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

The world’s wealthiest families are doing something that would have seemed unthinkable five years ago: they’re reducing their bets on America.

UBS Group’s 2025 Global Family Office Report, which surveyed 317 single-family offices with an average net worth of $2.7 billion each, found that global family offices are actively cutting their US exposure. The reasons are familiar to anyone who’s been paying attention: trade war anxieties, tariff uncertainty, and the kind of geopolitical turbulence that makes billionaires nervous.

The numbers tell a conflicting story

Here’s where it gets interesting. While global family offices are pulling back from the US, American family offices are doing the exact opposite. US-based family offices allocated 86% of their portfolios to North America in 2025, up from 74% in 2020. That’s a 12-percentage-point increase in home bias over just five years.

Globally, roughly 80% of all family office assets remain concentrated in just two regions: North America and Western Europe.