Family offices worldwide are making measured adjustments to their portfolios in response to an increasingly uncertain global environment, according to the UBS Global Family Office Report 2026.
Drawing on insights from 307 family offices across over 30 markets, each with an average net worth of US$2.7 billion ($3.5 billion), the report finds that resilience and diversification are family offices’ priorities for 2026, amidst the beginnings of what UBS says is a trillion-dollar wealth transfer between generations.
“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,” says Benjamin Cavalli, head of strategic clients and 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.”
On asset allocation
For the first time in the report's history, 60% of family offices say they plan to change their strategic asset allocation in the next 12 months, which is the highest level UBS has ever recorded.
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The report describes this as a “deliberate recalibration” rather than a wholesale reallocation, with portfolios tilting toward emerging market equities and infrastructure while reducing exposure to real estate, which is expected to fall from 11% of allocations in 2025 to 8% among those planning changes in 2026.
Geography-wise, UBS reports North America continues to represent the largest share of allocations, at 52% for 2026. While US-based family offices “remain a strong preference for domestic assets”, their European and Asian counterparts increasingly want to “reduce concentration risk” by diversifying regionally, actively planning to expand exposure to Asia Pacific, Greater China and Western Europe, says UBS.
However, UBS reveals that US family offices surface as an exception, with home bias actually increasing from 86% in 2025 to 88% in 2026. As one Hong Kong-based family office CEO, who was referred to as such in the report, notes: "As geopolitical uncertainty increases, people retreat to what they know. And the US is still strong at a very fundamental level."
Concerning the US Dollar
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According to the report, 65% of family offices expect confidence in the dollar's role as the reserve currency to weaken over the coming year, while only 6% anticipate an improvement. The dollar is the only major currency where a substantial 47% of respondents describe themselves as overexposed.
In response, 29% say they have already reduced or are considering reducing their exposure to dollar-denominated assets, while 30% are increasing diversification across multiple currencies. UBS notes that the Swiss franc and euro were identified as the preferred alternatives.
AI interest
Artificial intelligence holds its position as the leading thematic investment, says UBS, reporting that 65% of family offices already invested across the value chain; from data centre infrastructure and software platforms to semiconductor producers.
Despite widespread concern about stretched valuations, the vast majority of respondents plan to maintain or increase their exposure.
“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.”
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Beyond AI itself, the report points to strong interest in the broader ecosystem needed to support its growth. Top thematic priorities show 37% indicating interest in power and resources, 37% in infrastructure and 33% in AI-enabled healthcare.
UBS says crypto and digital assets “remain niche”, with only 24% of family offices invested, typically sitting at 1% of the portfolio — although 44% of those invested now consider it part of their strategic allocation.
Office governance
The report finds that 68% of family offices have formal financial performance measurement processes, 60% operate with investment committees, and over half use structured budgeting frameworks.
Yet far fewer have adequately prepared the next generation — just 27% reported having an organised process to prepare heirs for future roles, and only 35% have a succession plan for the family office itself.
“While succession planning for family members is becoming more common, there remains significant room for improvement in establishing succession plans for the family office itself,” says Jan van Bueren, senior family advisor in wealth planning and UHNW (Ultra-High Net Worth) advisory at UBS.
The report says 21% of family offices have next-generation members who are old enough to be involved but remain entirely uninvolved, citing gaps in financial and governance education as the primary barrier.
Still, signs of growing awareness are emerging: findings from the recent UBS Next Generation Report 2026, do show “a clear majority of the next generation” believing that their “parents should discuss wealth with their children before the age of 20”.
According to the Global Family Offices 2026 report, 52% of relevant family offices plan to introduce financial education programs, and around 40% are looking to engage younger generations through investment committee involvement or entrepreneurial ventures.
Dealing with global pressures
UBS highlights how global pressures are being “filtered” through local contexts.
Southeast Asia stands out as the most AI-focused region globally, with 88% of family offices invested in the theme, seconded by North Asia at 74%. The key themes of interest other than AI include power and resources at 50%, and automation and robotics at 44%; as well as Greater China and Asia Pacific as expansion targets.
North Asia shows strong interest in AI healthcare at 49%, with 47% showing interest in diversifying across North America and 25% in Greater China.
The Middle East, Southeast Asia and North Asia sees the highest rates of family offices planning strategic asset allocation changes; at 82%, 81% and 71% respectively.
Although Middle East portfolios remain anchored in North America at 50%, investors maintain meaningful regional exposure and are strongly focused on AI at 50% and AI healthcare at 35%.
The US displays the strongest home bias globally, allocating 88% of portfolios to North America
The report shows their strategy continues to emphasise domestic market strength, with 65% prioritising AI, 39% focused on defence and security, and 35% on infrastructure, while engagement with broader global diversification trends remain comparatively limited.
Latin American family offices see 61% planning allocation changes, showing heavy interest in AI, as cited by 77% of respondents.
In Europe, excluding Switzerland, 67% of family offices are planning strategic changes aimed at reducing concentration in North America and increasing exposure to Western Europe and Asia Pacific.
Swiss family offices take the most measured approach to change, with only 43% planning adjustments, while maintaining a balanced allocation between Western Europe at 50% and North America at 37%.
