The ultra-wealthy are no longer looking solely for returns. They are now seeking resilience. And figures from UBS’s “Global Family Office Report 2026” show that this shift goes far beyond the traditional marketing rhetoric of private banks. The study, conducted among 307 family offices representing an average of $2.7bn in net assets, reveals a more profound shift in the way high-net-worth individuals view risk, currencies, jurisdictions and even the geography of global capital.
The first major concern relates to geopolitics. For 64% of family offices, the main risk over the next 12 months is a major geopolitical conflict. Over a five-year horizon, this concern remains the dominant one, at 61%. Fears of a debt crisis are also soaring: 56% of respondents consider it a major risk in the medium term, compared with just 31% in the short term. Fears of a global recession are also rising sharply, from 17% over a one-year horizon to 50% over five years.
Assets in at least two jurisdictions
UBS sees this as a structural shift rather than merely a bout of temporary volatility. Family offices are no longer simply seeking to maximise returns. They are seeking to build structures capable of withstanding extreme or prolonged scenarios.
This approach is reflected in the geographical diversification of assets. The report states that 88% of family offices now hold investable assets in at least two different jurisdictions. More than a third even use three. UBS describes a rise in ‘multishoring’ strategies, which involve spreading assets, structures and operations across several countries in order to avoid excessive reliance on a single jurisdiction.
“For many wealthy families, holding assets across multiple jurisdictions is not just a way of maximising returns; it’s about resilience,” explains Michael Viana, Head of Wealth Transfer & Networks and Client Office at UBS. “Legal protection, asset security and access to opportunities matter more than tax considerations.”
Without explicitly mentioning Luxembourg, the report describes a trend towards the concentration of assets in ‘a small number of trusted global hubs’. This phrasing echoes the historical arguments put forward by the Luxembourg financial centre regarding regulatory stability, legal certainty and political neutrality.
Loss of confidence in the dollar
The report also reveals a significant shift regarding the dollar. UBS explains that 65% of family offices expect confidence in the greenback as a global reserve currency to decline over the next 12 months. By contrast, only 6% believe that confidence will increase.
Even more telling is the fact that 47% of family offices consider themselves to be overexposed to the US dollar. This is by far the currency for which the perception of overexposure is highest. At the same time, 29% say they have already reduced or are considering reducing their exposure to US dollar-denominated assets.
The preferred alternatives are very clearly identified. The Swiss franc and the euro appear to be the most sought-after currencies for risk diversification. UBS also notes a rise in multi-currency strategies: 30% of family offices are increasing or planning to increase their currency diversification, whilst 21% now hold cash reserves in several different currencies.
These shifts also extend to asset allocation. For the first time since the survey began, 60% of family offices plan to adjust their strategic allocation over the next 12 months. UBS sees this as a major departure from the historical stability of these portfolios. Developed markets remain the core of allocations, with 29% of assets invested in developed market equities and 17% in developed market bonds. However, certain trends are particularly noticeable.
Property prices are falling, whilst gold prices are rising
Real estate is losing ground. Planned allocations are set to fall from 11% of portfolios in 2025 to 8% among family offices considering changes. Conversely, gold is gaining ground. Although it remains a modest component of overall allocations, UBS has observed an increase in planned positions, from 2% to 3% of portfolios.
“Gold plays a significant role in our diversification and in our efforts to reduce our exposure to the dollar,” explains a European executive interviewed in the report.
Infrastructure is also gaining in importance, as are certain sectors linked to artificial intelligence. UBS reports that 65% of family offices have already invested in AI-related themes. Data centres, specialist software and semiconductors are among the most sought-after sectors.
Flexibility and security
However, the report shows that the ultra-wealthy are not flocking en masse to the most speculative assets. Cryptocurrencies remain a niche investment. Only 24% of family offices report having exposure to digital assets, which is generally limited to around 1% of their portfolios.
Even the use of leverage is gradually declining. UBS points out that family offices now place greater emphasis on financial flexibility and protection against shocks than on the aggressive maximisation of returns. In other words, the prevailing logic is no longer one of pure optimisation. It is becoming one of robustness. And even though Luxembourg is never mentioned in the report’s 68 pages, it is hard not to see this quest for stability, legal diversification and institutional security as an implicit validation of several key arguments in favour of the Grand Duchy’s financial centre.
