In 2025, the top investment themes among Canadian family offices were AI (50% have exposure), value equities (38%) and growth equities (27%), according to a joint RBC and Camden Wealth survey of single and private multi-family offices.
The survey was conducted between this April and August. It included 317 single and private multi-family offices globally, 141 of which were in North America. Of the family offices based in North America, 14 were in Canada.
The study found that globally, 74% of family offices were exposed to AI, 72% to fintech and 69% to health care. Digital transformation, automation and robotics, and data centres followed closely behind.
The average family wealth in Canada is US$2.1 billion, slightly higher than the North American average of US$2 billion. Two-thirds of the family offices in the continent were founded after 2000 and three-quarters were controlled by the first or second generations of the family, the survey found.
The top three investment asset classes preferred by family offices in Canada were developed market equities (25%), real estate (19%) and private equity direct investment (13%), closely in line with global family office asset allocation.
Globally, family offices still ranked private equity and venture capital at the top of the list for risk-adjusted returns despite recent disappointments.
Meanwhile, cryptocurrency ranked second last, just ahead of cash for risk-adjusted returns due to its high risk.
Family offices in Canada were most interested in a balance between growth and wealth preservation (70%), while 20% prioritized growth and 10% aimed for wealth preservation.
In North America, 19% targeted growth, but this number was more than 30% prior to 2024. “The data confirms the current cautious approach of family offices, but there will be a strong tilt back towards growth over the next five years,” the report said.
Engagement in responsible investment was found to be higher in Canada (30%) than all of North America (25%), but still lower than in the Asia-Pacific (44%) and Europe (39%). However, among North American family offices that have engaged, their portfolios comprised an average of 35% of responsible investments, and this is expected to increase over time, the report said.
The survey also found that the most common approach to responsible investment at family offices was thematic investing (75%), which aligns investment with the family’s interests, followed by integration of ESG principles and outcome-focused impact investing (each 50%).