Are Billionaires Abandoning the US Market? Here’s Where They’re Investing in 2026—And Why It Matters
By William Edwards
VALERY HACHE/AFP via Getty Images
Published: 2025-12-13
Ever wondered how the world’s wealthiest individuals are positioning their portfolios for the future? UBS has just unveiled a fascinating insight into the minds of billionaires, and the results might surprise you. But here’s where it gets controversial: billionaires are increasingly turning their backs on U.S. assets, shifting their focus to markets in Western Europe and China. Could this be a sign of things to come for the global economy? Let’s dive in.
In recent months, we’ve explored where billionaires reside and how they splurge on luxury items. But what about their investment strategies? UBS’s latest report sheds light on this, revealing the regions and asset classes that are capturing the attention of the ultra-wealthy in 2026.
The Big Shift: Western Europe and China Take the Lead
According to UBS’s annual survey of billionaire clients, optimism is soaring for Western Europe and China compared to 2024. A staggering 40% of respondents see opportunities in Western Europe over the next 12 months, up from just 18% the previous year. China isn’t far behind, with 34% of billionaires eyeing it as a promising market, compared to 11% in 2024. Even the Asia Pacific region, excluding China, saw a notable 8-percentage-point jump in interest.
But here’s the part most people miss: While these regions are gaining traction, North America is losing its luster. In 2024, 80% of respondents favored North America, but that number plummeted to 63% in 2025. What’s driving this shift? Tariffs, geopolitical tensions, policy uncertainty, and inflation are topping the list of concerns for billionaires. As one UBS client put it, “Geographic concentration creates risk, and diversification is key. We’re focusing on real assets for their tangible value and stability in volatile times.”
Controversial Take: Is the U.S. Losing Its Edge?
This trend raises a provocative question: Is the U.S. market becoming less attractive on the global stage? While North America remains innovative and deep, billionaires are increasingly wary of its risks. And this isn’t just a short-term sentiment—even their five-year outlooks reflect a preference for diversification over concentrated U.S. investments. Bold prediction: Could this shift signal a broader economic realignment, with Western Europe and China emerging as the new investment powerhouses?
Where Are Billionaires Putting Their Money?
When it comes to asset classes, private equity is king. Nearly half of the respondents (49%) plan to invest directly in private equity over the next 12 months. Hedge funds and public developed market equities are also popular, each attracting 43% of investors. Interestingly, while private equity is the top choice, billionaires are more likely to pull their money out of it compared to publicly traded stocks. And this is the part most people miss: This behavior underscores a strategic focus on liquidity and flexibility in uncertain times.
For those looking to follow in the footsteps of billionaires, ETFs like the iShares MSCI Eurozone ETF (EZU), iShares MSCI China ETF (MCHI), Global X Emerging Markets ex-China ETF (EMM), and Vanguard Tax Managed Fund FTSE Developed Markets ETF (VEA) offer exposure to the public assets they’re most bullish on.
Final Thought: What Does This Mean for You?
As billionaires pivot away from U.S. assets and toward Western Europe and China, it’s worth asking: Are you prepared for this global investment shift? Whether you agree with their strategies or not, their moves often foreshadow broader market trends. So, here’s a thought-provoking question for you: Do you think the U.S. market will regain its appeal, or is this the beginning of a new era in global investing? Share your thoughts in the comments—let’s spark a conversation!
