UBS family office clients are quietly pulling money out of US markets

The world’s wealthiest families are rethinking their relationship with American markets. UBS Group’s 2025 Global Family Office Report, which surveyed 317 family offices globally, paints a picture of international ultra-rich investors steadily reducing their US exposure while their American counterparts dig in even deeper at home.

The split is striking. Non-US family offices are actively reallocating capital away from North America, moving into cash positions and redirecting investments toward Western Europe and Asia-Pacific. Meanwhile, US-based family offices have an average of 86% of their portfolios allocated to North America, a figure that has actually grown modestly year over year.

What’s driving the exodus

Family offices ranked a global trade war as their number one risk, followed by geopolitical conflict and inflation. That trifecta of anxiety is pushing non-US wealth offices to rethink where their money sits.

Non-US family offices, particularly those based in Asia-Pacific, are citing market volatility and increasingly favorable valuations in other regions as reasons to look elsewhere.

Historically, family offices worldwide had a portfolio tilt of over 50% toward North America. That figure is now shifting as strategic asset allocation evolves in real time.

The American home bias gets stronger

While foreign family offices retreat, US-based ones are doing the opposite. That 86% North American allocation isn’t just a passive holdover. It represents an active intensification of domestic bias, with US offices further cutting back on international exposure.

Where the money is going instead

Non-US family offices aren’t just sitting on the sidelines. The UBS report reveals active reallocation into several categories: liquid developed-market equities, private debt, and regional plays in Western Europe and Asia-Pacific.

Asia-Pacific family offices are particularly active in this rebalancing, leveraging their local knowledge and networks to deploy capital closer to home.

What this means for investors

The broader shift toward diversification also opens a window for alternative asset classes. UBS itself has been exploring cryptocurrency trading services for select clients, including Bitcoin and Ethereum, though this initiative is separate from the family office allocation trends.

When 317 family offices collectively signal a directional shift away from US concentration, that’s not noise. It’s a trend with a potentially long tail.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.