Non-U.S. Family Offices Move More Aggressively to Adjust Currency Exposure

Family offices not based out of the United States are increasingly looking to allocate capital away from the dollar and diversify regionally after years of exposure to U.S. markets.

This is because of the debasement of the dollar as the global reserve currency amid an increasingly complex and uncertain political environment, according to the latest data from UBS Wealth Management.

The 2026 edition of the Swiss outfit’s Global Family Office Report has found that non-U.S. family office survey respondents are almost three times more likely to adjust portfolios than their American counterparts because of a reassessment of currency risk management.

 

Sixty-five percent of all family offices surveyed expect confidence to wane over the coming year, while only six percent expect the situation to improve. Only 28 percent of U.S. based families plan to make an adjustment while 67 percent do globally.

On average, UBS’ data from previous years shows that around a third of families will reevaluate long term strategic allocations globally, but this latest report found that twice that many are considering significant adjustments in the current environment.

Just under half of families consider themselves to be overexposed to the dollar. U.S.-based investors are less exposed to fluctuations in the price of the dollar so are happier holding most of their assets in the country, but currency risk is growing for others.

Families are considering currency hedges through diversification models. Non-U.S. families are also demonstrating a home bias and seeking to increase investments in local companies that they know and understand.

The data also suggests families are more concerned now than in previous years, said Daniel Scansaroli, co-head of investment management for UBS Americas.