North American family offices favor AI investments despite bubble fears

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Eighty-five percent of North American family offices rank artificial intelligence as their top investment theme, despite 75% anticipating an AI bubble burst within five years.
For the next two to five years, 69% of family offices favor U.S. equities, 64% back AI, and 62% expect direct investments to reward investors.
Seventy-six percent of respondents cite excessive government borrowing as the top market risk over five years, followed by an AI bubble burst at 75% and AI’s impact on employment at 66%.

Survey findings highlight short-term AI focus

As reported by CNBC, citing RBC Wealth Management and Campden Wealth, 85% of family offices rank artificial intelligence as their top investment theme, while 75% expect an AI bubble to burst within the next five years. The poll covers 155 North American family offices and points to a mix of optimism about the technology and caution about its durability.

RBC Wealth Management's Bill Ringham, director of private wealth strategies, says those mixed views reflect both belief in AI's potential and concern about missing a fast-moving investment trend. He says even patient capital can get caught up in fear of missing out, especially when investors see AI as a near-term priority.

A combined 85% of respondents say AI is an asset class or investment theme likely to reward investors over the next 12 months, the next two to five years, or both. U.S. equities and direct investments follow, selected by 76% and 72% of respondents, respectively.

Longer-term allocations and market risks shape outlook

While AI stands as the top investment theme for 2026 at 59%, family offices are more bullish on U.S. equities over the next two to five years. In that period, 69% of respondents favor U.S. equities compared with 64% for AI, while direct investments trail closely at 62%.

The survey also suggests some asset classes regain appeal over a longer horizon. Real estate is seen as likely to reward investors by only 26% of family offices over the next 12 months, but 51% pick it as attractive over two to five years.

On market risks, 76% of respondents identify excessive government borrowing as the top threat likely to crystallize over the next five years. That is followed by an AI investment bubble burst at 75% and the impact of AI advances on employment at 66%. Ringham says AI is likely embedded across several allocation categories, including private equity, real estate and venture capital, where 31% of family offices plan to increase direct private equity investments and just over a fifth say the same for real estate and venture capital.

In our earlier article on financing pressures in the AI buildout, we explained how Intel and Broadcom executives see rising capital costs and tougher return expectations as a growing constraint on data-center and chip infrastructure expansion. We also noted that, even if some hardware and power bottlenecks ease, demand-supply imbalances could persist into 2029–2030 and continued investment will increasingly depend on proving tangible economic returns from AI at scale.

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