Family offices around the world are preparing for one of the biggest portfolio reshuffles in years, with many wealthy investors reducing their exposure to the United States and increasing allocations to other regions, according to a new UBS survey.
The UBS Global Family Office Report found that 60% of family offices expect to make strategic changes to their asset allocations over the next year — roughly double the level seen over the past five years. A growing number are shifting capital away from U.S. markets and toward emerging economies.
North America was the only region where respondents said they plan to cut allocations during the coming 12 months, while Latin America and Africa are expected to attract additional investment.
According to John Mathews, UBS head of private wealth management for the Americas, concerns among wealthy families have evolved significantly over the past year. While trade tariffs previously dominated discussions, investors are now increasingly focused on geopolitical instability, rising global debt levels, and long-term interest rate pressures.
The trend highlights a broader reassessment of U.S. exposure among family offices, which manage the fortunes of some of the world’s richest families. Investors are becoming more cautious due to the concentration of the U.S. stock market, concerns about a potential artificial intelligence bubble, ongoing tariff disputes, a weakening dollar, policy uncertainty, and higher debt and bond yields.
Advisers stress that investors are not abandoning the U.S. entirely. Instead, many are seeking greater geographic diversification as global risks become more interconnected and unpredictable.
Conflicts in Ukraine and Iran, shifting trade policies, immigration debates, and rising debt burdens have all contributed to a more complex investment environment. With fewer clear safe-haven assets available, family offices are increasingly spreading risk across multiple regions.
A key theme emerging from the survey is “jurisdictional diversification” — the strategy of holding assets across several countries to reduce political and economic risk. UBS found that two-thirds of family offices now keep bankable assets in at least three jurisdictions, while nearly one-third use four or more jurisdictions spanning regions such as the U.S., Europe, China, Latin America, the Middle East, and Asia.
Many family offices are also seeking to reduce reliance on the U.S. dollar, a trend often described as “de-dollarization.” More than a quarter of respondents said they plan to lower holdings of dollar-denominated assets. Around two-thirds expect confidence in the dollar’s role as the world’s reserve currency to weaken, while almost half believe they currently have excessive exposure to the greenback.
The Swiss franc and the euro emerged as the preferred alternatives for currency diversification.
Geopolitical instability ranked as the biggest risk for family offices over both the next year and the next five years, according to the report. A global trade war was identified as the second-largest concern, while hyperinflation, cyberattacks, and debt crises were also highlighted as major threats.
UBS said the findings suggest family offices are preparing for a prolonged period of elevated and interconnected risks by adjusting asset allocations and broadening global exposure.
In terms of investment preferences, family offices plan to increase allocations to emerging-market equities, infrastructure projects, and gold. At the same time, they intend to modestly reduce cash holdings and scale back exposure to real estate.
The report also revealed a widening divide between U.S.-based family offices and those elsewhere in the world. American family offices remain heavily invested domestically, increasing their average allocation to U.S. assets from 86% to 88% over the past year.
North America continues to dominate global family office wealth, accounting for 53% of worldwide family assets.
By contrast, many overseas family offices are redirecting capital toward home markets or other international regions. Chinese family offices now hold roughly half of their assets in Western Europe, while Western European family offices keep 41% of their wealth invested within their own region.
Mathews noted that U.S. family offices have effectively doubled down on domestic investments, while many international family offices are gradually diversifying away from dollar-based securities and reducing exposure to U.S. markets.
