Family offices are placing greater emphasis on resilience and diversification amid ongoing geopolitical uncertainty, according to a new report from UBS.
The UBS Global Family Office Report 2026 surveyed 307 family offices across more than 30 markets, representing an average net worth of $2.7 billion. The findings suggest that many are reassessing portfolio strategies in response to geopolitical tensions, concerns over global debt levels and the prospect of economic slowdown.
Rather than making significant shifts in investment strategy, family offices are favouring diversification across asset classes, currencies and regions.
The report found that 60% of family offices plan to make changes to their strategic asset allocation over the next 12 months, the highest proportion recorded by UBS to date. While developed markets continue to form the core of most portfolios, investors are increasingly looking towards emerging market equities and alternative assets such as infrastructure, while reducing exposure to real estate.
The report also highlights changing attitudes towards currencies. Almost two-thirds of respondents expect confidence in the US dollar’s reserve status to weaken, prompting many to review exposure to dollar-denominated assets. The euro and Swiss franc were identified as preferred alternatives, while family offices are also seeking greater regional diversification through increased exposure to Asia Pacific, Greater China and Western Europe.
Artificial intelligence remains the most prominent investment theme, with 65% of family offices already invested in areas linked to the technology, including data centres, software platforms and semiconductor manufacturers. Despite concerns around valuations, most intend to maintain or increase their exposure. The report also identified power and resources, infrastructure and AI-enabled healthcare as key areas attracting investment.
Alongside investment trends, the report highlights governance and succession planning as ongoing challenges. While many family offices have adopted formal investment processes and governance structures, fewer than half have implemented board-level oversight frameworks and only 35% have a formal succession plan for the family office itself. Just over a quarter have established structured programmes to prepare the next generation for future leadership roles.
Tobias Wehrli (pictured), Country Head Jersey at UBS Global Wealth Management, said: “This year’s findings show that family office clients are navigating today’s environment with a clear focus on resilience and long-term stewardship. We’re seeing a deliberate shift toward greater diversification across asset classes, currencies, and jurisdictions, as family offices respond to persistent geopolitical uncertainty and concerns around debt and concentration risk. At the same time, they are making measured adjustments rather than wholesale changes, maintaining strong allocations to developed markets while selectively increasing exposure to areas such as infrastructure, emerging markets, and long-term themes like artificial intelligence. Increasingly, they are also embracing multicurrency strategies and global structuring to preserve flexibility and protect wealth across generations.”
