The wealthiest investors are pulling money out of the U.S. in the 'de-dollarization' trade

Maskot Bildbyrå | Digitalvision | Getty Images Family offices are planning the biggest changes to their portfolios in years, with many moving money out of the U.S., according to a new survey. Fully 60% of family offices plan to make strategic changes to their investment allocation in the next year – about twice the level of the past five years, according to the UBS Global Family Office Report. Among those making changes, many are trimming their U.S. holdings and adding to emerging markets. Globally, North America is the only region where family offices plan to reduce their allocation in the next 12 months. They plan to add in Latin America and Africa, they said. "Last year, all of the family offices were super concerned about global trade tariffs tensions," said John Mathews, UBS head of private wealth management for the Americas. "Today it's really shifted to geopolitical tensions around the world, global debt, and now interest rates. And not just the short-term implications, but the longer-term implications of these as well." The pullback reflects a broader shift away from the U.S. by family offices, the private investment arms of the wealthiest families. America's highly concentrated stock market and fears of an AI bubble, tariffs, a falling dollar, volatile economic policies and rising debt and bond yields have caused many family offices to dial back their U.S. exposure and spread more of their money around the world. …