Growing geopolitical uncertainty and concerns around rising sovereign debt are pushing some of the world’s wealthiest families to rethink their investment strategies, according to a new report by UBS. The Swiss banking giant revealed that family offices managing billions of dollars are increasingly reducing their dependence on the US dollar while looking for fresh opportunities in other regions. The findings were published in UBS’s Global Family Office Report 2026, based on a survey conducted between January and late March.
The study gathered responses from 307 UBS clients worldwide, with participating families averaging a net worth of $2.7 billion, according to a Reuters report.
UBS found that nearly two-thirds of surveyed family offices believe confidence in the US dollar as the world’s reserve currency could weaken over the next year. The concerns emerged after the dollar experienced depreciation before the survey period ended, prompting many investors to reassess their exposure to US-linked assets.
According to UBS strategist Maximilian Kunkel, almost half of the surveyed family offices concluded that they were excessively exposed to the US currency across different asset categories. This realisation has encouraged many of them to diversify their holdings and explore investment opportunities beyond traditional US-focused portfolios.
The report noted that the survey was completed before the dollar regained strength against several global currencies, making the findings particularly notable given the market’s recent movements.
Asia Pacific And Europe Gaining Investor Attention
As part of their diversification strategy, family offices are now planning to increase allocations to emerging market equities and infrastructure investments while reducing exposure to real estate assets.
The report also highlighted rising interest in the Asia Pacific and parts of Western Europe as alternative investment destinations.
“For the first time, we are feeling that family offices want to build up in Asia Pacific and, to a certain degree, also in Western Europe,” UBS executive Benjamin Cavalli said. “That mainly affects family offices outside the United States, but we are also seeing signs that a very limited part of the de-dollarisation move is coming from US family offices.”
The trend reflects a broader shift among wealthy investors seeking geographic diversification amid growing economic and political uncertainty.
Geopolitical Conflict Emerges As Top Concern
UBS said geopolitical tensions have now become the single biggest concern among family offices by a significant margin. In response, many wealthy families are not only changing their investment allocations but are also adopting “multishoring” strategies.
The concept involves spreading family office operations and structures across multiple jurisdictions to reduce risk and improve resilience during periods of instability.
The report suggests that the combination of global conflict fears, debt concerns, and changing currency expectations is accelerating a major rethink in how ultra-wealthy investors preserve and grow their fortunes.
