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Its study among family members, senior family office employees and intermediaries working for family offices in Bermuda, the Cayman Islands and Mauritius with total wealth of $8.75 billion found that almost nine in ten (89%) expect their investment risk appetite to increase over the next 12 months. Just over one in ten (11%) expect this to stay the same.

The most common reason given for this is a belief that many family offices have had too much of their wealth in cash for too long (78%). Around 67% cited that there is a feeling that inflation has peaked or will peak soon and the same number cited greater regulation around riskier or more specialist asset classes as a reason. Around two fifths (44%) said there is greater transparency now around riskier or more specialist asset classes and the same number said there is a feeling that markets have hit the bottom, and they are ready to recover.

The study with 25 family office members, employees and intermediaries in Bermuda, the Cayman Islands and Mauritius is part of a global study in 13 countries or territories including the UK, UAE, Singapore, Switzerland, Hong Kong, South Africa, Saudi Arabia, and Bahrain.

Unlike in larger financial hubs such as Switzerland and Singapore, Caribbean family offices are often deeply tied to regional businesses in energy, tourism and real estate and have historically favoured cash reserves to weather economic shocks such as hurricanes and currency volatility. Bermuda and the Cayman Islands have long been at the centre of global family office and private wealth activity, but the trend now extends to the wider Caribbean. From Barbados to Jamaica, families are increasingly looking to diversify wealth away from cash and into new asset classes such as alternatives, private equity, and real estate.

While these jurisdictions have traditionally provided safe harbours for wealth preservation, the mindset is shifting. Families are seeking to blend Caribbean resilience with global opportunity.