A new survey by RBC Wealth Management and Campden Wealth reveals that investment firms managing the wealth of ultra-high-net-worth families are increasingly prioritizing artificial intelligence (AI) as a top investment theme, driven in part by a fear of missing out (FOMO) on the technology's potential gains [1]. According to the poll of 155 North American family offices, 85% of respondents ranked AI as their leading investment theme, with a combined 85% viewing it as likely to reward investors over the next 12 months, two to five years, or both [1]. U.S. equities and direct investments followed as popular choices, selected by 76% and 72% of respondents, respectively [1].
Despite this enthusiasm, there is significant caution among family offices, with 75% expecting an AI bubble to burst within the next five years [1]. The survey indicates that while AI is the top investment theme for 2026 at 59%, family offices are more bullish on U.S. equities in the longer term, with 69% expecting U.S. equities to deliver returns over the next two to five years compared to 64% for AI and 62% for direct investments [1]. Real estate was seen as less attractive in the short term (26%), but its appeal increases over a two- to five-year horizon (51%) [1].
Bill Ringham, director of private wealth strategies at RBC, commented that the mixed feelings stem from cautious optimism and the desire not to miss out on a potential investment boom, even among traditionally patient capital [1]. He noted that "fear of missing out is a short-term view," with AI dominating short-term priorities but U.S. equities regaining favor in long-term strategies [1]. Family offices are particularly optimistic about AI in the startup space but remain wary of the risks, acknowledging the possibility of a bubble and the need for careful due diligence [1].
The survey also highlighted broader market concerns, with 76% of respondents citing excessive government borrowing as the top market risk over the next five years, followed by the potential for an AI investment bubble burst (75%) and the impact of AI advancements on employment (66%) [1].
CONCLUSION
The survey underscores a strong but cautious appetite for AI investments among family offices, driven by FOMO but tempered by concerns about a potential bubble and broader market risks. While AI is the top short-term investment theme, U.S. equities remain the preferred choice for long-term returns. Family offices are balancing optimism with prudence as they navigate the evolving AI landscape.