The UBS report draws on 307 family offices across more than 30 markets with an average net worth of USD 2.7 billion, surveyed by UBS between January and March 2026. Total surveyed wealth came to USD 627.4 billion.
Resilience over reaction. Geopolitical conflict has emerged as the top risk across both short- and long-term horizons, with rising concern over global debt and recession, yet family offices are responding with a measured, medium-term diversification approach rather than abrupt shifts. Still, a record 60% now plan changes to their strategic asset allocation over the next 12 months – this is the highest level UBS has recorded.
Currency diversification is accelerating. 65% expect confidence in the US dollar’s reserve status to weaken, prompting broader adoption of multi-currency frameworks with the euro and Swiss franc emerging as preferred alternatives. Geographically, North America still holds the largest allocation share, but offices are actively working to reduce concentration risk by expanding into Asia Pacific, Greater China and Western Europe.
AI remains the dominant theme, but selectively. 65% of family offices are already invested in AI across the value chain, including data centre infrastructure, software platforms and semiconductor producers, with meaningful spillover into power and resources (37%), infrastructure (37%) and AI-enabled healthcare (33%). By contrast, only 24% hold crypto, typically at low single-digit weights around 1%, though 44% now treat it as part of their strategic allocation.
Governance is the weak link. 68% have formal performance-measurement processes and 60% run investment committees, but fewer than half have board-level governance frameworks, and only 35% have a defined succession plan for the family office itself. Just 27% have a structured process for preparing the next generation – notable given the scale of intergenerational wealth transfer approaching over coming decades.
Regional planned-allocation-change leaders: Middle East family offices show the highest level of planned change globally at 82%, followed by Southeast Asia at 81% and Europe (excl. Switzerland) at 67%, while US offices remain the most home-biased, with 88% of portfolios allocated to North America.
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