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85% of family offices list artificial intelligence as their top investment theme, even though 85% of family offices expect the AI bubble to burst within the next five years, according to a new survey. The poll was conducted by RBC Wealth Management and Camden Wealth among 155 North American family offices.
RBC’s Bill Lingham said these mixed feelings about AI stem from several underlying factors, including cautious optimism about the technology and concerns about being left on the sidelines of an investment boom.
“Even patient capital can be gripped by the fear of missing out,” said the head of private wealth strategy.
A total of 85% of respondents ranked AI as an asset class or investment theme likely to benefit investors over the next 12 months, the next two to five years, or both. The next most popular stocks were U.S. stocks and direct investments, selected by 76% and 72% of respondents, respectively.
But while AI was the top investment theme for 2026 at 59%, family offices said they were more bullish on U.S. stocks over the long term. When asked about returns over the next two to five years, 69% of respondents chose U.S. stocks, compared to 64% for AI. This was followed by direct investment at 62%. And while only 26% of family offices say real estate has the potential to deliver shareholder returns over the next 12 months, nearly twice as many (51%) choose real estate as a worthwhile investment over a two- to five-year time horizon.
Lingam said the results may reflect how enthusiasm for AI is influencing investors’ short-term focus rather than their long-term strategies.
“The fear of missing out is a short-term view,” he said. “AI is seen as a top priority for the next 12 months. Their long-term outlook is setback.”
Lingam said family offices are cautiously optimistic about AI, especially in the startup space.
“These optimists are not afraid to say there could be a bubble in the future,” he said. “You’re investing in things that you think will be incredibly successful in the long run. But at this stage there are so many new companies that you have to approach these things with your eyes wide open.”
The survey found that 76% of respondents cited “excessive government borrowing” as the top market risk that is likely to materialize over the next five years. This was followed by “the bursting of the AI investment bubble” (75%) and “advances in AI will have an impact on employment” (66%).
Although the survey did not ask how family offices plan to change their AI-related allocations, Lingam said many asset classes are being influenced by technology. Thirty-one percent of family offices said they plan to increase their direct investments in private equity, and just over a fifth said they were making similar investments in real estate and venture capital.
“I believe that many of those fundamental categories will have AI built into them,” he said.
