The global ultra-rich are cutting exposure to the US dollar due to geopolitical tensions and rising sovereign debt. The UBS Global Family Office Report in May 2026 surveyed 307 wealthy families with an average net worth of $2.7 billion. The majority of the rich-list are trimming their USD exposure due to low confidence in the world’s most powerful currency. Around two-thirds of the wealthy revealed in the survey that they expect the currency to further weaken.
This has prompted them to trim their portfolio and focus on other assets, while giving the USD a miss. The diversification comes after nearly half of the respondents admitted that they were heavily exposed to the US dollar-denominated assets in their portfolios. In addition, the ultra-rich are now looking to expand their offices in the Asia Pacific region and in Western Europe. Geopolitical conflict was the top reason for the wealthy to rethink their USD-denominated assets.
“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. “That mainly affects family offices outside the United States, but we are also seeing signs that a very limited part of the de-dollarization move is coming from US family offices.” The US dollar’s faith is being shaken in the ultra-rich circles that could soon trickle down to commoners.
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After Cutting US Dollar Exposure, Wealthy Families Turn Towards Multishoring
The wealthy families are turning towards multishoring to safeguard their business empire and their personal wealth. Multishoring involves establishing new office activities in various jurisdictions around the world. This would allow them to not be dependent only on the US and the dollar, but be active worldwide. They also plan to add stocks and real estate to their portfolio in the new jurisdictions. This would allow them to hold non-US dollar-denominated assets and protect their wealth from erosion.