UBS survey: Family offices pivot to resilience as geopolitical risk reshapes global portfolios
28 MAY, 2016
By Joanna Piwko from RankiaPro Europe
Geopolitical conflict has surged to the top of family office risk registers — and for the first time in the history of UBS's annual survey, a clear majority of respondents say they plan to change their strategic asset allocation within the next year. The finding reflects a broader pivot: from opportunistic positioning to long-term resilience.
Rather than making abrupt shifts, family offices are leaning into measured, medium-term repositioning — diversifying across asset classes, currencies, and regions while maintaining disciplined exposure to structural growth themes.
"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."
Benjamin Cavalli, Head of Strategic Clients & Global Connectivity, UBS Global Wealth ManagementCurrency positioning is undergoing a notable shift. Nearly two-thirds of family offices expect the US dollar's reserve-currency status to erode, prompting broader adoption of multi-currency frameworks. The euro and Swiss franc have emerged as preferred alternatives. While North America still commands the largest share of geographic allocations, family offices are actively trimming concentration risk — with Asia Pacific, Greater China, and Western Europe identified as target destinations for new capital.
Artificial intelligence remains the dominant investment theme worldwide. Despite mounting valuation concerns, the majority of family offices plan to hold or increase exposure — investing not just in AI firms themselves, but across the broader ecosystem required to sustain and scale the technology.
The share of family offices planning strategic allocation changes varies widely by region, reflecting different exposures to geopolitical pressure, currency risk, and growth opportunities.
| Middle East | 82% | |
| Southeast Asia | 81% | |
| North Asia | 71% | |
| Europe (excl. Switzerland) | 67% | |
| Latin America | 61% | |
| Global average | 60% | |
| Switzerland | 43% |
Southeast Asian family offices lead globally on AI exposure, with 88% already invested — the highest of any region. The Middle East stands out for the sheer pace of reallocation intent, while US family offices display the strongest home bias, with 88% of portfolios concentrated in North American assets.
Even as family offices adopt institutional-grade investment processes, governance and succession planning lag badly. With trillions expected to transfer between generations over the coming decades, the disconnect between operational sophistication and succession readiness is one of the report's starkest findings.
| Indicator | Result |
|---|---|
| Formal financial performance measurement | 68% |
| Operating investment committee | 60% |
| Defined succession plan for the family office | 35% |
| Structured next-generation education program | 27% |
Source: UBS Global Family Office Report 2026. Based on a survey of 307 UBS family office clients across more than 30 markets, conducted January 22 – March 30, 2026. Total family wealth surveyed: USD 627.4 billion.