UBS has released its Global Family Office Report 2026, revealing that family offices worldwide are increasingly prioritizing resilience, diversification, and long-term thematic investments as geopolitical tensions and economic uncertainty reshape investment strategies. The report surveyed 307 family offices across more than 30 markets, representing families with an average net worth of $2.7 billion and family offices managing an average of $1.3 billion in assets.
According to the report, geopolitical conflict has become the leading risk facing family offices over both short- and long-term horizons. Rising concerns around global debt levels, recession risks, and structural market uncertainty are prompting investors to adopt a measured approach focused on diversification across asset classes, currencies, and geographic regions rather than making abrupt portfolio shifts.
For the first time, 60% of family offices indicated they plan to make strategic asset allocation changes within the next 12 months, the highest level recorded by UBS. While developed markets remain the foundation of portfolios, investors are gradually increasing allocations to emerging market equities and alternative assets such as infrastructure while reducing exposure to real estate.
The report also highlights a significant shift in currency positioning. Sixty-five percent of family offices expect confidence in the U.S. dollar’s reserve currency status to weaken, leading many to reassess their exposure to dollar-denominated assets. As a result, family offices are increasingly adopting multi-currency strategies, with the euro and Swiss franc emerging as preferred alternatives.
Despite efforts to diversify geographically, North America continues to represent the largest share of family office allocations globally. However, many investors are actively seeking to reduce concentration risk by increasing exposure to Asia Pacific, Greater China, and Western Europe.
Artificial intelligence remains the dominant investment theme globally. Sixty-five percent of surveyed family offices are already invested across the AI value chain, including semiconductor manufacturers, software providers, and data center infrastructure operators. While concerns about valuations persist, most investors plan to maintain or increase their AI exposure.
The report found that family offices are also directing capital toward sectors that support AI adoption, with 37% investing in power and resources, 37% in infrastructure, and 33% in AI-enabled healthcare. In contrast, crypto and digital assets remain a relatively niche investment category, with only 24% of family offices reporting exposure, typically representing about 1% of portfolio allocations.
Beyond investment trends, the report identifies ongoing governance and succession planning challenges. While many family offices have adopted institutional-grade investment practices, including formal performance measurement systems, investment committees, and structured budgeting frameworks, fewer than half have implemented formal governance structures with board-level oversight.
Succession planning remains a particular concern. Only 35% of family offices have a defined succession plan for the family office itself, while just 27% have established structured programs to educate and prepare heirs for future leadership roles. UBS noted that many next-generation family members who are old enough to participate in decision-making remain uninvolved, creating potential continuity risks as significant wealth transfers occur over the coming decades.
Regionally, family offices in the United States continue to exhibit the strongest home-market bias, allocating 88% of portfolios to North America. European and Middle Eastern family offices are among the most active globally in planning strategic portfolio adjustments, while Southeast Asian family offices lead the world in AI adoption, with 88% already invested in the theme.
The report reflects responses gathered between January 22 and March 30, 2026, from family offices collectively representing more than $627 billion in family wealth.
KEY QUOTES:
“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. 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.”
Benjamin Cavalli, Head of Strategic Clients & Global Connectivity, UBS Global Wealth Management
“Artificial intelligence continues to stand out as the defining investment theme of this decade. 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.”
Yves-Alain Sommerhalder, Head of Global Wealth Management Solutions, UBS
