JP Morgan 23 Wall Principal Discussions Report 2025: 111 Principals with $5 Billion Average Net Worth & $500 Billion Total Net Worth, Wealth Inherited 64% / Self-Made 36%, Top 6 Source of Wealth are Financial Services, Real Estate, Consumer & Retail, Diversified, Healthcare, Technology, Top 3 Family Office Services are Investments & Wealth Preservation, Professional & Administration Functions, Enabling Family Unity, Top 5 Investment Sectors are Real Estate, Technology, Energy, Sports, Consumer, Top 5 Preferred Sources for News, Insights & Updates are Financial Times, Bloomberg, Wall Street Journal, The Economist, X (Formerly Twitter), Top 5 Risks of Global Environment are Geopolitical Tensions 56%, AI / ML 7%, Market Environment 5%, Climate 5%, Cybersecurity 4%
27th November | Hong Kong
JP Morgan has released the JP Morgan 23 Wall Principal Discussions Report 2025, providing key insights on 111 principals with average $5 billion net worth & total $500 billion net worth. Wealth – Inherited 64% / Self-made 36%. Family Generation – 1st Gen 32% / 2nd Gen 39% / 3rd Gen 20% / 4th Gen 9%. Operating Original Family Business – Yes 73%. Principals Leadership Role in Operating Business – Yes 67%. Family members involved in operating business or family office – Yes 73%. Families with Sports Team Ownership – Yes 20%. Top 6 Source of Wealth – Financial Services, Real Estate, Consumer & Retail, Diversified, Healthcare, Technology. Top 3 family office services – Investments & wealth preservation, Professional & administration functions, Enabling family unity. Investment decisions – Principal-led, Shaped through consensus or majority voting, Selective delegation of asset classes. Principals make investment decisions – Yes 43%. Top 5 investment sectors – Real Estate, Technology, Energy, Sports, Consumer. Top 5 Preferred Sources for news, insights & updates – Financial Times, Bloomberg, Wall Street Journal, The Economist, X (Formerly Twitter). Top 6 Hobbies or Interests – Outdoors & Nature, Work, Time with Family & Friends, Tennis, Snow Sports, Golf. Top 5 Risks of Global Environment – Geopolitical Tensions 56%, AI / ML 7%, Market Environment 5%, Climate 5%, Cybersecurity 4%. Top 7 Successful Habits – Reading, Exercise, Consistency, Waking Up Early, Prioritizing Tasks, Goal Setting, Deep Thinking Time. Top 6 Principals Successful Leadership Qualities – Integrity, Vision, Empathy, Communication Skills, Collaboration, Resilience. 4 Creative ways to pass down family history – Family biography, Documented interviews, Podcasts, AI-generated holograms. Top 5 Philanthropic Interests – Education, Healthcare, Local Community, Conservation, Youth. Formal team to oversee giving / donations – Yes – 70%. See below for key findings & summary | View report here
“ JP Morgan 23 Wall Principal Discussions Report 2025: 111 Principals with $5 Billion Average Net Worth & $500 Billion Total Net Worth, Wealth Inherited 64% / Self-Made 36%, Top 6 Source of Wealth are Financial Services, Real Estate, Consumer & Retail, Diversified, Healthcare, Technology, Top 3 Family Office Services are Investments & Wealth Preservation, Professional & Administration Functions, Enabling Family Unity, Top 5 Investment Sectors are Real Estate, Technology, Energy, Sports, Consumer, Top 5 Preferred Sources for News, Insights & Updates are Financial Times, Bloomberg, Wall Street Journal, The Economist, X (Formerly Twitter), Top 5 Risks of Global Environment are Geopolitical Tensions 56%, AI / ML 7%, Market Environment 5%, Climate 5%, Cybersecurity 4% “
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JP Morgan 23 Wall Principal Discussions Report 2025: 111 Principals with $5 Billion Average Net Worth & $500 Billion Total Net Worth, Wealth Inherited 64% / Self-Made 36%, Top 6 Source of Wealth are Financial Services, Real Estate, Consumer & Retail, Diversified, Healthcare, Technology, Top 3 Family Office Services are Investments & Wealth Preservation, Professional & Administration Functions, Enabling Family Unity, Top 5 Investment Sectors are Real Estate, Technology, Energy, Sports, Consumer, Top 5 Preferred Sources for News, Insights & Updates are Financial Times, Bloomberg, Wall Street Journal, The Economist, X (Formerly Twitter), Top 5 Risks of Global Environment are Geopolitical Tensions 56%, AI / ML 7%, Market Environment 5%, Climate 5%, Cybersecurity 4%
JP Morgan has released the JP Morgan 23 Wall Principal Discussions Report 2025, providing key insights on 111 principals with average $5 billion net worth & total $500 billion net worth. See below for key findings & summary | View report here
JP Morgan 23 Wall Principal Discussions Report 2025
Summary
- Principals – 111
- Average net worth – $5 billion
- Total net worth – $500 billion
- Wealth – Inherited 64% / Self-made 36%
- Family Generation – 1st Gen 32% / 2nd Gen 39% / 3rd Gen 20% / 4th Gen 9%
- Operating Original Family Business – Yes 73%
- Principals Leadership Role in Operating Business – Yes 67%
- Family members involved in operating business or family office – Yes 73%
- Families with Sports Team Ownership – Yes 20%
- Top 6 Source of Wealth – Financial Services, Real Estate, Consumer & Retail, Diversified, Healthcare, Technology
- Top 3 family office services – Investments & wealth preservation, Professional & administration functions, Enabling family unity
- Investment decisions – Principal-led, Shaped through consensus or majority voting, Selective delegation of asset classes
Principals make investment decisions – Yes 43% - Top 5 investment sectors – Real Estate, Technology, Energy, Sports, Consumer
- Top 5 Preferred Sources for news, insights & updates – Financial Times, Bloomberg, Wall Street Journal, The Economist, X (Formerly Twitter)
- Top 6 Hobbies or Interests – Outdoors & Nature, Work, Time with Family & Friends, Tennis, Snow Sports, Golf
- Top 5 Risks of Global Environment – Geopolitical Tensions 56%, AI / ML 7%, Market Environment 5%, Climate 5%, Cybersecurity 4%
- Top 7 Successful Habits – Reading, Exercise, Consistency, Waking Up Early, Prioritizing Tasks, Goal Setting, Deep Thinking Time
- Top 6 Principals Successful Leadership Qualities – Integrity, Vision, Empathy, Communication Skills, Collaboration, Resilience
- 4 Creative ways to pass down family history – Family biography, Documented interviews, Podcasts, AI-generated holograms
- Top 5 Philanthropic Interests – Education, Healthcare, Local Community, Conservation, Youth
- Formal team to oversee giving / donations – Yes – 70%
JP Morgan 23 Wall Principal Discussions Report 2025
1) Principal & Family Profile
Profile:
- Principals – 111
- North America – 44
- EMEA – 30
- Latin America 28
- APAC – 9
Net Worth:
- Average net worth – $5 billion
- Total net worth – $500 billion
Wealth:
- Inherited – 64%
- Self-made – 36%
Family Generation:
- 1st Gen – 32%
- 2nd Gen – 39%
- 3rd Gen – 20%
- 4th Gen – 9%
Operating Original Family Business:
- Yes – 73%
- No – 27%
Principals Leadership Role in Operating Business:
- Yes – 67%
- No – 23%
Family members involved in operating business or family office:
- Yes – 73%
- No – 27%
Families with Sports Team Ownership:
- Yes – 20%
- No – 80%
Source of Wealth:
- Financial Services – 22.5%
- Real Estate – 14.4%
- Consumer & Retail – 12.6%
- Diversified – 10.8%
- Healthcare – 6.3%
- Technology – 6.3%
- Energy – 5.4%
- Manufacturing & Industrials – 5.4%
- Food & Beverage – 4.5%
- Sports – 3.6%
- Transportation & Logistics – 3.6%
- Metals & Mining – 1.8%
- Aerospace & Defense – 0.9%
- Gaming & Casinos – 0.9%
- Media & Communications – 0.9%
2) Family Office & Family Investments
Top 3 family office services:
- Investments & wealth preservation
- Professional & administration functions
- Enabling family unity
Family with Formal Investment Process:
- Yes – 77%
- No – 23%
Investment decisions:
- Principal-led
- Shaped through consensus or majority voting
- Selective delegation of asset classes
Principals make investment decisions:
- Yes – 43%
- No – 47%
Typical steps for formalizing investment governance:
- Know your strengths
- Build a team
- Develop a decision-making framework
- Establish investment policy statement and purpose, including asset allocation
- Define investment objective that is achievable and measurable
Top 5 investment sectors:
- Real Estate
- Technology
- Energy
- Sports
- Consumer
3) Principals Insights
Top 5 Preferred Sources for news, insights & updates:
- Financial Times
- Bloomberg
- Wall Street Journal
- The Economist
- X (Formerly Twitter)
Top 10 Hobbies or Interests:
- Outdoors & Nature
- Work
- Time with Family & Friends
- Tennis
- Snow Sports
- Golf
- Reading
- Gym & Working Out
- Fishing
- Cycling & Biking
Principals on Risks:
- Taking a career leap
- Navigating external business disruptions
- Evolving or selling a business
- Managing investment risk
Top 5 Risks of Global Environment:
- Geopolitical Tensions – 56%
- AI / ML – 7%
- Market Environment – 5%
- Climate – 5%
- Cybersecurity – 4%
Top 7 Successful Habits:
- Reading
- Exercise
- Consistency
- Waking Up Early
- Prioritizing Tasks
- Goal Setting
- Deep Thinking Time
Top 10 Principals Successful Leadership Qualities:
- Integrity
- Vision
- Empathy
- Communication Skills
- Collaboration
- Resilience
- Strategic Thinking
- Decisiveness
- Emotional Intelligence
- Humility
Principal insights:
- Valuing knowledge & lifelong learning
- Contemplating the future
- Honoring family, health & time
Principals Using Artificial Intelligence (AI):
- Personal Life – 79%
- Business – 69%
4) Family Communication
Top Communication Strategies:
- In-person communication
- Digital tools and platforms
- Decision-making structure
- Values, purpose and history documentation
- Spousal engagement
- Conflict management
In-person communication:
- Informal communication
- Structured communications
- Coordinated family trips
- Broad family meeting
Communication Style:
- Formal – 24%
- Informal – 26%
- Both – 50%
5) Family Governance
Family Governance Approaches:
- Starting early and evolving with intent
- Leveraging outside guidance
- Cultivating shared purpose, active engagement and transparency
Top Governance Goals
- Reinforce the family’s history, values and vision
- Strengthen unity, foster healthy family dynamics and mitigate conflict
- Create clarity and transparency around decision making
- Leverage individual family members’ strengths
- Support succession planning and prepare current and future generations to step into their roles and responsibilities
6) Family Legacy, Next Generation, Philanthropy & Impact
Creative ways to pass down family history:
- Family biography
- Documented interviews
- Podcasts
- AI-generated holograms
Approaches to guide younger family members
- Complete freedom to find their own path.
- Openness to join family enterprises after acquiring external experience.
- Prepared to join family enterprises from an early age.
On Philanthropy & Impact:
- Foster meaningful ties
- Choose direct involvement
- Strengthen family connection
Top 5 Philanthropic Interests:
- Education
- Healthcare
- Local Community
- Conservation
- Youth
Formal team to oversee giving / donations:
- Yes – 70%
- No – 30%
Top 7 rising generation engagement strategies:
- Provide freedom to pursue personal philanthropic projects
- Support hands-on volunteering
- Seed new initiatives with family funding for personalized projects
- Assign leadership of specific initiatives or programs
- Encourage fresh ideas for innovation, integrating technology and championing new causes
- Ask to conduct due diligence, measure outcomes and recommend improvements
- Support serving on family foundations or charitable boards to help guide giving strategy
JP Morgan 23 Wall Principal Discussions Report 2025
23 Wall – The 2025 Principal Discussions Report was authored by 23 Wall at J.P. Morgan in collaboration with colleagues from across the firm. This dedicated, global team provides institutional coverage for the world’s largest families, offering access to the vast network and resources across the entire J.P. Morgan franchise. Services include spanning across unparalleled investment opportunities, introductions to the world’s most influential families, bespoke solutions and access to strategic partnerships. The team’s heritage dates back to 1871, when J. Pierpont Morgan and Anthony Drexel founded Drexel, Morgan & Co. in New York City, headquartered at 23 Wall Street (the “House of Morgan”) on the corner of Wall Street and Broad Street.
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