According to the 2025 Goldman Sachs Global Family Office Survey, family offices are adjusting their asset allocations, with public equity holdings rising to 31% from 28% in 2023, while private equity allocations declined from 26% to 21%.

Despite geopolitical tensions, inflationary pressures, and expectations of sustained or higher tariffs, family offices continue to maintain a pro-risk asset stance, leveraging their long-term investment horizon to deploy capital opportunistically during market dislocations. Interest in secondary private equity investments has increased, with 72% of respondents now participating, up from 60% in 2023.

| Key Investment

• Artificial Intelligence: 86% of family offices hold AI-related assets, including public equities, ETFs, venture capital, and AI infrastructure.
• Cryptocurrency: Global adoption is rising, particularly in the Asia-Pacific region, where crypto is increasingly viewed as a geopolitical hedge.

Regional risk management strategies vary:

• Americas: Less emphasis on tail-risk hedging; rely more on geographic diversification and gold.
• EMEA & APAC: Greater focus on diversification and protective measures, with some portfolios holding up to 15% in physical gold.
• APAC: More openness to cryptocurrency as part of the risk management toolkit.

The survey highlights that family offices remain confident in long-term growth, using patient and flexible capital deployment to capitalize on market opportunities. For family offices in Hong Kong and the broader Asia-Pacific region, this suggests that global market volatility can still be leveraged through strategic use of regional advantages and the international financial ecosystem.