Global investors are quietly repositioning their portfolios, with the world’s wealthiest family offices pulling back from heavy S&P 500 and North American exposure in favour of broader diversification, according to UBS’s Global Family Office Report 2026.
The comprehensive study, which surveyed 307 family offices across more than 30 markets with an average net worth of $2.7 billion, reveals that a record 60% of family offices plan to change their strategic asset allocations over the next 12 months — nearly double the 35% that said the same last year.
Despite resilient earnings helping push the S&P 500 and global equities to all-time highs, sustained geopolitical uncertainty is rattling even the largest pools of private capital. Major geopolitical conflict ranked as the top concern for family offices across both short- and long-term horizons, followed closely by rising global debt levels and the risk of a global recession.
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North America currently accounts for 53% of family office portfolio allocations, but that dominance appears to be eroding. Investors are expressing growing interest in Asia Pacific — including Greater China — and Western Europe as alternative destinations for capital deployment.
The report also flags a significant reassessment of US dollar exposure, with nearly 50% of respondents describing themselves as over-exposed to the greenback. Almost 30% have already reduced or plan to reduce USD-denominated assets.
In terms of asset class shifts, the survey points to a tilt toward emerging market equities, gold, and infrastructure.
UBS’s Chief Investment Office maintains a positive outlook on global equities but emphasises that diversification across asset classes, regions, and currencies remains essential for navigating today’s volatile environment.
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