JBizNews Desk — May 29, 2026

The world’s wealthiest families are beginning to pull back from the U.S. dollar in what advisers and bankers increasingly describe as a quiet “de-dollarization” trade, according to the newly released Global Family Office Report from UBS Group, the Swiss banking giant that tracks investment trends among ultra-high-net-worth families globally.

More than a quarter of family offices surveyed said they plan to reduce exposure to dollar-denominated assets over the next year, while nearly two-thirds expect confidence in the dollar’s status as the world’s dominant reserve currency to weaken further. Almost half of respondents said they already believe they are overexposed to the U.S. currency.

The findings matter because family offices represent some of the world’s largest pools of patient, long-duration private capital. These firms — private investment arms managing the fortunes of single wealthy families — often oversee billions of dollars across stocks, bonds, private equity, real estate, infrastructure, and commodities. When that level of capital begins repositioning away from the dollar simultaneously, global markets pay attention.

The report points to one of the most significant portfolio reallocations among the ultra-rich in years.

According to UBS, roughly 60% of family offices plan to make major strategic changes to their investment allocations over the next 12 months — nearly double the pace seen over the prior five years. North America was the only region where respondents said they expect to reduce exposure, while allocations toward Latin America, Africa, infrastructure, emerging markets, and precious metals are expected to rise.

The motivations behind the shift reflect growing anxiety about the United States itself.

Family offices cited concerns ranging from elevated U.S. stock-market valuations and fears of an artificial-intelligence bubble to tariffs, rising federal debt, geopolitical instability, persistent inflation pressures, and climbing Treasury yields. John Mathews, head of private wealth management for the Americas at UBS, said investor focus has shifted away from last year’s obsession with tariffs and toward broader concerns surrounding debt, geopolitical conflict, and the long-term consequences of higher interest rates.

When wealthy families do move away from the dollar, they are largely favoring the Swiss franc and the euro as alternative reserve currencies.

The broader strategy has become known inside wealth-management circles as “jurisdictional diversification” — spreading assets across multiple countries and legal systems to hedge against political, economic, and currency risk. UBS found that roughly two-thirds of family offices now hold investable assets across at least three jurisdictions, while nearly one-third maintain exposure across four or more regions including Europe, the Middle East, Asia, China, Latin America, and the United States.

The implications extend beyond elite investors.

When large holders of dollar assets and U.S. Treasuries begin trimming positions, Washington may ultimately need to offer higher interest rates to attract buyers for its debt. Those borrowing costs ripple throughout the economy, affecting everything from commercial loans and corporate credit lines to mortgages and consumer financing.

UBS advisers stressed the trend does not represent a wholesale abandonment of America.

Instead, the report frames the move as part of a broader effort by global families to reduce concentration risk as geopolitical instability intensifies. The wars in Ukraine and Iran, rising tensions surrounding trade policy, and recurring debt disputes across major economies have pushed investors to question whether any single market still represents a clear safe haven.

Geopolitical uncertainty ranked as the top concern among family offices both over the next year and over the next five years, followed by fears surrounding a global trade war, hyperinflation, cyberattacks, and sovereign debt crises.

Where the money is heading may be equally significant.

Family offices said they expect to increase exposure to emerging-market equities, infrastructure projects, and gold while trimming allocations to cash and real estate holdings. Gold in particular continues attracting institutional interest as investors search for alternatives to fiat currencies during periods of political and fiscal uncertainty.

The report also revealed a widening divide between American family offices and their global counterparts.

U.S.-based families continue increasing domestic exposure, with the average share of assets invested in the United States rising from 86% to 88% over the past year. North America still represents roughly 53% of all family-office assets globally.

Outside the United States, however, wealthy families are increasingly shifting capital closer to home or toward non-U.S. markets. Chinese family offices, for example, now hold roughly half their assets in Western Europe.

As Mathews summarized the trend, American families continue doubling down on the United States while much of the rest of the world’s wealthy capital is gradually diversifying away from dollar-denominated securities and U.S. assets.

For now, the transition remains measured rather than abrupt.

But the longer-term question now emerging across global markets is whether some of the world’s most stable and patient money has quietly begun searching for an alternative to the dollar itself.

New York — JBizNews Desk

© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.