Billionaires are preparing for 2026 with intention rather than caution. While conflicts between states, price pressures and uneven growth in some economies are shaping markets, the world's wealth holders are not lagging behind. Instead, they are moving capital with a clear focus on control, access and returns.
This picture emerges from the UBS Billionaire Survey 2025, which tracks how billionaires expect portfolio exposures to change in the coming year. The findings show where capital is going, where it is staying and where it is gradually leaving.
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Private equity is at the heart of these plans. According to the survey, 49 per cent of respondents plan to increase investment in private equity through direct investment. Another 37 per cent are expected to increase allocations through private equity funds or fund of funds. Less than one in five plan to reduce direct exposure.
For many billionaires, private equity offers influence over assets, access to companies ahead of public listing, and a path to value creation outside of stock exchanges. This explains why private markets continue to attract capital, while uncertainty remains across all sectors.
Private lending is also gaining attention. One-third of billionaires plan to increase risk exposure, while 45% expect to keep allocations unchanged. Only 22% plan to reduce risks. As bank lending conditions tighten in many countries, private debt is filling the funding shortfall while providing a source of income to investors.
Equities remain central to billionaires' portfolios. In developed markets, 43 percent planned to increase risk, 50 percent expected no change, and only seven percent planned a reduction. In emerging markets, 42 percent plan to increase risk appetite, while 56 percent plan to maintain current levels. Only two percent expect the risk to reduce.
The figures indicate confidence in the company's earnings and market share, even if volatility remains. The low share of investors planning to cut emerging market equity exposure points to confidence in population growth, urban expansion and consumption trends in Africa, Asia and Latin America.
Hedge funds also feature strongly in the 2026 plans. The survey shows that 43 percent of billionaires intend to increase risk exposure, while 39 percent will keep the allocation the same. Hedge funds offer strategies that can react to price movements, rate changes and currency shifts. For many investors, they serve as tools for balancing rather than speculation.
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Other asset classes show stability rather than change. With 60 percent planning to maintain the risk and 35 percent planning to increase, the infrastructure remains standing. Only five percent expect the risk to reduce. This reflects stable interest in assets tied to transportation, energy and utilities, which often generate cash flows over time.
Real estate also shows a similar pattern. One-third of respondents plan to increase risk, while 45 percent expect no changes. Gold and precious metals also see limited volatility, with 64 per cent planning to keep allocations unchanged and 32 per cent planning an increase.
Fixed income attracts a cautious approach. In developed markets, 26 percent plan to increase risk, while 52 percent expect to maintain the level. In emerging markets, only 19 percent planned an increase, with two-thirds planning no change. These figures show that income remains relevant, but not dominant.
Cash position will also remain stable. Only 19 percent of billionaires plan to increase their stake in cash or cash equivalents, while 64 percent expect no change. This points to a preference for deployment over waiting.
At the lower level of interest are objects, art and antiques. Only a 10 percent increase is planned in goods, while a 27 percent increase is planned in art and antiques. For most billionaires, these assets play a limited role in portfolio planning for 2026.
Overall, the survey shows a clear message. Billionaires are not backing down. They are allocating capital with purpose, favoring assets that offer access, structure and participation in growth. As 2026 approaches, the flow of money suggests engagement rather than retreat.
