Julius Baer’s Family Barometer 2025 draws an environment of volatility and disruption that pushes high net worth families (UHNW) to move from preserving wealth to giving it purpose and continuity. With the participation of more than 2,500 experts and advisors from Europe, Asia, the Middle East and Latin America – including for the first time external asset managers – the study reflects a structural change in wealth management: a generation that not only manages its assets, but also wants to influence the future.

Wealth has gone international: more than 80% of UHNW families have members in different countries and more than a third have assets in three or more jurisdictions, a shift that redefines governance, taxation and intergenerational education. In the words of Rajesh Manwani, member of the Global Wealth Management Committee and global co-head of Products and Solutions at Julius Baer: “Geopolitical turbulence has redefined the concept of risk. Families demand more integrated solutions that combine security, values ​​and purpose in the investment”.

5 axes that reorganize the heritage agenda in 2025

The Barometer identifies five key vectors for the decisions of great fortunes:

• Build a legacy with purpose: For the first time, “family legacy” enters the top three priorities. Family constitutions, mission statements and intergenerational mentoring gain weight to transmit values ​​and identity, and convert wealth into lasting social, emotional and cultural impact.
• Rise of hybrid family office models: 40% of families have a family office, and the adoption of mixed schemes that outsource functions (philanthropy, cybersecurity, succession planning) is growing while keeping governance and strategy in-house to combine efficiency, personalization and scalability.
• Political stability as a new currency: Global instability drives us to geographically diversify wealth, residence, citizenship and education, integrating political and risk analyzes in capital allocation.
• The power of private markets: Direct investments and private capital gain prominence to align return and purpose, with special traction in Asia and the Middle East.
• Comprehensive, physical and digital security: Cybersecurity and privacy are integrated into family governance. “Protection today is not reactive, it is preventive,” the report highlights.

Rahul Malhotra, member of the Global Wealth Management Committee and regional director of Emerging Markets at Julius Baer, ​​summarizes: “True resilience is born from alignment: when family, structure, and purpose move in harmony, even uncertainty becomes manageable.”.

Family offices and private markets: the new investment and legacy infrastructure

The report places the family office as a long-term strategic tool: from administrative office to strategy, governance and control platform, supported by digitalization, artificial intelligence, encrypted communication and real-time analysis. “A well-designed family office becomes the glue that unites a family’s values, wealth and aspirations.”, highlights the document.

Despite its expansion, perceived barriers persist: 41% cite cost, 29% operational complexity and 28% asset size. Julius Baer considers these reluctance towards more adaptable hybrid and virtual models obsolete. “It depends on the circumstances of each family (…). The key is to understand the family office as a gradual evolution, which grows in phases“explains María Eugenia Mosquera, Head of Wealth Planning Key Clients & Family Office Services at Julius Baer. Success requires disciplined governance, clear investment principles and formal communication, without a single structure: each family designs its framework according to values ​​and objectives, with location (Switzerland, Singapore, Dubai or digital structure), cybersecurity and education as pillars.

Asia leads the boom: 74% of families in the region opt for Single Family Offices. Singapore has more than 2,000 structures and Hong Kong has more than 2,700, with ecosystems that “combine tradition and innovation,” according to Eleanor Yuen, Head of Wealth & Family Office Advisory Asia. “We are seeing families looking for platforms with an institutional vision that accompany them across borders and generations”adds Christos Anagnostopoulos, Head of Family Office Solutions & Advisory Asia.

Increasing internationalization adds complexity: More than 80% of families have a presence in several countries and one in three has assets in three or more jurisdictions. Taxation is the main concern – including new regulations on crypto assets and minimum taxation – and the report recommends planning for three horizons (short, medium and long term) and conducting periodic “structural health checks”. Education is reinforced as a vehicle of legacy: “It is not just transfer of knowledge, but of purpose“, highlights Silke Tschatsch. Digitalization is consolidated as an axis of risk and opportunity, promoting “next gen champions” that promote innovation and sustainability.

In investment, the Private markets are established as a new frontier to combine profitability, control and impact: private equity, venture capital, private credit, infrastructure and real estate already represent up to 35% of UHNW portfolios. “Private markets offer families the unique opportunity to support what they believe in and shape outcomes, not just returns“, says Giuseppe De Filippo, Head of Private Capital Markets. Its attractiveness is based on resilience, long-term vision and access to transformative trends—clean energy, digital health, technological innovation.”These are not assets that are traded with a click (…). Patience becomes a strength“, he adds. To improve access, “We aggregate the investment demand of families to access exclusive and difficult-to-reach opportunities” explains Samantha Naleski, Direct Private Investments, Sourcing & Distribution.

Conclusion

In a more fragmented world, the harmonization between structure, purpose and planning – supported by evolved family offices and a greater weight of private markets – is decisive to transform wealth into legacy and resilience.