BlackRock Research Finds Generational Divide Among Family Offices amid $124 Trillion Wealth Transfer

BlackRock survey of more than 200 single-family offices, conducted with Preqin, finds more than half adjusting portfolios as market risks shift.

Private markets remain a priority, but newer and established family offices are taking different approaches to where and how they invest.

Governance now ranks ahead of investment returns as a top challenge, while family offices grapple with succession, globalization and the growing role of AI.

NEW YORK, October 21, 2026--As an estimated $124 trillion passes to heirs and charities between 2024 and 20481, new BlackRock research finds a generational divide emerging among family offices, changing how some of the world's wealthiest families invest, manage risk and plan for succession.

BlackRock surveyed more than 200 single-family offices across the Americas, representing nearly $500 billion in investable assets, and found clear differences between newer and established offices in how they approach investing, liquidity, risk and governance.

Nearly four in ten family offices say the next generation is more willing to take investment risk, while only one fifth say younger family members are more conservative. Established family offices are more focused on market downturns, leverage and manager selection, while newer offices place greater emphasis on fees, transparency and illiquidity.

Governance and decision-making are now the most frequently cited challenge, with nearly 30% of family offices ranking them a top concern, ahead of investment returns. The finding points to a wealth transfer that is changing both portfolios and how families make investment decisions.

"As new family offices emerge and wealth changes hands, we're seeing a shift not only in appetite for risk, but in how families evaluate it," said Armando Senra, Head of the Americas Institutional Business at BlackRock. "Newer offices are approaching private markets and liquidity differently than their more established peers, reinforcing the importance of balancing investment opportunities with each family's unique cash-flow needs, constraints and long-term objectives."

Family Offices Are Divided on Liquidity, United on Private Markets

Private markets remain a priority for family offices, but newer and more established offices differ in where and how they invest.

Infrastructure stands out as an area of growing interest, with nearly three in ten family offices planning to increase allocations over the next 12 months and just over 5% planning to reduce exposure. Interest is strongest among newer family offices, nearly 40% of which plan to increase allocations, compared with just over 15% of established offices.