Faced with uncertainty, family offices are still betting on private equity and turning to Europe

The 11th AFFO Barometer, conducted in partnership with EY, reveals that high-net-worth individuals are becoming more selective and diversified: unlisted companies remain their top asset class, taxation has become their primary concern, and capital is flowing back to Europe.
 

Trade wars, geopolitical tensions, budgetary uncertainties: the current environment offers little reassurance to the wealthiest families. Yet it isn’t driving them away. That is the main message of the 11th survey by the French Family Office Association, conducted in partnership with EY among professionals representing 928 families, nearly half of whom manage more than 500 million euros in assets and one-third of whom manage more than one billion. Far from pulling out, these investors are holding their positions and refining their strategies.
 

Macroeconomic factors remain the primary driver of investment decisions, cited by 88% of respondents, ahead of geopolitical tensions at 73% and political and fiscal uncertainties at 71%. Despite this climate, 65% still view 2026 as a year of opportunities. Instability is not holding back investment; rather, it is prompting families to be more selective and to prioritize the most robust business models—as a means of managing risk rather than retreating.
 

Unlisted Assets Dominate; Europe Regains the Lead
Private equity remains the top asset class in portfolios, accounting for 34% of allocations, ahead of listed equities at 23%, investment real estate at 16%, bonds at 12%, cash at 8%, and alternative asset classes at 7%. Private equity is divided between direct investment (14%) and investment through funds (20%). 

This channel is growing strongly, up 10 points, while direct investment is down 14 points: families are seeking greater diversification and specialized expertise. In 2025, 48% of respondents maintained their investment levels, and 36% increased them. Their strategies prioritize growth stages, with growth capital accounting for 71% of allocations and growth-oriented investments for 58%, favoring established companies over early-stage ventures. 

There remains a strong commitment to SMEs, cited by 45% of respondents, and mid-sized companies, at 36%.
The geographic distribution of investments is clearly shifting. Allocations are shifting toward Europe, up 8 percentage points, at the expense of investments outside the continent, down 28 percentage points—a sign of a preference for environments deemed more stable. Listed equities are regaining ground, accounting for 23% of allocations, up 5.7 percentage points, driven primarily by funds, which account for 11% of the total. 

Real estate is confirming its recovery at 16%, following the dip caused by rising interest rates, and bonds are continuing their rebound to 12%. By sector, technology stands out as the top choice for 2026, cited by 73% of respondents, ahead of healthcare at 48%, with 86% of respondents viewing innovation as a major driver. Profitable growth has become the top investment theme, at 66%, ahead of the pursuit of yield, at 34%.
 

Taxation: The New Nightmare for the Ultra-Wealthy
While families continue to invest, they are demanding greater clarity. Taxation has become their top concern regarding their ecosystem, cited by 44% of respondents—up 17 percentage points—ahead of access to information and regulatory issues. 

This trend reflects concerns about a tax framework that is perceived as increasingly opaque and unpredictable. At the household level, intergenerational wealth transfer remains the top concern (72%), ahead of changes in tax policy (58%), geopolitical issues (43%), and family governance (38%). 

At the same time, philanthropic engagement continues to grow: 57% of respondents report having implemented a dedicated policy, and half of them support an endowment fund or foundation that they finance.
 

“Faced with a more complex economic, geopolitical, and tax environment, family offices are once again demonstrating their resilience,” observes Charles-Henri Bujard, president of the AFFO, who emphasizes a focus on value creation and long-term succession planning. 

For Benoît Losfeld, a partner at EY Société d'Avocats, fiscal and regulatory stability is becoming key to sustainably supporting investment in the real economy. Based on interviews conducted from March 5 to May 5, 2026, the survey confirms that the caution shown by high-net-worth individuals does not mean they are pulling out.
 

Source: 11th AFFO Survey, conducted in partnership with EY, based on responses from professionals representing 928 families; interviews were conducted from March 5 to May 5, 2026 (press release dated July 1, 2026).