Which Investments Are Billionaires Buying — and Ditching — in 2026?

Every year, UBS releases a report on how billionaires are moving their money and investments.

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So how do the wealthiest, best-informed investors in the world plan on changing their investment portfolios in 2026?

The highest percentages of billionaires plan to boost their exposure to these investments this year.

1. Private equity (direct investments): 49%

2. Public equities (developed markets): 43%

3. Hedge funds: 43%

4. Public equities (emerging markets): 42%

5. Private equity (funds and funds of funds): 37%

6. Infrastructure: 35%

7. Real estate (direct ownership): 33%

8. Private debt: 33%

9. Precious metals: 32%

10. Art and antiques: 27%

Note that private equity often includes real estate, whether through syndications, joint ventures or funds. Private equity (both real estate and otherwise) does cater specifically to the wealthy, however. Many private equity investments allow only accredited investors, and minimum investments typically start at $50,000 unless you go in on them with a co-investing club.

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Not all billionaires are equally excited about those investments.

These investments top the list for the highest percentages of billionaires scaling back their exposure.

1. Private equity (funds and funds of funds): 28%

2. Fixed income (developed markets): 22%

3. Private debt: 22%

4. Real estate (direct ownership): 21%

5. Private equity (direct investments): 20%

6. Hedge funds: 18%

7. Cash: 17%

8. Fixed income (emerging markets): 15%

9. Art and antiques: 8%

10. Commodities: 8%

Even the top investment that billionaires are scaling back on, private equity funds, still has more billionaires waiting in the wings to buy up.

Some ratios look much closer, however. Only 19% of billionaires are planning to boost their cash holdings in 2026, while 17% are planning to decrease them. While 10% of billionaires are planning to buy more commodities, 8% are planning to ditch them.

Low consumer confidence has certainly given many wealthy investors the jitters. The last several Conference Board readings have hovered near 12-year lows.

Geopolitical risk from trade wars, hot wars and regulatory change have also sent some billionaires searching for safe havens. The price of gold has skyrocketed 47% over the last year, with the price of silver up 130%.

Meanwhile, assets with higher perceived risk (such as cryptocurrencies) have plummeted. Bitcoin has fallen over 40% since its all-time high in October.

Inflation remains a risk on many wealth investors’ radars. The latest personal consumer expenditures reading from the Bureau of Economic Analysis shows inflation staying hot at 2.8%, driving many billionaires to seek shelter in equities and real assets. It also explains the flight from fixed income investments, such as bonds.

Even so, there isn’t a single asset class that more billionaires are selling than buying. That shows some confidence in financial markets — even if billionaires see greater opportunities in some than others.

Editor’s note: This article is for informational purposes only and does not constitute financial advice. Investing involves risk, including the possible loss of principal. Always consider your individual circumstances and consult with a qualified financial advisor before making investment decisions.

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