Why Billionaires are tilting portfolios towards private equity in 2026

Billionaires are preparing for 2026 with intent rather than caution. While conflict between states, price pressures in some economies, and uneven growth continue to shape markets, the world’s wealth holders are not stepping back. Instead, they are shifting capital with a clear focus on control, access, and returns.

This picture emerges from the UBS Billionaire Survey 2025, which tracks how billionaires expect to change portfolio exposure in the year ahead. The findings show where capital is moving, where it is staying, and where it is slowly leaving.

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At the centre of these plans is private equity. According to the survey, 49 percent of respondents plan to increase exposure to private equity through direct investments. A further 37 percent expect to raise allocations through private equity funds or funds of funds. Fewer than one in five plan to reduce direct exposure.

For many billionaires, private equity offers influence over assets, access to companies before public listing, and routes to value creation outside stock exchanges. This explains why private markets continue to attract capital even as uncertainty remains across regions.

Private debt is also gaining attention. One-third of billionaires plan to increase exposure, while 45% expect to keep allocations unchanged. Only 22% plan to reduce exposure. With bank lending conditions tighter in many countries, private credit is filling gaps in funding while offering income streams to investors.

Equities remain central to billionaire portfolios. In developed markets, 43 percent plan to increase exposure, 50 percent expect no change, and only seven percent plan a reduction. In emerging markets, 42 percent plan to increase exposure, while 56 percent plan to maintain current levels. Just two percent expect to reduce exposure.

The figures suggest confidence in company earnings and market participation, even as volatility persists. The low share of investors planning to cut emerging market equity exposure points to belief in population growth, urban expansion, and consumption trends across Africa, Asia, and Latin America.

Hedge funds also feature strongly in 2026 plans. The survey shows that 43 percent of billionaires intend to increase exposure, while 39 percent will keep allocations the same. Hedge funds offer strategies that can respond to price movements, rate changes, and currency shifts. For many investors, they serve as tools for balance rather than speculation.

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Other asset classes show stability rather than change. Infrastructure stands out, with 60 percent planning to maintain exposure and 35 percent planning an increase. Only five percent expect to reduce exposure. This reflects steady interest in assets linked to transport, energy, and utilities, which often generate cash flows over time.

Real estate shows a similar pattern. One-third of respondents plan to increase exposure, while 45 percent expect no change. Gold and precious metals also see limited movement, with 64 percent planning to keep allocations unchanged and 32 percent planning an increase.

Fixed income attracts a cautious approach. In developed markets, 26 percent plan to increase exposure, while 52 percent expect to maintain levels. In emerging markets, just 19 percent plan an increase, with two-thirds planning no change. These figures suggest income remains relevant, but not dominant.

Cash positions are also set to remain steady. Only 19 percent of billionaires plan to increase cash or cash equivalent holdings, while 64 percent expect no change. This points to a preference for deployment over waiting.

At the lower end of interest are commodities, art, and antiques. Commodities see just 10 percent planning an increase, while art and antiques attract 27 percent. For most billionaires, these assets play a limited role in portfolio planning for 2026.

Taken together, the survey shows a clear message. Billionaires are not withdrawing. They are allocating capital with purpose, favouring assets that offer access, structure, and participation in growth. As 2026 approaches, the flow of money suggests engagement rather than retreat.