According to a new survey, 85% of family offices have identified artificial intelligence as their primary investment theme, despite 75% predicting a possible AI bubble burst within the next five years. This poll was conducted by RBC Wealth Management and Campden Wealth, surveying 155 North American family offices.

Bill Ringham from RBC noted that the mixed sentiments regarding AI can be attributed to various factors, including a cautious optimism about the technology and fears of missing out on a lucrative investment opportunity. He stated, "Even patient capital can be caught up in the fear of missing out."

The survey revealed that a total of 85% of respondents view AI as an asset class or investment theme likely to yield returns over the next 12 months, the next two to five years, or both. Following AI, U.S. equities and direct investments were the next most favored options, with 76% and 72% of respondents selecting them, respectively.

While AI was the leading investment theme for 2026 at 59%, family offices expressed greater long-term confidence in U.S. equities. When asked about expected returns over the next two to five years, 69% favored U.S. equities, compared to 64% for AI, with direct investments closely following at 62%. In contrast, only 26% believed real estate would reward shareholders in the next 12 months, though 51% viewed it positively over a two- to five-year period.

Ringham suggested that the findings may indicate that enthusiasm for AI is shaping investors' short-term priorities rather than their long-term strategies. He remarked, "Fear of missing out is a short-term view. You're seeing AI over the next 12 months as being that top priority. Their long-term look swings back."

He also mentioned that family offices are cautiously optimistic about AI, particularly in the startup sector. "Those optimists are also not afraid to say that there might be a bubble down the road," he added. He emphasized the importance of thorough evaluation when investing in numerous new companies in the AI space.

The survey highlighted that 76% of respondents identified "excessive government borrowing" as the primary market risk likely to materialize in the next five years, followed by the "AI investment bubble burst" at 75% and the impact of AI advancements on employment at 66%.

Although the survey did not inquire about specific allocation changes regarding AI, Ringham noted that many asset classes are influenced by the technology. He mentioned that 31% of family offices intend to increase direct investments in private equity, with just over 20% planning to do the same in real estate and venture capital, respectively.

"I'm sure AI is embedded in a lot of those underlying categories," Ringham concluded.