Powered by the AI-investment boom and ultra-loose monetary policy, 2025 is ending with a rare, synchronized surge in global equities that has propelled multiple indices, including those in the United States, to all-time highs.

       Where, then, are the best opportunities for 2026? The verdict of the world’s billionaires—who command both vast capital and an information edge—may offer a roadmap.

       UBS’ latest annual survey of its ultra-high-net-worth clients provides the answer. The poll asked where they plan to deploy money over the next twelve months and over the next five years.

       Globally, two regions have seen a sharp jump in billionaire optimism: China and Western Europe.

       Forty per cent of respondents now expect Western Europe to offer the best opportunities in the coming year, almost double the 18 % recorded in 2024. Thirty-four per cent are bullish on Greater China over the same horizon, up from just 11 % last year. Looking five years ahead, the share betting on Greater China has leapt to 48 % (versus 31 % in 2024).

  Optimism toward the North American market has cooled sharply  

       Enthusiasm for North America, by contrast, has cooled markedly. Eighty per cent of billionaires favoured the region in 2024; today only 63 % do.

       The rotation is driven mainly by fears over tariffs—cited by 66 % of respondents as the factor “most likely to hurt markets in the next twelve months”—followed by major geopolitical conflict (63 %), policy uncertainty (59 %) and higher inflation (44 %).

       A UBS client in Europe summed up the mood: “North America still offers depth and innovation, but it is no longer our default No. 1. Concentrating in one region is a risk; we’d rather diversify and capture better opportunities elsewhere.”

  Where will the money go?  

       Private equity, hedge funds and both developed- and emerging-market equities are expected to receive the lion’s share of fresh billionaire capital over the next year. Nearly half (49 %) plan to increase private-equity exposure, followed by hedge funds (43 %), developed-market equities (43 %) and emerging-market equities (42 %).