The world’s wealthiest families are reassessing their dependence on the US dollar amid rising geopolitical tensions and growing concerns over sovereign debt, Reuters reported citing UBS’s Global Family Office Report 2026.The survey by the Swiss bank found that nearly two-thirds of family offices expect confidence in the US dollar as a global reserve currency to weaken over the next year, signalling a broader rethink of portfolio concentration around US assets.The findings are based on a survey of 307 UBS clients worldwide conducted between January and late March 2026, before the dollar began outperforming several major currencies. Participating families had an average net worth of $2.7 billion.According to UBS strategist Maximilian Kunkel, the dollar’s depreciation in the year before the survey prompted many family offices to review their holdings, with almost half concluding they were overexposed to the US currency across asset classes.The report said plans to cut exposure to dollar-denominated assets reflect a wider diversification push beyond US-centric portfolios. Family offices are increasingly looking at emerging-market equities and infrastructure investments, while reducing exposure to real estate.“For the first time, we are feeling that family offices want to build up in Asia Pacific and, to a certain degree, also in Western Europe,” UBS executive Benjamin Cavalli said, as quoted Reuters.“That mainly affects family offices outside the United States, but we are also seeing signs that a very limited part of the de-dollarisation move is coming from U.S. family offices,” he added.UBS said geopolitical conflict has emerged as the top concern for wealthy families by a wide margin, influencing both investment allocation and operational strategy.The report noted that many family offices are also exploring “multishoring” –spreading activities and structures across multiple jurisdictions as part of efforts to manage geopolitical and regulatory risks.
