Geopolitical uncertainty and structural risks are prompting family offices worldwide to reposition their portfolios. That is one of the key findings of the «Global Family Office Report 2026»«Global Family Office Report 2026» published Thursday by UBS. For the study, the Swiss banking giant surveyed 307 family offices across more than 30 markets, representing an average net worth of $2.7 billion.

For the first time since the study was launched, 60 percent of respondents said they plan to adjust their strategic asset allocation over the next 12 months. The primary focus is on broader diversification across regions, currencies, and asset classes, alongside a stronger emphasis on long-term thematic investments.

Strong Interest in Artificial Intelligence

«The report shows that family offices continue to adjust their portfolios in a measured and disciplined way,» said Benjamin Cavalli, Head of Strategic Clients & Global Connectivity at UBS Global Wealth Management. Many investors are reducing their exposure to the U.S. dollar or diversifying more broadly across regions, without fundamentally questioning their positions in North America.

Interest in artificial intelligence remains particularly strong. According to the study, 65 percent of family offices have already invested across the entire AI value chain — from data centers and software platforms to semiconductor manufacturers. Despite elevated valuations, many investors plan to increase or at least maintain their exposure.

«Artificial intelligence remains the defining investment theme of this decade,» said Yves-Alain Sommerhalder, Head of GWM Solutions at UBS. Family offices are becoming increasingly selective in their approach, combining growth opportunities with greater risk discipline.

Governance and Succession Planning Deficiencies

Alongside AI, infrastructure as well as energy and commodities investments rank among the preferred themes for family offices. Cryptocurrencies, by contrast, remain a niche allocation, according to UBS. While 44 percent of invested family offices now consider digital assets part of their strategic asset allocation, actual portfolio exposures generally remain limited.

For Swiss family offices, the study paints a comparatively defensive picture. According to UBS, they maintain broadly diversified portfolios with a strong focus on Western Europe and North America and are making portfolio adjustments more cautiously than their international peers. Thematically, AI, energy, automation, and robotics also dominate among Swiss investors.

At the same time, UBS continues to identify shortcomings in governance and succession planning across many family offices. Only around one-third have a clearly defined succession plan in place, while just 27 percent are preparing the next generation in a structured way for future leadership roles.