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The world’s wealthiest families are rethinking what it means to be rich, with 90 per cent defining true wealth as time, health, and relationships rather than money, according to J.P. Morgan’s 2025 Principal Discussions Report released last week.
The report, produced by J.P. Morgan’s 23 Wall Team, draws insights from 111 billionaire principals across 28 countries and more than 15 industries. It highlights a shift in values among global family offices, with nearly 85 per cent of respondents saying success is defined by helping others and leading with values.
“We are honoured to serve these families and learn from their experiences,” said Andrew L. Cohen, executive chairman, Global Private Bank. “Their openness and candour offer invaluable lessons for anyone seeking to build enduring wealth with lasting impact.”
A broader definition of prosperity
The report finds that for many principals, financial capital is only one element of enduring wealth. Over 90 per cent of participants said that time, health, and relationships are the real measures of prosperity, while nearly 85 per cent view leadership and the ability to uplift others as key to success.
“Principals remind us that prosperity is about much more than financial capital,” said Cohen. “Their perspectives challenge us all to rethink what it means to build enduring wealth, placing purpose, connection, and stewardship at the very heart of their journey.”
Geopolitical and technological risks
Geopolitical tensions remain the most significant concern, cited by 63 per cent of respondents as the top global risk. Other challenges include market volatility, climate change, and the disruptive potential of artificial intelligence.
AI adoption is widespread among wealthy families, with 79 per cent using it in personal life—such as research, travel planning, and creative projects—and 69 per cent employing it in business for data analysis and operational efficiency. Several principals noted measurable cost savings, including the use of AI-generated reports to reduce legal research expenses.
While AI is seen as a tool to enhance decision-making, many principals emphasise the continued importance of human judgment. “AI is opening new doors for families and their enterprises, but true success lies in balancing innovation with discernment,” Cohen said. “Technology is a powerful enabler, yet it’s human values and judgment that create lasting impact.”
Investing with passion and purpose
Investment strategies among the world’s wealthiest families are evolving, with 75 per cent diversifying globally and showing growing interest in private and specialty assets. Sports teams are now included in 34 per cent of portfolios, followed by art (23 per cent) and cars (10 per cent).
These investments are increasingly tied to personal passion and community engagement. “Ownership has evolved from a hobby into a sophisticated business and a unifying force for families, offering both financial returns and opportunities for community impact,” Cohen said.
Luxury collectibles are also being used more strategically, sometimes as collateral to meet liquidity needs, reflecting a pragmatic shift in how ultra-wealthy families manage their assets.
Philanthropy and the next generation
Philanthropy remains a central pillar of wealth stewardship. Over 70 per cent of surveyed families maintain a dedicated philanthropy team to ensure lasting impact. Many principals view giving as a way to unite family members and pass down values. “When I think about my legacy, I think about giving back,” one principal said.
“The most enduring families lead with purpose and principle,” Cohen added. “They know real wealth is found in the values they pass on and the impact they make.”
J.P. Morgan report: Regional insights and future outlook
Natacha Minniti, head of 23 Wall International and global co-head of Family Office Practice at J.P. Morgan Private Bank, said the study shows a balance between entrepreneurship and stewardship.
“Across EMEA, principals are redefining what it means to be leaders,” Minniti said. “Of those surveyed, 63 per cent are dedicated stewards of multi-generational legacies, while 37 per cent are self-made business owners. This unique combination fuels a forward-thinking mindset: 74 per cent are embracing AI, not just to boost efficiency, but to spark change in their businesses and personal lives.”
However, 68 per cent of participants still identify geopolitical tensions as their greatest risk. “In response, families are doubling down on structured, diversified strategies to protect and grow their wealth,” Minniti added. “In this climate, adaptability and entrepreneurship are essential for sustaining legacy and capturing new opportunities.”
The 2025 Principal Discussions Report underscores that for the world’s wealthiest families, wealth is no longer defined only by accumulation, but by meaning, purpose, and long-term impact.
