UBS Global Family Office Report 2025: 317 Family Offices with $1.1 Billion Average AUM & $2.7 Billion Average Net Worth, Average Cost to Operate Family Office from 0.353% to 0.44%, Top First Hire in Family Office is Investment Portfolio Manager, Family Office Asset Allocation Equities 30%, Fixed Income 18%, Cash 8%, Private Equity 21%, Private Debt 4%, Hedge Funds 4%, Real Estate 11%, Gold / Precious Metals 2%, Infrastructure 1%, Arts & Antiques 1%, Commodities < 1%, Top 5 Asset allocation by Region – North America 53%, Western Europe 26%, APAC ex-China 7%, Greater China 7%, Latin America 3%, Top 5 Most Familiar Investment Themes with Clear investment strategy in Family Office – Healthcare / Medicine 35%, Electrification 29%, Generative AI 27%, Energy Transition 27%, Agriculture / Sustainable Living 17%, Top 5 Risks in Next 12 Months are Global Trade War, Major Geopolitical Conflict, Higher Inflation, Higher Interest Rates, Global Recession, Top 5 in-House Functions of Family Office are Strategic Asset Allocation, Financial Reporting, Portfolio Risk Management, Philanthropy, Bookkeeping & Accounting
5th June | Hong Kong
UBS has released the UBS Global Family Office Report 2025, providing key insights on 317 family offices with average net worth of $2.7 billion & average family office AUM $1.1 billion. Average Cost to operate family office – 0.353% to 0.44% ($353k to $440k per $100 million AUM / $3.53 million to $4.4 million per $1 billion AUM). Average Cost to operate family office with $100 m to $250 million – 0.418%. Average Cost to operate family office with $250 m to $1 billion – 0.424%. Average Cost to operate family office with more than $1 billion – 0.353%. Average Cost to operate family office with 1st generation – 0.368%. Average Cost to operate family office with 2nd to 7th generation – 0.44%. Cost Breakdown in family office – Pure cost of family office 57%, Asset management 21%, Banking-related 10%, External structure 8%, Other 4%. Pure cost of family office – Staff 67%, Legal / compliance 19%, Physical Infrastructure 8%, IT / Technology 7%, Research 5%, Other 4%. Top 5 First Hire in family office – Investment Portfolio Manager 22%, From Operating Business 12%, Asset Manager 9%, Investment Analyst 8%, Accountant 7%. Top 4 Hiring attributes in family office – Right personality 73%, Trust 72%, Share family values 59%, Education / Industry specific qualifications 52%. Family Office Asset Allocation – Traditional 56%, Alternative 44%. Family Office Asset Allocation Breakdown – Equities 30%, Fixed Income 18%, Cash 8%, Private Equity 21%, Private Debt 4%, Hedge Funds 4%, Real Estate 11%, Gold / Precious Metals 2%, Infrastructure 1%, Arts & Antiques 1%, Commodities < 1%. Top 5 Asset allocation by Region – North America 53%, Western Europe 26%, APAC ex-China 7%, Greater China 7%, Latin America 3%. Top 5 Increased in Asset Allocation in next 5 years – Equities (Developed) 46%, Private Equity (Direct) 37%, Private Equity (Funds) 34%, Equities (Emerging) 34%, Private Debt 30%. Top 5 Increased Emerging Markets allocation in next 12 months – India 28%, China Mainland 18%, Saudi Arabia 12%, Mexico 7%, Brazil 7%. Equities Portfolio Management – Actively Managed 64%, Passively Managed 36%. Top 5 Most Familiar Investment Themes with clear investment strategy in family office – Healthcare / Medicine 35%, Electrification 29%, Generative AI 27%, Energy Transition 27%, Agriculture / Sustainable Living 17%. Top 3 Sustainability &/or Impact considerations in family office – Philanthropy / Charity 41%, Operating Businesses 30%, Selective Investments (Theme) 26%. Family office views on top 3 sectors benefiting from Generative AI – Banks / Financial Services 75%, Pharmaceutical / Biotechnology 65%, Healthcare 62%. Top 5 Risks in next 12 months – Global Trade War, Major Geopolitical Conflict, Higher Inflation, Higher Interest Rates, Global Recession. Top 3 Challenges in managing portfolio – Find right risk-offsetting asset or strategy, Safety assets predictability, Cost. Top 3 Strategies to enhance portfolio diversification – Rely more on manager selection / active management, Hedge funds, Increase illiquid assets. Top 5 in-house functions in family office – Strategic asset allocation, Financial reporting, Portfolio risk management, Philanthropy, Bookkeeping & accounting. Top outsourced functions in family office – Strategic asset allocation, Financial reporting, Portfolio risk management, Philanthropy, Bookkeeping & accounting. Top 3 Reasons for in-house functions in family office – Expertise in-house, Prefer operational control, Protect privacy. Top 3 Reasons for outsourcing in family office – No expertise in-house, No technical resources, Cost-effective. Top 3 Involvement of next generation – Board of Family Office, Philanthropy Initiatives, Strategic Asset Allocation. Top 3 challenges for current succession plan – Tax-efficient transfer of wealth, Right legal structures to transfer assets, Ensuring family assets are protected for generations. Top 3 reasons for no succession plan – Not a priority / plenty of time to do in future, Not decided on dividing wealth & asset, No time to discuss with family office. See below for key findings & summary | View report here
“ UBS Global Family Office Report 2025: 317 Family Offices with $1.1 Billion Average AUM & $2.7 Billion Average Net Worth, Average Cost to Operate Family Office from 0.353% to 0.44%, Top First Hire in Family Office is Investment Portfolio Manager, Family Office Asset Allocation Equities 30%, Fixed Income 18%, Cash 8%, Private Equity 21%, Private Debt 4%, Hedge Funds 4%, Real Estate 11%, Gold / Precious Metals 2%, Infrastructure 1%, Arts & Antiques 1%, Commodities < 1%, Top 5 Asset allocation by Region – North America 53%, Western Europe 26%, APAC ex-China 7%, Greater China 7%, Latin America 3%, Top 5 Most Familiar Investment Themes with clear investment strategy in family office – Healthcare / Medicine 35%, Electrification 29%, Generative AI 27%, Energy Transition 27%, Agriculture / Sustainable Living 17%, Top 5 Risks in Next 12 Months are Global Trade War, Major Geopolitical Conflict, Higher Inflation, Higher Interest Rates, Global Recession, Top 5 in-House Functions of Family Office are Strategic Asset Allocation, Financial Reporting, Portfolio Risk Management, Philanthropy, Bookkeeping & Accounting “
UBS Global Family Office Report 2025: 317 Family Offices with $1.1 Billion Average AUM & $2.7 Billion Average Net Worth, Average Cost to Operate Family Office from 0.353% to 0.44%, Top First Hire in Family Office is Investment Portfolio Manager, Family Office Asset Allocation Equities 30%, Fixed Income 18%, Cash 8%, Private Equity 21%, Private Debt 4%, Hedge Funds 4%, Real Estate 11%, Gold / Precious Metals 2%, Infrastructure 1%, Arts & Antiques 1%, Commodities < 1%, Top 5 Asset allocation by Region – North America 53%, Western Europe 26%, APAC ex-China 7%, Greater China 7%, Latin America 3%, Top 5 Most Familiar Investment Themes with Clear investment strategy in Family Office – Healthcare / Medicine 35%, Electrification 29%, Generative AI 27%, Energy Transition 27%, Agriculture / Sustainable Living 17%, Top 5 Risks in Next 12 Months are Global Trade War, Major Geopolitical Conflict, Higher Inflation, Higher Interest Rates, Global Recession, Top 5 in-House Functions of Family Office are Strategic Asset Allocation, Financial Reporting, Portfolio Risk Management, Philanthropy, Bookkeeping & Accounting
UBS has released the UBS Global Family Office Report 2025, providing key insights on 317 family offices with average net worth of $2.7 billion & average family office AUM $1.1 billion. See below for key findings & summary | View report here
UBS Global Family Office Report 2025
Profile
- No. of family offices – 317
- Average net worth – $2.7 billion
- Average family office AUM – $1.1 billion
Summary
- Average Cost to operate family office – 0.353% to 0.44% ($353k to $440k per $100 million AUM / $3.53 million to $4.4 million per $1 billion AUM)
- Average Cost to operate family office with $100 m to $250 million – 0.418%
- Average Cost to operate family office with $250 m to $1 billion – 0.424%
- Average Cost to operate family office with more than $1 billion – 0.353%
- Average Cost to operate family office with 1st generation – 0.368%
- Average Cost to operate family office with 2nd to 7th generation – 0.44%
- Cost Breakdown in family office – Pure cost of family office 57%, Asset management 21%, Banking-related 10%, External structure 8%, Other 4%
- Pure cost of family office – Staff 67%, Legal / compliance 19%, Physical Infrastructure 8%, IT / Technology 7%, Research 5%, Other 4%
- Top 5 First Hire in family office – Investment Portfolio Manager 22%, From Operating Business 12%, Asset Manager 9%, Investment Analyst 8%, Accountant 7%
- Top 4 Hiring attributes in family office – Right personality 73%, Trust 72%, Share family values 59%, Education / Industry specific qualifications 52%
- Family Office Asset Allocation – Traditional 56%, Alternative 44%
- Family Office Asset Allocation Breakdown – Equities 30%, Fixed Income 18%, Cash 8%, Private Equity 21%, Private Debt 4%, Hedge Funds 4%, Real Estate 11%, Gold / Precious Metals 2%, Infrastructure 1%, Arts & Antiques 1%, Commodities < 1%
- Top 5 Asset allocation by Region – North America 53%, Western Europe 26%, APAC ex-China 7%, Greater China 7%, Latin America 3%
- Top 5 Increased in Asset Allocation in next 5 years – Equities (Developed) 46%, Private Equity (Direct) 37%, Private Equity (Funds) 34%, Equities (Emerging) 34%, Private Debt 30%
- Top 5 Increased Emerging Markets allocation in next 12 months – India 28%, China Mainland 18%, Saudi Arabia 12%, Mexico 7%, Brazil 7%
- Equities Portfolio Management – Actively Managed 64%, Passively Managed 36%
- Top 5 Most Familiar Investment Themes with clear investment strategy in family office – Healthcare / Medicine 35%, Electrification 29%, Generative AI 27%, Energy Transition 27%, Agriculture / Sustainable Living 17%
- Top 3 Sustainability &/or Impact considerations in family office – Philanthropy / Charity 41%, Operating Businesses 30%, Selective Investments (Theme) 26%
- Family office views on top 3 sectors benefiting from Generative AI – Banks / Financial Services 75%, Pharmaceutical / Biotechnology 65%, Healthcare 62%
- Top 5 Risks in next 12 months – Global Trade War, Major Geopolitical Conflict, Higher Inflation, Higher Interest Rates, Global Recession
- Top 3 Challenges in managing portfolio – Find right risk-offsetting asset or strategy, Safety assets predictability, Cost
- Top 3 Strategies to enhance portfolio diversification – Rely more on manager selection / active management, Hedge funds, Increase illiquid assets
- Top 5 in-house functions in family office – Strategic asset allocation, Financial reporting, Portfolio risk management, Philanthropy, Bookkeeping & accounting
- Top outsourced functions in family office – Strategic asset allocation, Financial reporting, Portfolio risk management, Philanthropy, Bookkeeping & accounting
- Top 3 Reasons for in-house functions in family office – Expertise in-house, Prefer operational control, Protect privacy
- Top 3 Reasons for outsourcing in family office – No expertise in-house, No technical resources, Cost-effective
- Top 3 Involvement of next generation – Board of Family Office, Philanthropy Initiatives, Strategic Asset Allocation
- Top 3 challenges for current succession plan – Tax-efficient transfer of wealth, Right legal structures to transfer assets, Ensuring family assets are protected for generations
- Top 3 reasons for no succession plan – Not a priority / plenty of time to do in future, Not decided on dividing wealth & asset, No time to discuss with family office
UBS Global Family Office Report 2025
1) Profile
- No. of family offices – 317
- Average net worth – 2.7 billion
- Family office AUM – $1.1 billion
2) Family Office Cost & Hiring
Average Cost to operate family office: 0.353% to 0.44% ($353k to $440k per $100 million AUM / $3.53 million to $4.4 million per $1 billion AUM)
Cost to operate family office AUM:
- $100 m to $250 million – 0.418%
- $250 m to $1 billion – 0.424%
- More than $1 billion – 0.353%
Cost to operate generations in family office:
- 1st generation – 0.368%
- 2nd to 7th generation – 0.44%
Cost to operate in family office with operating business (% of AUM):
- With operating business – 0.449%
- Without operating business – 0.33%
Cost Breakdown in family office:
- Pure cost of family office – 57%
- Asset management – 21%
- Banking-related – 10%
- External structure – 8%
- Other – 4%
Pure cost of family office:
- Staff – 67%
- Legal / compliance – 19%
- Physical Infrastructure – 8%
- IT / Technology – 7%
- Research – 5%
- Other – 4%
First Hire in family office:
- Investment Portfolio Manager – 22%
- From Operating Business – 12%
- Asset Manager – 9%
- Investment Analyst – 8%
- Accountant – 7%
- Lawyer – 7%
- Wealth Planner – 6%
- Private Banker – 6%
- Investment Banker – 6%
- Tax Specialist – 6%
- Trust Officer – 3%
- IT / Technology – 1%
Top 4 Hiring attributes in family office:
- Right personality – 73%
- Trust – 72%
- Share family values – 59%
- Education / Industry specific qualifications – 52%
3) Family Office Asset Allocation
Family Office Asset Allocation 2024:
- Traditional – 56%
- Alternative – 44%
Family Office Asset Allocation 2024 – Global:
- Equities – 30%
- Fixed Income – 18%
- Cash – 8%
- Private Equity – 21%
- Private Debt – 4%
- Hedge Funds – 4%
- Real Estate – 11%
- Gold / Precious Metals – 2%
- Infrastructure – 1%
- Arts & Antiques – 1%
- Commodities – Below 1%
Family Office Asset Allocation 2024 – APAC:
- Equities – 29%
- Fixed Income – 23%
- Cash – 12%
- Private Equity – 13%
- Private Debt – 5%
- Hedge Funds – 8%
- Real Estate – 7%
- Gold / Precious Metals – 2%
- Infrastructure – 1%
- Arts & Antiques – 0%
- Commodities – 0%
Increasing Asset Allocation in next 5 years:
- Equities (Developed) – 46%
- Private Equity (Direct) – 37%
- Private Equity (Funds) – 34%
- Equities (Emerging) – 34%
- Private Debt – 30%
- Fixed Income (Developed) – 23%
- Real Estate – 29%
- Infrastructure – 23%
- Gold / Precious Metals – 21%
- Hedge Funds – 20%
- Cash – 14%
- Fixed Income (Emerging) – 12%
- Commodities – 9%
- Arts & Antiques – 8%
Asset allocation by Region:
- North America – 53%
- Western Europe – 26%
- APAC ex-China – 7%
- Greater China – 7%
- Latin America – 3%
- Eastern Europe – 2%
- Middle East – 1%
- Africa – Below 1%
Increasing Asset Allocation by region in next 5 years:
- Western Europe – 21%
- Eastern Europe – 3%
- Middle East – 13%
- Africa – 4%
- Latin America – 6%
- North America – 32%
- Greater China – 19%
- APAC ex-China – 35%
Increasing Emerging Markets allocation in next 12 months
- India – 28%
- China Mainland – 18%
- Saudi Arabia – 12%
Mexico – 7% - Brazil – 7%
- Taiwan – 7%
- South Korea – 7%
- South Africa – 2%
- Turkey – 1%
- None of these – 51%
Equities Portfolio Management:
- Actively Managed – 64%
- Passively Managed – 36%
Most Familiar Investment Themes with clear investment strategy in family office:
- Healthcare / Medicine – 35%
- Electrification – 29%
- Generative AI – 27%
- Energy Transition – 27%
- Agriculture / Sustainable Living – 17%
- Blockchain / Decentralized Finance – 16%
- Space / Satellite Exploration – 9%
- Quantum Computing – 5%
- Biohacking, Cybernetics, Immortality – 5%
- 6G Technology – 5%
- Ocean / Deep-sea Exploration – 2%
4) Insights on AI, Sustainability / Impact
Sustainability &/or Impact considerations in family office:
- Philanthropy / Charity – 41%
- Operating Businesses – 30%
- Selective Investments (Theme) – 26%
- Direct Investments – 25%
- Engagement & Active Ownership (Portfolio Companies / Fund Managers) – 20%
- Strategic Asset Allocation Alignment – 16%
Sectors Benefiting from Generative AI:
- Banks / Financial Services – 75%
- Pharmaceutical / Biotechnology – 65%
- Healthcare – 62%
- Commercial & Professional Services – 56%
- Telecommunication Services – 50%
5) Risks & Portfolio Management
Top Risks in next 12 months (Views of Family Offices):
- Global Trade War – 70%
- Major Geopolitical Conflict – 52%
- Higher Inflation – 44%
- Higher Interest Rates – 33%
- Global Recession – 33%
- Higher Taxes – 28%
- Financial Market Crisis – 25%
- Real Estate Correction – 23%
- Higher Energy Costs – 22%
- Supply Chain Disruptions – 22%
- Technological Disruptions – 21%
- Debt Crisis – 19%
- Climate Change – 13%
- Migration & Impact on Operating Business – 13%
- Deflation – 8%
- Global Health Crisis – 6%
- Food Crisis – 4%
Top Risks in next 5 years (Views of Family Offices):
- Major Geopolitical Conflict – 61%
- Global Recession – 53%
- Debt Crisis – 50%
- Climate Change – 48%
- Financial Market Crisis – 46%
- Global Trade War – 40%
- Higher Inflation – 37%
- Higher Interest Rates – 35%
- Higher Taxes – 35%
- Technological Disruptions – 33%
- Global Health Crisis – 30%
- Higher Energy Costs – 30%
- Supply Chain Disruptions – 26%
- Real Estate Correction – 24%
- Migration & Impact on Operating Business – 19%
- Food Crisis – 16%
- Deflation – 13%
Top 6 Challenges in managing portfolio:
- Find right risk-offsetting asset or strategy – 38%
- Safety assets predictability – 29%
- Cost – 26%
- Diverging opinions among decision-makers – 21%
- Insufficient risk analytics – 21%
- Find right 3rd-party manager to help manage risks – 21%
Top 7 Strategies to enhance portfolio diversification:
- Rely more on manager selection / active management – 40%
- Hedge funds – 31%
- Increase illiquid assets – 28%
- High-quality short duration fixed income – 26%
- High-quality long duration fixed income – 20%
- Precious metals – 19%
- More defensive geographies & sectors – 19%
6) Managing Family Office:
Top in-house functions in family office:
- Strategic asset allocation – 86%
- Financial reporting – 75%
- Portfolio risk management – 73%
- Philanthropy – 68%
- Bookkeeping & accounting – 67%
- Portfolio management & administation – 67%
- Succession planning – 56%
- Investment research – 49%
- Lifestyle services – 45%
- Order management system – 44%
- Corporate finance consulting – 35%
- Tax planning – 33%
- Cybersecurity – 29%
- Legal services – 26%
- Pension / Life assurance planning – 20%
Top outsourced functions in family office:
- Strategic asset allocation – 12%
- Financial reporting – 22%
- Portfolio risk management – 19%
- Philanthropy – 7%
- Bookkeeping & accounting – 30%
- Portfolio management & administation – 29%
- Succession planning – 27%
- Investment research – 47%
- Lifestyle services – 19%
- Order management system – 37%
- Corporate finance consulting – 33%
- Tax planning – 63%
- Cybersecurity – 55%
- Legal services – 71%
- Pension / Life assurance planning – 37%
Top 7 Reasons for in-house functions in family office:
- Expertise in-house – 67%
- Prefer operational control – 63%
- Protect privacy – 63%
- Customise services – 54%
- Cost-effective – 52%
- Quicker – 50%
- Can perform on-demand – 42%
Top 7 Reasons for outsourcing in family office:
- No expertise in-house – 64%
- No technical resources – 56%
- Cost-effective – 56%
- Time intensive – 41%
- Ad-hoc only – 41%
- Easier to change providers / experts in non-performance – 30%
- Operate at scale if outsource – 26%
Possible use of AI in family office in next 5 years:
- Financial reporting / data visualisation – 69%
- Text analysis – 64%
- Portfolio analysis – 62%
- Content creation – 54%
- Managing risk – 41%
- Predictive analytics – 39%
- Development tools – 22%
- Customer experience – 13%
7) Succession Planning
Involvement of next generation:
- Board of Family Office – 59%
- Philanthropy Initiatives – 44%
- Strategic Asset Allocation – 41%
- Investment Management – 39%
- Private Equity – 31%
- Management / Executive Role in Family Office – 31%
Top challenges for current succession plan:
- Tax-efficient transfer of wealth – 64%
- Right legal structures to transfer assets – 48%
- Ensuring family assets are protected for generations – 46%
- Prepare next generation to take on wealth – 43%
- Defining family governance – 36%
Top reasons for no succession plan:
- Not a priority / plenty of time to do in future – 29%
- Not decided on dividing wealth & asset – 21%
- No time to discuss with family office – 18%
Family office involvement of next generation in succession planning:
- Involvement of next generation in succession planning after initial discussion with 1st generation – 36%
- No involvement of next generation in succession planning – 35%
- Full involvement of next generation in succession planning – 26%
UBS Global Family Office Report 2025
This is the sixth Global Family Office Report which has actively surveyed the opinions of family offices in our client base, soliciting their views on a wide range of investment and family office topics. Among other matters, we asked about changes in strategic asset allocation, attitudes to risk, professionalization and governance, costs and staffing, and succession planning. We captured the views of 317 UBS family office clients. The average net worth of participating families was USD 2.7 billion, with their family offices managing USD 1.1 billion each. The online survey was conducted from 22 January to 4 April 2025. Further, the survey findings were supplemented by in-depth interviews which took place between 9 April and 7 May 2025 and focused on key topics such as the impact of the recent market developments on the asset allocation and portfolio construction of family offices.
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