Family offices are shifting money out of the U.S.

Global family offices are making significant portfolio changes, with 60% planning to shift allocations—double the rate of the past five years. Nearly half feel overexposed to the US dollar, and two-thirds expect confidence in the dollar to decline. North America is the only region they plan to reduce exposure to, driven by geopolitical uncertainty, which is now their top concern. This is framed as true global diversification, not a 'sell America' trade.

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Family offices are shifting money out of the U.S.

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All the other family offices around the world are now diversifying out of the dollar denominated securities out of the US a little bit.

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10/10/2025 10:13:48 PM	short term up	5 days later	-0.62%	-0.62%
10/2/2025 9:51:20 PM	short term up	5 days later	+1.16%	+1.16%
9/26/2025 9:43:54 PM	short term up	7 days later	+0.20%	+0.20%
9/16/2025 3:32:57 PM	medium term cautious down	20 days later	+1.77%	-0.88%
9/2/2025 5:00:10 PM	short term cautious up	5 days later	-0.70%	-0.35%

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Global family offices are making the biggest changes to their portfolios in years, with 60% planning to change allocations—twice the levels of the past five years, according to the new UBS Global Family Office report. Nearly half say they are overexposed to the dollar, and two-thirds expect confidence in the dollar to decline. The only region they plan to reduce exposure to is North America. Advisors say this is not a 'sell America' trade but true global diversification.

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All other family offices around the world are now diversifying out of dollar-denominated securities and out of the US a little bit. Still over 50% invest in the US, but they are looking at different regions, currencies, and booking centers.

This context explains the scale and nature of the shift—it's a gradual diversification, not a wholesale exit.
The new catchphrase in family offices is 'jurisdictional diversification'—spreading money over a broader array of countries, tax regimes, and legal systems. Geopolitics is now the number one worry among global family offices, followed by global trade and inflation.

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