Wealthy Families Quietly Exit U.S. Markets, UBS Report Reveals

The world's wealthiest families are reassessing their commitment to U.S. markets. UBS Group's 2025 Global Family Office Report, surveying 317 family offices, reveals a significant divergence.

Non-U.S. family offices are actively pulling capital from North America, pivoting to cash, Western Europe, and Asia-Pacific. Their primary concern: a global trade war, followed by geopolitical conflict and inflation.

U.S.-based family offices are bucking the trend, now holding an average of 86% of portfolios in North America. This domestic bias is intensifying.

Non-U.S. offices are redirecting into liquid developed-market equities, private debt, and regional opportunities. Asia-Pacific families are particularly active in local markets.

This collective shift away from U.S. concentration signals a long-term trend with significant implications for global asset allocation.