Wealthy families bet on geopolitical diversification as inflation worries grow

Geopolitical diversification tops the list of investment topics for very high-net-worth families, according to the Family Barometer 2026 by Julius Baer and EY, a survey of advisers to families with more than CHF 50 million.

Inflation protection ranks second, and real estate investment third. The report provides the ranking but almost no percentages, so it is best read as a signal of priorities rather than a measure of how much capital is moving.

A ranking that changes little, with one nuance

The report states that geopolitical diversification has risen to the top spot this year. However, its own 2025 results table already placed it first. What has changed is the rest of the podium: inflation protection moves from third to second place, while real estate drops from second to third.

The top three investment topics for 2026 are, in order, geopolitical diversification, inflation protection, and real estate investment. In the societal category, taxation remains in first place, intergenerational wealth transfer rises to second (it was third in 2025), and political stability falls to third (it was second). For family-related topics, the top three are succession planning, building a family legacy, and individual and family growth opportunities.

Why geography matters more

The report attributes this shift to a landscape of changing alliances, sanctions regimes, and the reconfiguration of trade relations. According to the document, families are asking where their assets are held and under what regulatory environment, and are seeking portfolios resilient to disruptions they cannot predict. Rajesh Manwani of Julius Baer sums it up by saying that geopolitical risk has gone from being background noise to a central variable in every allocation decision.

For family offices, this broader investment mandate translates, according to the report, into more sophisticated allocation frameworks. In the period following the sale of a business, diversification away from single-asset risk is a goal for 48.7% of families, while inflation protection is a goal for 21.6%. The most frequently cited objectives remain capital preservation (64.9%) and long-term growth (62.8%).

Regional nuances

Middle East: real estate rises to second place among investment topics due to its tangibility and long-term stability. Political stability is the top societal issue and, for the first time, personal security is a primary concern, which the report links to escalating geopolitical uncertainty.

Latin America: personal security is the second societal issue and political stability the third, which the report attributes to greater political uncertainty in the region over the past year.

Europe: building a family legacy has become a prominent priority over the past twelve months.

Asia: the three investment topics align with global trends, and exiting the family business is not a top priority.

Implications for professionals

The message for those advising these clients or selecting funds for them is that jurisdiction, custody, and geographic exposure are part of the investment conversation, not just the tax discussion. The report should be treated with caution: it reflects advisers’ perceptions, provides little quantitative data on this issue, and is marketing material from Julius Baer.

^{Source: Julius Baer and EY, Family Barometer 2026 (October 2026).}