Global billionaires are preparing to rein in their exposure to private equity funds and funds-of-funds over the next 12 months, as an industry-wide slowdown in exits delays cash distributions and weighs on returns.
About 37% of respondents said they plan to slightly or significantly cut their allocations, according to a recent UBS survey. Asian billionaires stand out as the most optimistic cohort, however, with 41% expecting to increase exposure to the asset class, compared with 35% in Europe, the Middle East and Africa, and 33% in the Americas.
When it comes to investment priorities, appetite for direct private equity investments remains strong in Asia-Pacific, where 42% of billionaires said they are increasing exposure, versus 53% in the Americas and 54% in EMEA.
By contrast, billionaire clients appear more cautious on private debt. About 45% said they plan to keep allocations broadly unchanged, despite the asset class benefiting from the current macroeconomic conditions. Only 29% of clients in EMEA and 32% in Asia said they expect to increase exposure.
APAC billionaires also plan to increase exposure to hedge funds (61%), developed market equities (50%), and gold or precious metals (48%).
The survey, conducted between July and late September, polled 87 billionaires, with Asia-Pacific accounting for the largest share of respondents at just over 38%.
Per the report, in 2025, the number of billionaires rose by 8.8% reaching 2,919, pushing the combined wealth to a record $15.8 trillion, an increase of 13%. Asia Pacific saw a significant rebound in 2025; the region’s billionaire count increased from 981 to 1,036, the highest growth globally. And, 79% of Asia Pacific billionaires are self-made, the highest across all regions.
Young Jin Yee, Co-Head UBS Global Wealth Management APAC, noted, “Over the next 15 years, the next generation in South and East Asia is expected to inherit $764 billion and those in Greater China, $407 billion, with India leading the largest wealth transfer in Asia. Younger billionaires are increasingly global in their outlook and are highly mobile.”
“APAC also continues to lead as the fastest-growing region globally, boasting the highest number of new billionaires and an 11% rise in billionaire wealth,” she added.
