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Want to invest like a billionaire? UBS has you covered.
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The bank surveyed its billionaire clients, who said they’re starting to lean away from US assets.
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They’re turning to markets in Western Europe and China.
Over the last few months, we’ve written about where billionaires live and how the uber-rich spend their money.
What about how they invest?
A new report from UBS has the answers. This year, the bank conducted its annual survey of billionaire clients on several topics, including where they plan to invest their money for 12-month and five-year periods.
Optimism in the near term seems to be highest around two areas in particular compared to 2024: Western Europe and China.
Forty percent of respondents said they see opportunity in Western Europe over the next 12 months, up from 18% in 2024. For China, 34% of respondents see opportunity versus 11% last year.
The Asia Pacific region, excluding China, also saw an eight percentage point jump in interest, with 33% of respondents bullish.
On the flip side, North America has dipped the most in popularity. While 80% of respondents liked the region in the 2024 survey, just 63% said they did in 2025
The shifts in sentiment are due to a number of risks that worry billionaires, the primary among them being tariffs.
Sixty-six percent of respondents cited tariffs as one of the factors “most likely to negatively impact the market environment over 12 months.” That was followed by a potential major geopolitical conflict at 63%, policy uncertainty at 59%, and higher inflation at 44%.
“I do not see North America as the top investment destination, even though its markets remain deep and innovative,” one of UBS’s European clients said. “For us, geographic concentration creates risk, and the better opportunity lies in diversification. We prefer to shift focus toward real assets, which offer more tangible value and protection in volatile or inflationary environments. Equities over bonds can make sense in the current cycle, but our approach emphasizes stability and resilience rather than short-term market moves.”
Still, while shorter-term outlooks have changed since last year, views for the next five years have generally stayed the same for most regions compared to 2024.
The report also shared which assets exactly billionaire investors plan to put their money into.
Private, not public, equity was the most common asset where respondents said they intend to put their money over the next 12 months. Forty-nine percent said they plan to have their money in direct private equity investments.
