UBS Survey Sees Family Offices Cooler on Dollar Reserve Status

The UBS Global Family Office Report 2026, which surveyed the firm’s family office clients around the world on the unique challenges and opportunities they face, finds a growing number expecting confidence levels in the US dollar’s reserve status to decline.

The report, which draws on insights from 307 family offices across more than 30 markets with an average net worth of $2.7 billion, also finds that family offices are prioritising resilience, diversification and long-term thematic opportunities, as they prepare for sustained geopolitical and economic uncertainty.

Highlighting what the firm calls a “notable” shift in currency positioning, the report finds that 65% of family offices expect confidence in the US dollar’s reserve status to weaken, with many reassessing exposure to USD-denominated assets. This is driving broader adoption of multi-currency frameworks, UBS says, with the euro and Swiss franc emerging as preferred alternatives.

When it comes to geographies, North America continues to account for the largest share of allocations, yet family offices are actively seeking to reduce concentration risk, it adds, noting that increasingly, they are planning to expand exposure to Asia Pacific, Greater China and Western Europe, reflecting a structural shift toward regional diversification.

Equally, 60% of family offices plan changes to their strategic asset allocation in the next 12 months, the report finds, 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. At the same time, offices are leaning toward targeted adjustments in terms of diversification, reflecting a disciplined and long-term investment mindset.

Unsurprisingly, AI remains the leading investment theme globally, with 65% of respondents already invested across the value chain, and the report finds that in spite of valuation concerns, most plan to maintain or increase their exposure to the sector. Within this, allocations are moving towards power and resources (37%), infrastructure (37%), and AI-enabled healthcare (33%), recognising, UBS says, the broader ecosystem required to support and scale AI adoption.

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