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How Billionaires Plan to Invest in 2026
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Key Takeaways
- Risk appetite among billionaires remains strong in 2026.
- Private equity, public equities, and hedge funds top the list for increased exposure.
Billionaires are entering 2026 with confidence. Despite ongoing geopolitical tensions, sticky inflation in some regions, and uneven global growth, the world’s wealthiest investors are not retreating to the sidelines.
This visualization highlights how billionaires expect to adjust their portfolios in 2026. It shows which asset classes they plan to increase, maintain, or reduce exposure to. The data for this visualization comes from the UBS Billionaire Survey 2025.
Private Markets Remain a Core Growth Bet
Private equity stands out as the most favored asset class. Nearly half of billionaires (49%) plan to increase exposure to direct private equity investments, while another 37% expect to boost allocations through private equity funds.
| Asset Class | Increase Exposure | Keep Same | Decrease Exposure |
|---|---|---|---|
| Private equity (direct investments) | 49% | 31% | 20% |
| Equities (developed markets) | 43% | 50% | 7% |
| Hedge funds | 43% | 39% | 18% |
| Equities (emerging markets) | 42% | 56% | 2% |
| Private equity (funds / funds of funds) | 37% | 35% | 28% |
| Infrastructure | 35% | 60% | 5% |
| Private debt | 33% | 45% | 22% |
| Real estate | 33% | 45% | 21% |
| Gold / precious metals | 32% | 64% | 3% |
| Art and antiques | 27% | 65% | 8% |
| Fixed income (developed markets) | 26% | 52% | 22% |
| Fixed income (emerging markets) | 19% | 66% | 15% |
| Cash (or cash equivalent) | 19% | 64% | 17% |
| Commodities | 10% | 83% | 8% |
Private debt is also gaining traction, with one-third of respondents planning to increase exposure. Higher interest rates have made private credit more attractive, offering yield opportunities alongside tighter lending conditions in traditional banking.
Equities and Hedge Funds Signal Ongoing Risk Appetite
Public equities remain central to billionaire portfolios. Over 40% plan to increase exposure to both developed and emerging market equities, while the vast majority expect to at least maintain current allocations. Notably, very few respondents plan to reduce emerging market equity exposure, suggesting optimism around long-term growth in developing economies.
Hedge funds are another key beneficiary of this risk-on mindset. With 43% planning to increase exposure, billionaires appear to value hedge funds for their flexibility, diversification benefits, and ability to navigate volatile or sideways markets.
More defensive asset classes see fewer dramatic shifts. Most billionaires plan to keep allocations to infrastructure, real estate, gold, and fixed income largely unchanged. Cash levels are also expected to remain stable, with only 19% planning to increase exposure.
Commodities, art, and antiques attract the least enthusiasm for increased exposure.
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