The report draws on insights from 307 family offices across more than 30 markets with an average net worth of $2.7 billion surveyed online between 22 January and 30 March 2026.

“This report shows that 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,” said Benjamin Cavalli, head of strategic clients and global connectivity at UBS Global Wealth Management. “Many are considering a reduction in exposure to the US dollar or are planning to diversify regionally, but North American assets clearly continue to represent the greatest share of allocations.”

For the first time, 60 per cent of family offices plan changes to asset allocation in the next 12 months, marking the highest level recorded by UBS to date. While developed markets remain the backbone of portfolios, allocations are gradually tilting towards emerging market equities and alternatives such as infrastructure, alongside reduced exposure to real estate, the survey shows. At the same time, family offices are leaning towards targeted adjustments in terms of diversification, reflecting a disciplined and long-term investment mindset.

The report also highlights a shift in currency positioning. Sixty-five per cent of family offices expect confidence in the US dollar’s reserve status to weaken, with many reassessing exposure to dollar-denominated assets. This is driving adoption of multi-currency frameworks, with the euro and Swiss franc emerging as preferred alternatives. When it comes to geographies, North America accounts for the largest share of allocations, yet family offices are seeking to reduce concentration risk. Increasingly, they are planning to expand exposure to Asia Pacific, Greater China and Western Europe, reflecting a structural shift towards regional diversification. 

Investment themes
Artificial intelligence is still a prominent investment theme globally, with 65 per cent of family offices already invested across the value chain, including data centre infrastructure, software platforms and semiconductor producers. Despite valuation concerns, family offices plan to maintain or increase their exposure, balancing opportunity with resilience.

“Artificial intelligence continues to stand out as the defining investment theme of this decade,” said Yves Alain Sommerhalder, head of Global Wealth Management Solutions at UBS. “Family offices are approaching it with both conviction and selectivity, seeking opportunities across the value chain while balancing long-term  growth potential with risk discipline.”

Family offices are allocating towards power and resources (37 per cent), infrastructure (37 per cent), and AI-enabled healthcare (33 per cent), recognising the broader ecosystem required to support and scale AI adoption, according to the report.

By contrast, crypto and digital assets remain a niche allocation, with 24 per cent of family offices invested and typically at low single-digit levels. However, among those that are invested, allocations are usually modest (around 1 per cent), but 44 per cent now consider crypto part of their asset allocation.

Critical succession gaps
While family offices professionalise their investment operations, the report highlights persistent gaps in governance frameworks, succession planning and next-generation engagement, creating potential risks to long-term continuity. Operationally, many family offices have adopted institutional-grade practices.

Sixty eight per cent have formal financial performance measurement processes, 60 per cent operate with investment committees, and over half use structured budgeting frameworks, reflecting a growing level of rigour and oversight.

However, this progress is uneven. Fewer than half have implemented formal governance frameworks with board-level oversight, and only 35 per cent have a defined succession plan for the family office itself. This gap is even more pronounced when it comes to the next generation. Only 27 per cent have a structured process in place to educate and prepare their heirs for future roles, despite 29 per cent citing that not having enough financial or governance education is a challenge for involving the next generation.

As a result, a significant proportion of next-generation family members who are considered old enough to participate remain uninvolved in family office decision-making, pointing to a disconnect between intention and execution. This lack of preparedness is particularly significant given the scale of the intergenerational wealth transfer that is expected over the coming decades, with trillions set to move between generations. However, at the same time, there are signs of progress. Many family offices are planning to expand financial education programmes, involve the next generation in investment committees, and integrate them through philanthropic and entrepreneurial initiatives, signalling a gradual shift towards more structured and inclusive succession strategies. 

Regional spotlights:
US
Family offices in the US exhibit the strongest home bias globally, with 88 per cent of portfolios allocated to North America. This implies confidence in the depth, liquidity and resilience of domestic capital markets, even as global uncertainties rise. While AI remains the top investment theme (65 per cent), those surveyed also show heightened interest in defence and security infrastructure (39 per cent) and broader infrastructure investments (35 per cent), potentially reflecting geopolitical considerations alongside growth opportunities. Despite global diversification trends, US family offices remain relatively insulated, with portfolio strategy focused on domestic strength rather than geographic rebalancing. However, they are not immune to broader shifts, including currency risk awareness and structural market changes, albeit to a lesser degree than peers in other regions.

Latin America
Family offices in Latin America demonstrate a comparatively more diversified regional allocation, with 60 per cent exposure to North America and 23 per cent within Latin America itself. They are among the most active globally in rethinking portfolio strategy, with 61 per cent planning strategic asset allocation changes, above the global average. Thematic priorities tilt towards AI (77 per cent), infrastructure (55 per cent) and power/resources (45 per cent), highlighting a blend of technology-driven growth and real asset exposure. This dual focus may reflect both global opportunity-seeking behaviour and regional familiarity with resource-linked investment themes, positioning Latin American family offices as relatively dynamic and globally outward-looking investors.

Switzerland
Family offices in Switzerland maintain a balanced and internationally diversified portfolio, with 50 per cent allocated to Western Europe and 37 per cent to North America. Their investment approach appears to reflect a strong emphasis on stability, diversification and innovation, with leading themes including AI (59 per cent), power and resources (41 per cent), and automation/robotics (38 per cent). Compared with global peers, Swiss family offices show a more measured pace of portfolio change, with 43 per cent planning allocation adjustments. Family offices in Switzerland stand out for their balanced exposure across regions and themes, suggesting a preference for long-term resilience and technological transformation.

Europe (excluding Switzerland)
Family offices in Europe (excluding Switzerland) are among the most active in reassessing portfolios, with 67 per cent planning allocation changes, one of the highest levels globally. While North America remains the largest allocation (45 per cent)), European investors are actively seeking to rebalance towards Western Europe and Asia Pacific, reflecting a push to reduce concentration risk. AI leads thematic allocations (57 per cent), complemented by infrastructure (33 per cent) and power/resources (33 per cent), indicating a blend of growth and structural investment themes. European family offices are therefore at the forefront of portfolio repositioning, seemingly driven by valuation considerations, currency diversification and evolving global risk dynamics. 

Middle East
Family offices in the Middle East demonstrate the highest level of planned portfolio change globally, with 82 per cent intending to adjust allocations. Their portfolios remain anchored in North America (50 per cent), but with meaningful exposure to Western Europe and the Middle East, reflecting a hybrid investment approach. Themes include AI (50 per cent), AI-enabled healthcare (35 per cent) and infrastructure (30 per cent), suggesting a strong interest in technology adoption alongside regional development priorities. This region stands out for its proactive and high-conviction approach to reallocating capital, potentially driven by both opportunity and the need to mitigate global uncertainty. 

North Asia
Family offices in North Asian are highly technology-oriented and globally diversified, with significant exposure to North America (47 per cent) and Greater China (25 per cent). AI adoption is among the highest globally (74 per cent), alongside strong interest in AI-enabled healthcare (49 per cent) and power/resources (34 per cent). Seventy-one per cent of family offices are planning asset allocation changes, suggesting a willingness to reposition portfolios in response to global conditions. Overall, North Asia stands out for its high conviction in technology-driven growth and cross-border diversification, balancing regional expertise with global opportunity.

Southeast Asia
Family offices in Southeast Asia are the most AI-focused globally, with 88 per cent already invested in the theme, the highest of any region. Portfolios remain heavily exposed to North America (58 per cent), but with growing allocations across Greater China and Asia Pacific, reflecting increasing regional integration. Eighty-one per cent plan to adjust asset allocation, suggesting an active approach to managing global economic and geopolitical shifts. Beyond AI, key themes include power/resources (50 per cent) and automation/robotics (44 per cent), reinforcing Southeast Asia’s position at the intersection of technology adoption and industrial transformation.