UBS Global Family Office Report 2026: Record Shift in Strategic Allocations as Dollar Confidence Falls

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82% of Middle East family offices plan strategic rebalancing, UBS finds - dollar risk, gold and AI reshaping portfolios

The UBS 2026 Global Family Office Report found that 60% of family offices globally plan to change their strategic asset allocation in the next 12 months - the highest share ever recorded by UBS.
In the Middle East, 82% of family offices plan strategic changes - the highest proportion of any region surveyed.
65% of family offices expect confidence in the US dollar's reserve status to weaken, with more than a quarter planning to cut dollar-denominated holdings.
Gold allocations are planned to rise from 2% to 3% and infrastructure from 1% to 2%, while real estate is expected to fall from 11% to 8% among those repositioning.
Artificial intelligence is the leading investment theme globally, with 65% of family offices already invested across the AI value chain.
The report surveyed 307 family offices across more than 30 markets, representing total surveyed wealth of approximately USD 627 billion.

A Turning Point for Ultra-High-Net-Worth Portfolio Strategy

The UBS Global Family Office Report 2026, published on 28 May, captures a significant shift in how the world's wealthiest private investors are positioning their portfolios. Surveying 307 family offices across more than 30 markets - with an average family net worth of USD 2.7 billion and total surveyed wealth of approximately USD 627 billion - the report identifies a broad recalibration driven by geopolitical risk, sovereign debt concerns, and the rise of AI as a structural investment theme.

For UAE wealth management advisory practices and family office advisors, the regional findings carry direct relevance. Dollar exposure diversification is now firmly on the agenda of the world's most sophisticated private investors, and geopolitical risk portfolio resilience has moved from a theoretical concern to an active allocation driver. Understanding where global family offices are repositioning capital is an essential frame for client conversations in the months ahead.

A Record Six in Ten Family Offices Are Repositioning Portfolios

For the first time in the survey's history, 60% of family offices say they plan to change their strategic asset allocation over the next 12 months. That is up sharply from 35% in the prior year's edition and 27% the year before, making 2026 the most active year for portfolio repositioning that UBS has on record. Despite the scale of planned change, UBS characterises the shift as measured and disciplined. Developed market equities and fixed income continue to account for around 41% of strategic allocations globally, and that core is expected to remain stable even among those actively repositioning.

The Middle East stands apart from every other region in the survey. Eighty-two per cent of family offices in the region plan strategic changes, the highest proportion globally. As the significant expansion of UAE family office registrations has already signalled, the region is emerging as one of the most dynamic centres for UHNW capital reallocation. These offices currently anchor approximately 50% of their portfolios in North American assets and are actively exploring multi-currency frameworks and thematic diversification. Geopolitical conflict is cited as the single greatest risk over both 12-month and five-year horizons, with 64% of all respondents globally naming it as a major concern.

Dollar Confidence Falls - Currency, Gold and Real Assets in Flux

Perhaps the most discussed finding from the UBS report is a measurable shift in attitudes toward the US dollar. Sixty-five per cent of surveyed family offices expect confidence in the dollar's reserve-currency status to weaken over time, and more than a quarter plan to reduce their dollar-denominated holdings over the next year. UBS executive Benjamin Cavalli stresses that North American assets still represent the greatest share of allocations - making this a story of recalibration rather than wholesale retreat. The euro and Swiss franc are identified as the preferred alternatives for multi-currency diversification frameworks.

Within that broader repositioning, specific asset classes are moving in opposite directions. Gold allocations, historically a very small component of most family office portfolios, are planned to rise from an average of 2% to 3% among those making changes. This modest increase reflects rising demand for a hedge against geopolitical and currency risk. Infrastructure is also gaining ground, with average allocations set to rise from 1% to 2% in 2026. By contrast, real estate is the only major asset class facing a clear planned reduction, with average allocations expected to fall from 11% in 2025 to 8% among those repositioning - as offices shift marginal capital toward higher-yielding or more thematic alternatives.

Artificial Intelligence Remains the Defining Investment Theme

Artificial intelligence continues to dominate family office thematic allocations. UBS finds that 65% of surveyed offices are already invested across the AI value chain, covering data centre infrastructure, software platforms, and semiconductor manufacturers. UBS Global Wealth Management's Yves-Alain Sommerhalder is cited in the report describing AI as "the defining investment theme of this decade." Most family offices plan to maintain or increase AI exposure, despite high valuations in some public-market segments of the sector.

Rather than concentrating solely on headline AI names, however, offices are taking a deliberately ecosystem-oriented approach. Thirty-seven per cent are allocating to power and resources, 37% to infrastructure, and 33% to AI-enabled healthcare. This reflects the understanding that AI adoption at scale depends on energy supply, physical networks, and sector-specific applications. For Gulf advisors, these themes connect naturally with regional digital infrastructure programmes and national AI strategies, offering a genuine bridge between global allocation trends and locally relevant investment opportunities.

What UAE Wealth Managers and Family Office Advisors Need to Know

Currency risk is now top of mind for many UHNW clients. With the dirham pegged to the dollar, clients holding large dollar-denominated portfolios may want to explore how diversification across European assets, emerging markets, or selected alternatives could reduce concentration risk without disrupting their operational base. As earlier analysis of the growing complexity facing UAE wealth advisors serving globally mobile clients has highlighted, the breadth of cross-border exposure in many UAE portfolios makes these conversations both urgent and technically demanding.

On the private markets side, the report confirms that private equity, private credit, infrastructure, hedge funds, and real assets together account for roughly 42% of global family office portfolios. Advisors should be equipped to discuss manager selection, pacing, and liquidity management across these asset classes - particularly as clients look to increase infrastructure and private credit exposure in line with global peers. The AI theme adds further complexity: advisors will need to distinguish between segments of the AI value chain and help clients assess appropriate sizing across public and private markets within a broader portfolio strategy.

What Clients are Asking their Advisors

How many family offices were included in the UBS 2026 Global Family Office Report?

UBS surveyed 307 family offices across more than 30 markets, with fieldwork conducted between January and March 2026. The participating families had an average net worth of approximately USD 2.7 billion, and total surveyed wealth amounted to around USD 627 billion.

Why are family offices planning to reduce dollar exposure?

UBS found that 65% of surveyed family offices expect confidence in the US dollar's reserve-currency status to weaken, partly in response to geopolitical tensions, elevated US government debt levels, and concerns about global trade disruption. More than a quarter plan to reduce dollar-denominated holdings as part of a broader multi-currency diversification strategy, though North American assets remain dominant in most portfolios.

How do Middle East family offices compare with the global average on planned portfolio changes?

Middle Eastern family offices are the most active globally on this measure: 82% plan to change their strategic asset allocation in the next 12 months, compared with a global average of 60%. Despite this high intent to rebalance, their portfolios remain heavily anchored in North American assets at approximately 50% of total allocations.

What is driving family office interest in AI as an investment theme?

UBS found that 65% of family offices are already invested across the AI value chain, spanning data centre infrastructure, software platforms, and semiconductor producers. Offices are taking an ecosystem approach, also investing in power and resources, infrastructure, and AI-enabled healthcare. Most offices plan to maintain or increase AI exposure, despite valuation concerns in some public-market AI segments.