J.P. Morgan’s latest wealth report offers a rare look inside the lives and mindsets of the world’s most influential families. The Principal Discussions Report, based on one-to-one conversations with 111 billionaire principals across 28 countries and 15 industries, reveals how the ultra-wealthy are steering their fortunes, families and futures in an age of uncertainty. Spear’s combed through the findings to highlight what matters most to the world’s UHNWs.
Principals want involvement in private investments
Principals are no longer content to be passive capital providers – they’re becoming active architects in private markets. In 2025 alone, allocations to private investments more than doubled year-on-year, with nearly 70 per cent (up from 43 per cent in 2022) preferring active roles through governance, operational oversight or board seats.
With 73 per cent still operating their family businesses, these billionaires want hands-on involvement and direct influence across their private investments. ‘The investment decision-making process is a combination of structure, analysis and having a feel for where things are going. A lot of that comes from relationships, conversations and experience,’ said one principal.
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Sport is more than just a trophy
Once considered trophies, assets like sports teams and stadiums have become serious business. Twenty per cent of principals now own controlling stakes in sports teams (up from 6 per cent in 2022), and more than a third are investing in teams and arenas.
With US and European franchises valued at around $400 billion collectively and total sports M&A activity having increased eightfold over the past five years, sport has evolved from a passion project to a powerhouse asset class.
One of the interviewees said: ‘Sports have gone from being a wealthy individual’s hobby to a really serious business.’ Beyond returns, many see ownership as a way to align family unity, institutional capital and generational legacy around a shared passion.
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Geopolitical tensions a rising concern
Uncertainty throughout the world in 2025 is a leading worry for UHNWs, with 56 per cent citing geopolitical tensions as the top risk in today’s environment. Spanning 28 countries and 15 industries, these families face exposure to the same policy, economic and security issues that affect the wider world.
However, their responses lean toward diversification and resilience rather than emotional reactions. One principal said: ‘Don’t put all your eggs in one basket.’ Another cited ‘governments that cannot behave themselves’ as a leading concern, adding that ‘business leaders will have to address these challenges to fix them’.
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A more reflective principal said: ‘It seems like in many ways the world is on edge, but in reality, I think the world has always been on edge. It’s just that today there’s a lot of dry kindling on the ground that appears to be ready to set ablaze.’
AI domination grows amid fears
Artificial intelligence has moved from theory to practice among the world’s wealthiest. Nearly 80 per cent of principals use AI personally and 69 per cent in their businesses – applying it to research, planning, legal analysis and strategic decision-making.
J.P. Morgan’s private capital commitments to AI deals rose from 3 per cent in 2022 to 30 per cent in 2024. For many, AI is a tool for efficiency and insight; for others, it raises existential questions about speed, scale and the human role in decision-making. ‘Technology has changed the world, and AI is the new shift,’ said one interviewee.
Yet despite the promise, AI also sparks unease. ‘It’s pretty scary,’ one interviewee admitted. ‘It’s an existential question: What is going to happen with AI? You already start seeing it behaving on its own, with lack of regulation. The risks are really high.’
Wealth with meaning
For many billionaire families, wealth is no longer just about business but about building unity and purpose across generations. Nearly three-quarters of principals either founded or still lead their operating companies, yet more than 70 per cent have also established formal philanthropic structures.
Giving is increasingly seen as an expression of stewardship and shared values rather than charity alone. Education, healthcare and community development remain the top causes. As one principal reflected: ‘My father spent 101 per cent of his time on making money, not giving it away. I see it a little differently.’
