Key Observations: UBS Global Family Office Report 2026
In an increasingly uncertain global environment, family offices are having to think more carefully about resilience, diversification, governance and succession. The UBS Global Family Office Report 2026 provides a useful snapshot of how some of the world’s wealthiest families are responding — and what this means for family office recruitment.
This year’s report is based on insights from 307 family offices across more than 30 markets, with the participating families having average net worth of USD 2.7 billion. Their family offices managed, on average, USD 1.3 billion in assets.
Several themes stand out from this year’s findings, together with one important observation on family office recruitment: as family offices become more sophisticated, the quality of the people running them matters more than ever.
1. Resilience in a More Uncertain World
The first clear theme from the UBS report is resilience.
Family offices are operating against a backdrop of geopolitical tension, elevated debt levels and structural economic change. UBS notes that families are not simply preparing for short-term volatility, but for a more extended period of interconnected risk. Major geopolitical conflict is identified as the top concern across both short- and long-term horizons, while concerns around debt and recession are also growing.
That matters because family offices are, by nature, long-term investors. They are not usually forced sellers. They can often absorb volatility better than many institutional investors. However, this does not mean they can be complacent.
The report suggests that many family offices are responding through diversification: across asset classes, currencies, regions and jurisdictions. UBS also highlights “multishoring” strategies, with 88% of family offices reporting bankable assets in two or more jurisdictions.
From a family office recruitment perspective, this has obvious implications. A more geographically diversified family office requires people who can operate across markets, advisers, banks, structures and regulatory environments. Technical competence is important, but so too are judgement, discretion and the ability to coordinate complex international matters.
2. Asset Allocation: Recalibration, Not Panic
The second theme is portfolio recalibration.
UBS reports that 60% of family offices are planning changes to their asset allocation over the next 12 months — the highest proportion recorded in any edition of the report.
This is not presented as a wholesale retreat from risk. Rather, it looks like a measured reassessment of long-term positioning. Developed markets continue to anchor family office portfolios, but there is growing interest in emerging market equities, infrastructure and gold, while real estate exposure is expected to be reduced among those planning changes.
That is consistent with what we often see in the family office market. Families are willing to take long-term views, but they want investments to sit within a robust framework. They want access to opportunity, but not at the expense of control, governance or transparency.
This also affects family office hiring. As portfolios evolve, so do the skills required within the family office. A traditional investment background may not be enough. Families may need professionals with experience in private markets, direct investments, infrastructure, real assets, risk management, consolidated reporting and manager selection.
For smaller single family offices, it may not be realistic to hire specialists across every area. The key is often knowing what to keep in-house and what to outsource.
3. The Dollar, Regional Diversification and AI
A third notable theme is the reassessment of US dollar exposure.
UBS reports that confidence in the US dollar as the world’s reserve currency is weakening among many family offices, with plans emerging to reduce exposure to US dollar-denominated assets, diversify across currencies and hedge associated risks. The Swiss franc and euro stand out as preferred alternatives.
At the same time, North America remains the largest share of global portfolios. Family offices are not abandoning the US, but many are considering broader regional diversification, with growing interest in Asia Pacific, Greater China and Western Europe.
Artificial intelligence is another major theme. UBS notes that AI remains the leading thematic investment priority, with around 65% of family offices investing in opportunities across the AI technology stack. Key areas include data centre infrastructure, AI software and platforms, and semiconductor producers.
This is relevant for family office recruitment because the opportunity set is widening. Increasingly, family offices need people who can understand not only traditional asset classes, but also technology-led themes, private markets, infrastructure and digital assets. Even where investment management is outsourced, the family office still needs the internal capability to ask the right questions, challenge advisers and interpret risk.
4. Governance, Staffing and the Human Dimension
Perhaps the most directly relevant section for family office recruitment is UBS’s analysis of costs, staffing and governance.
The report finds that operating costs remain the largest share of family office expenditure, accounting for 53% of total costs, with staffing clearly the largest factor. It also notes that family offices tend to keep strategic asset allocation, portfolio risk management and financial reporting in-house, while outsourcing specialist areas such as legal services, tax planning and cybersecurity.
This split is important. It reinforces that the family office itself is not just an investment vehicle. It is an operating platform.
UBS also notes that non-investment professionals — covering areas such as operations, accounting, legal support and lifestyle services — make up 40% of total staff numbers. That is an important reminder that most roles within a family office are not neatly siloed. A CFO, Head of Family Office, Chief of Staff, Investment Director or General Counsel need to operate across financial, legal, investment, governance, property, personal and administrative matters.
This is why family office recruitment is so distinctive. Of course, technical ability is necessary, but rarely sufficient in itself. Personality fit, discretion, adaptability, loyalty and emotional intelligence are often just as important.
A poor hire in a family office can be highly damaging. Teams are small. Information is sensitive. The working relationship with the principal family is often close. Personal chemistry and cultural “fit” are critical for a successful hire.
5. Succession Remains Unfinished Business
Succession is another area where the report highlights progress, but also gaps.
UBS notes that more family offices are adopting wealth succession plans, but active involvement of the next generation remains limited. Although 45% of family offices currently involve the next generation to some extent, a notable proportion of those considered old enough to participate remain uninvolved.
The report also finds that only 27% of family offices have an organised process to educate or prepare the next generation for future roles and responsibilities.
This matters for recruitment because succession is not only a family issue. It is also an organisational issue. Family offices need continuity of leadership, institutional memory and governance discipline. Yet UBS reports that only 35% have a succession plan for the family office itself.
For families, this should be a prompt to look not only at investment strategy, but also at the people and structures supporting it.
Final Thoughts
The UBS Global Family Office Report 2026 points to a family office sector that is becoming more deliberate, more global and more aware of risk. Portfolios are being adjusted, currency exposure is being reviewed, AI remains a major investment theme, and governance continues to professionalise.
But the human dimension remains central.
As family offices become more complex, the need for high-quality people increases. The right hire can bring structure, judgement, discretion and continuity. The wrong hire can create risk, disruption and lasting damage.
For families reviewing their family office structure, governance or investment capability, recruitment should not be an afterthought. It should sit at the heart of the conversation.
This article is written by Paul Avon, Founder and Director of True House Partners. Based in London with a global reach, True House Partners specialises in family office recruitment, helping single and multi family offices secure outstanding professionals who combine technical expertise with the judgement, discretion and cultural fit required to operate successfully in a family office environment.