UBS Global Family Report 2026 Published

UBS Global Family Office Report 2026: Family offices pivot to resilience as geopolitical risk and structural uncertainty reshape global portfolios

Majority of those surveyed plan strategic portfolio changes, increase diversification across currencies, and deepen investment in artificial intelligence amid a more complex, global investment landscape

UBS, the largest truly global wealth manager, today announced the publication of the UBS Global Family Office Report 2026, which surveyed its family office clients around the world on the unique challenges and opportunities they face. Drawing on insights from 307 family offices across more than 30 markets with an average net worth of USD 2.7 billion, the report finds that family offices are prioritizing resilience, diversification and long-term thematic opportunities, as they prepare for sustained geopolitical and economic uncertainty.

Unpredictable global environment

Geopolitical conflict has emerged as the top risk across both short- and long-term horizons, while concerns over global debt levels and recession threats are rising. In response, family offices are taking a measured, medium-term approach, prioritizing diversification across asset classes, currencies and regions, rather than making abrupt allocation shifts.

“This report shows that family offices continue to adjust portfolios in measured ways – 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 a reduction in exposure to the US dollar or are planning to diversify regionally, but North American assets clearly continue to represent the greatest share of allocations.”

For the first time, 60% of family offices plan changes to their strategic asset allocation in the next 12 months, marking the highest level recorded by UBS to date. While developed markets remain the backbone of portfolios, allocations are gradually tilting towards emerging market equities and alternatives such as infrastructure, alongside reduced exposure to real estate. At the same time, family offices are leaning toward targeted adjustments in terms of diversification, reflecting a disciplined and long-term investment mindset.

The report also highlights a notable shift in currency positioning. Sixty-five percent of family offices expect confidence in the US dollar’s reserve status to weaken, with many reassessing exposure to USD-denominated assets. This is driving broader adoption of multi-currency frameworks, with the euro and Swiss franc emerging as preferred alternatives. When it comes to geographies, North America continues to account for the largest share of allocations, yet family offices are actively seeking to reduce concentration risk. Increasingly, they are planning to expand exposure to Asia Pacific, Greater China and Western Europe, reflecting a structural shift toward regional diversification.

Leading investment theme

Artificial intelligence (“AI”) remains the leading investment theme globally, with 65% of family offices already invested across the value chain, including data center infrastructure, software platforms and semiconductor producers. Despite valuation concerns, family offices plan to maintain or increase their exposure, balancing opportunity with resilience.

“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 both conviction and selectivity, seeking opportunities across the value chain while balancing long-term growth potential with risk discipline.”

Family offices are allocating towards power and resources (37%), infrastructure (37%), and AI-enabled healthcare (33%), recognizing the broader ecosystem required to support and scale AI adoption, according to the report.

By contrast, crypto and digital assets remain a niche allocation, with only 24% of family offices invested and typically at low single-digit levels. However, among those that are invested, allocations are usually modest (around 1%), but 44% now consider crypto part of their strategic asset allocation.

Critical succession gaps

While family offices continue to professionalize their investment operations, the report highlights persistent gaps in governance frameworks, succession planning and next-generation engagement, creating potential risks to long-term continuity. Operationally, many family offices have adopted institutional-grade practices:68% have formal financial performance measurement processes, 60% operate with investment committees ,and over half use structured budgeting frameworks, reflecting a growing level of rigor and oversight.

However, this progress is uneven. Fewer than half have implemented formal governance frameworks with board-level oversight, and only 35% have a defined succession plan for the family office itself. This gap is even more pronounced when it comes to the next generation. Only 27% have a structured process in place to educate and prepare their heirs for future roles, despite 29% citing that not enough financial or governance education is a challenge for involving the next generation.

As a result, a significant proportion of next-generation family members who are considered old enough to participate remain uninvolved in family office decision-making, pointing to a disconnect between intention and execution. This lack of preparedness is particularly significant given the scale of the intergenerational wealth transfer that is expected over the coming decades, with trillions set to move between generations. However, at the same time, there are signs of progress. Many family offices are looking to expand financial education programs, involve the next generation in investment committees, and integrate them through philanthropic and entrepreneurial initiatives, signaling a gradual shift toward more structured and inclusive succession strategies.

“This year’s findings show that family office clients are navigating today’s environment with a clear focus on resilience and long-term stewardship,” said Tobias Wehrli, Country Head Jersey at UBS Global Wealth Management. “We’re seeing a deliberate shift toward greater diversification across asset classes, currencies, and jurisdictions, as family offices respond to persistent geopolitical uncertainty and concerns around debt and concentration risk. At the same time, they are making measured adjustments rather than wholesale changes, maintaining strong allocations to developed markets while selectively increasing exposure to areas such as infrastructure, emerging markets, and long-term themes like artificial intelligence. Increasingly, they are also embracing multicurrency strategies and global structuring to preserve flexibility and protect wealth across generations. This approach is highly relevant for investors here in Jersey. Effective wealth management today is less about reacting to short-term volatility and more about building robust, well-governed structures that can preserve and grow wealth across generations. Taking a more strategic, globally diversified, and future-focused mindset will be key to being a responsible steward of wealth in the years ahead.”

Learn more and download the report, here.