealth study of 290 global single family offices finds private equity, infrastructure and private credit now dominate portfolio construction
Alternative assets have crossed a critical threshold at the world's largest single family offices, with holdings in private markets, infrastructure and digital assets now accounting for 60 per cent of total portfolio allocations - surpassing traditional asset classes for the first time, according to a 2026 study by BNY Wealth.
The 2026 Investment Insights for Single Family Offices report, conducted by the Harris Poll on behalf of BNY Wealth between January 5 and February 3, 2026, surveyed 290 investment decision-makers at single family offices with investable assets of at least US$250 million. Nearly half of respondents (46 per cent) oversee more than US$1 billion in assets, up from 34 per cent the previous year.
The shift is significant for wealth managers and financial advisors who serve ultra-high-net-worth clients: the report signals that the defining portfolio of the wealthiest families is no longer built around public equities and bonds, but around illiquid, higher-returning private assets.Wealth Professional has reported on the growing demand for private market access across the advice channel.
Infrastructure and private equity lead the charge
Infrastructure emerged as the top investment priority for the coming 12 months, with 56 per cent of family offices planning to increase exposure.
Much of this appetite is tied to the global build-out of artificial intelligence infrastructure - data centres, power systems and semiconductor capacity - where vacancy rates remain near historic lows and new capacity is being pre-leased before completion.
Private equity retains its position as the leading asset class over the next five years, with private credit gaining ground sharply. Family offices ranking private credit as a top asset class rose 46 per cent - an 11-percentage-point increase - with non-U.S. offices now nearly as exposed to private credit (8 per cent) as they are to real estate (9 per cent).
The report cautions, however, that early 2026 saw heightened redemptions at some semi-liquid private credit funds, a reminder that illiquidity risk requires careful management. Wealth Professional has previously examined how Canadian advisors are navigating this growing appetite for private markets exposure among their clients.
AI drives both investment and operations
Artificial intelligence ranked as the most interesting investment theme for the next five years for the third consecutive year, cited by 68 per cent of respondents.
Beyond its role as an investment target, AI is increasingly embedded in how family offices operate: 61 per cent report that integrating AI has improved investment outcomes, with portfolio analytics and reporting automation the most widely adopted applications.
Inflation and potential central bank policy missteps rank as the leading perceived risks over the next five years, ahead of geopolitical instability. Notably, family offices have nearly doubled their exposure to uncorrelated assets - including luxury holdings such as fine jewellery and art - as an inflation hedge.
The full BNY Wealth report is available at bny.com/globalfamilyoffice.
