Global family offices are redesigning their portfolios for resilience and diversification, in response to a geopolitical and economic framework marked by prolonged uncertainty. 60% of them have revised their asset allocation and 65% are banking on the weakness of the dollar. This is what emerges from the UBS Global Family Office Report 2026, published today by the Swiss banking group, based on the responses of 307 family offices in over 30 markets, with an average family net worth of 2.7 billion dollars and assets managed on average of 1.3 billion.
Risks and review of asset allocation
The report indicates that geopolitical conflicts are the main risk factor in both the short and long term, accompanied by growing concerns about global debt and threats of recession. For the first time, 60% of family offices plan to change their strategic asset allocation in the next twelve months, the highest level ever recorded by UBS. The prevailing direction is one of measured diversification across asset classes, currencies and regions, with a gradual shift towards emerging market equities and alternative investments, particularly infrastructure, and a reduction in exposure to real estate.
“This report shows that family offices continue to adjust portfolios in a measured way, diversifying across assets, currencies and regions, while maintaining exposure to long-term themes such as artificial intelligence with greater selectivity,” said Benjamin Cavalli, Head of Strategic Clients & Global Connectivity at UBS Global Wealth Management. “Many are considering reducing US dollar exposure or planning regional diversification, but North American assets clearly continue to account for the largest share of allocations.”
Currencies, AI, cryptocurrencies: who goes up and who goes down
On the currency front, 65% of respondents expect a weakening of confidence in the US dollar’s status as a reserve currency, with wider adoption of multi-currency structures and the euro and Swiss franc cited as preferred alternatives. Geographically, North America remains the main investment destination, but interest is growing in Asia-Pacific, Greater China and Western Europe.
Artificial intelligence remains the dominant investment theme: 65% of family offices have already invested along the entire value chain, from data centers to semiconductors and software platforms. Thematic allocations include energy and resources (37%), infrastructure (37%), and AI-powered healthcare (33%). “Artificial intelligence continues to stand out as the defining investment theme of this decade,” said Yves-Alain Sommerhalder, Head of Global Wealth Management Solutions at UBS. “Family offices are approaching it with conviction and selectivity, seeking opportunities across the value chain while balancing long-term growth potential with risk discipline.”
Cryptocurrencies remain marginal: only 24% of family offices invest in them, with average stakes of 1%, although 44% now consider them part of the strategic allocation.
Gaps in governance and succession
The report also flags persistent gaps in governance and succession. 68% have formal performance measurement processes and 60% operate investment committees, but less than half have formal governance frameworks with board oversight and only 35% have a defined succession plan. Only 27% provide structured paths for the education of heirs, a critical figure in view of the massive intergenerational transfer of wealth expected in the coming decades.
Regional differences
Regionally, US family offices maintain the strongest domestic orientation, with 88% of the portfolio allocated to North America. In the Middle East, 82% expect strategic allocation changes, the highest share globally, while in Southeast Asia, 88% have already invested in AI. Swiss family offices stand out for their balanced profile, with 50% allocated to Western Europe and 37% to North America, and a more contained pace of change (43%).
