The world’s wealthiest families are actively reducing their exposure to the United States dollar, prompted by escalating geopolitical tensions and rising sovereign debt, according to a recent report from Swiss bank UBS. Approximately two-thirds of the family offices surveyed by UBS anticipate a weakening of confidence in the dollar as a global reserve currency over the coming year. UBS, a global financial services company, offers wealth management, investment banking, and asset management services to clients worldwide. The firm’s comprehensive insights are often drawn from extensive client interactions and market research.
Conducted between January and late March, the UBS Global Family Office Report 2026 revealed that a notable depreciation in the dollar during the year prior to the survey spurred many family offices to reassess their portfolios. Almost half concluded they were overexposed to the US currency across various asset classes, as highlighted by UBS strategist Maximilian Kunkel. This planned reduction in dollar-denominated assets signifies a broader reconsideration of US-centric investment strategies.
Family offices are now looking to bolster holdings in emerging market stocks and infrastructure, while simultaneously trimming their real estate portfolios. UBS executive Benjamin Cavalli noted a significant shift, stating, “For the first time, we are feeling that family offices want to build up in Asia Pacific and, to a certain degree, also in Western Europe.” This trend predominantly impacts family offices outside the United States, though a limited portion of this de-dollarisation is also observed among US-based family offices. Geopolitical conflict has emerged as the foremost concern, driving family offices to combine asset allocation adjustments with multishoring strategies, which involve establishing family office operations across multiple international jurisdictions. The survey encompassed 307 clients globally, with participating families boasting an average net worth of $2.7 billion.
