Thursday, 1 October 2026
The world’s largest family offices are preparing to adjust their portfolios as geopolitical uncertainty, currency concerns and changing opportunities across private markets influence long-term investment decisions. Around 60% of the family offices surveyed by UBS expect to modify their strategic asset allocation over the next 12 months, the highest proportion recorded by the study.
The UBS Global Family Office Report 2026 covers 307 family offices across more than 30 markets, representing families with average wealth of approximately USD 2.7 billion. Their portfolios often have to compensate for substantial concentration elsewhere in the family’s wealth: 77% of respondents continue to own an operating business, making diversification an important consideration when allocating financial assets.
Real estate remains an established component of these portfolios, but its relative position has weakened. UBS data indicate that the average global allocation to property has declined from around 14% in 2021 to 10% in 2026. Family offices planning further changes generally envisage relatively measured adjustments rather than a large-scale withdrawal, with some capital potentially moving towards infrastructure, emerging-market equities and other investment categories.
The shift is significant for commercial real estate because family offices can provide patient capital and are generally less constrained by the investment periods associated with traditional closed-end funds. Property is increasingly competing with infrastructure, private equity and private credit for this capital, particularly where investors can accept lower liquidity in exchange for longer-term returns.
Currency diversification has also moved higher on the agenda. UBS found that 65% of respondents expect confidence in the US dollar’s position as the principal global reserve currency to weaken. Around 29% have either reduced their holdings of dollar-denominated assets or are considering doing so, while 30% are increasing or considering greater diversification between currencies. The euro and Swiss franc feature prominently among the alternatives being considered.
Investment decisions are also becoming increasingly institutionalised within wealthy families. About 60% of the family offices surveyed have an investment committee and 68% use a formal process to assess financial performance. Jan Vašík, co-founder of Quartum Capital SICAV, argues that the advantage enjoyed by large family investors is therefore not simply access to opportunities, but their ability to establish investment rules and maintain longer holding periods through changing market conditions.
Technology remains another important destination for capital. Some 65% of surveyed family offices have investments connected with artificial intelligence, while infrastructure and power-related opportunities are also attracting attention. Digital assets remain considerably smaller: approximately 24% of respondents have exposure to cryptocurrencies or similar assets, with allocations typically representing only a small proportion of overall wealth.
For the real estate industry, the findings point less towards an exit by wealthy private investors than towards tougher competition for their capital. Property strategies will increasingly have to demonstrate how they compare with infrastructure, private credit and other alternatives on income, liquidity, diversification and long-term returns. With family offices reconsidering allocations while retaining the ability to invest across long cycles, the challenge for real estate managers will be to show why property deserves to maintain its position within increasingly diversified private portfolios.
