Even Billionaires Need Bots
Turns out the ultra‑rich are getting help from AI too — not for writing poetry, but for making sense of their mountains of money. A new Ocorian study says 86% of family offices (a.k.a. fancy private wealth managers) now use AI to crunch data, spot weird transactions, and keep regulators happy.
Together these offices control about $119 billion, so you’d think they could afford a few analysts — but apparently, algorithms are cheaper and don’t ask for bonuses.
Most execs think AI will overhaul their operations in the next couple of years, once they finish convincing their legacy systems to stop acting like it’s still 1998. For now, they’re happy renting cloud power from Microsoft and Google while letting machine learning sniff out fraud and compliance headaches.
Still, only 7% of them are actually investing in AI companies — rich people prefer using the tech, not betting on it. That may change soon, though: nearly three‑quarters say they’ll up their digital investments in the next three years.
So yes, AI is now managing the managers. The takeaway? Even fortunes need algorithms to keep them in line.
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