What the next generation wants to invest in: the survey data

Younger inheritors say they want more private markets, more impact and sustainable strategies, more direct deals and some digital assets, and the family office surveys show allocations moving only slowly in those directions. UBS's first Global Next Generation Report, published in 2026 and reported by Family Wealth Report, surveyed more than 170 inheritors, most aged 26 to 40, and found 79% invest primarily in stocks and bonds, 37% already hold impact or ESG strategies with nearly half building exposure, one in four invest in private markets, almost one in five make direct investments and 11% of those who actively manage their money hold cryptocurrencies. Bank of America's 2024 Study of Wealthy Americans found a sharper generational split among US investors with at least $3 million: those aged 21 to 43 held 17% in alternatives and 14% in crypto, against 5% and 1% for those aged 44 and over.

Sustainability and impact

Impact and sustainable investing is the preference most consistently associated with the next generation, and the data supports it with qualifications. UBS's 2026 next-generation survey found 37% invested in impact or ESG strategies and interest strongest among women and younger respondents. Bank of America's 2024 study found 21% of investors aged 21 to 43 ranked companies focused on positive impact as a top growth opportunity, against 13% of all respondents. At the top of the distribution, UBS's Billionaire Ambitions Report 2025 found more than half of billionaires want their heirs to use wealth for positive impact, though more than 80% also want them to succeed independently.

Family office allocations show a regional divide rather than a generational surge. Deloitte's 2024 Family Office Insights found 46% of offices invested sustainably, with Europe rising from 45% in 2021 to 57% and North America falling from 34% to 26%, and an average portfolio share expected to rise from 17% to 29% over five years.

Private markets, venture and direct deals

Private markets are where stated preference and current allocation are closest. UBS's next-generation data shows one in four inheritors in private markets and almost one in five making direct investments, often to diversify or to reach companies that are not publicly traded. Bank of America found 93% of younger US investors planning to allocate more to alternatives, and 72% of them saying above-average returns are no longer possible from stocks and bonds alone, against 28% of older investors.

Family offices are already there in aggregate. UBS's Global Family Office Report 2026 puts private equity at 17% of the average portfolio, real estate at 11%, hedge funds at 6% and private debt at 3%, with alternatives at 42% in total. J.P. Morgan's 2026 report found 43% of offices with any exposure to venture capital and growth equity, at an average of 3.3% of the portfolio, and 21% with infrastructure exposure at 0.7%. The 2025 RBC and Campden Wealth report found private equity funds the largest private market holding among North American offices, with direct private equity the most popular new investment.

Digital assets and real assets

Crypto is where the generational gap in the US data is widest and where family offices are furthest from the next generation. Bank of America's 2024 study found 49% of investors aged 21 to 43 owned cryptocurrency and a further 38% were interested, with crypto and digital assets ranked a top growth opportunity by 28% of them; 45% owned physical gold. UBS's international next-generation sample was more cautious, with 11% of active investors holding crypto and enthusiasm for newer asset classes described as muted. J.P. Morgan's 2026 report found family offices largely avoid gold and cryptocurrencies, with 28% holding any gold at an average of 0.9%.

Have allocations followed?

The best direct evidence comes from asking offices what they expect to change at succession. Bank of America's 2025 Family Office Study found most offices anticipate higher allocations to alternatives after the next generation takes over (56% of offices with fully involved principals and 73% of those with less involved principals), with smaller majorities expecting more sustainable and impact investing (52% and 58%) and more cryptocurrency (53% and 54%).

The pattern is that family offices have already moved on private markets, are split by region on sustainability, and have not moved on digital assets. UBS's 2026 data shows alternatives falling slightly, to 42% from 44%, which suggests the next generation's arrival has not yet changed the aggregate. How offices build direct capability is covered in family office direct investing and family offices and venture capital; the allocation picture as a whole is in family office asset allocation.