Family offices identify major geopolitical conflict as their top concern across both short- and long-term horizons, according to a new report from UBS. Although they see tariff and global trade war risks abating, they are concerned about global debt levels and the risk of recession.
UBS said more family offices are planning to adjust asset allocations over the coming year than in any previous edition of its annual report, and substantially more than last year.
The report is based on the responses of 307 UBS clients across 30 markets worldwide to an online survey fielded between Jan. 22 and March 30. The average net worth of participating families was $2.7 billion, and each of their family offices managed an average of $1.3 billion in assets. The total wealth of the families surveyed amounted to $627.4 billion.
Family offices focused on building resilience across a broader and more complex risk landscape, the survey found, combining adjustments to their asset allocation with multi-shoring strategies.
See the accompanying gallery for six ways that family offices are shifting their allocations in 2026.
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