Report Commentary & Big Trends

Each year, the UBS Billionaire Ambitions Report provides a rare, data-driven window into how the world’s wealthiest families build, preserve, and transfer wealth. The 2025 edition is particularly instructive, not because the numbers are larger than before, but because the report captures a moment of transition. Wealth is no longer described simply as a personal achievement or financial outcome. Instead, it is increasingly framed as a long-term family system, shaped by decisio

November 2025 delivered a turbulent month for financial markets, with stocks recovering from mid-month losses to finish modestly higher while Bitcoin posted its second-worst monthly performance of the year. The S&P 500 and Dow closed modestly above flat for the month, while the Nasdaq shed 1.5% to snap a seven-month advance. Silver emerged as November's star performer, hitting record highs above $56 per ounce with gains approaching 13% for the month.

UBS’s Global Family Office Report 2025 captures insights from 317 family offices managing an average of USD 1.1 billion each. It reveals that wealthy families are holding steady amid global volatility, shifting more toward developed market equities, private debt, and healthcare or AI-driven investments. The biggest concern for 2025 is a potential global trade war, yet most family offices maintain a long-term, “all-weather” approach.

October 2025 delivered a tale of two markets: U.S. equities powered to multiple record highs while Bitcoin suffered its worst October in a decade. The month saw the Federal Reserve cut rates again amid mounting concerns about labor market weakness, even as inflation remained stubbornly elevated at 3%. Gold continued its historic run with gains exceeding 3%, while a U.S.-China summit late in the month eased trade tensions and stabilized volatile markets.

September 2025 defied historical trends as markets delivered solid gains despite the month's traditionally bearish reputation. The S&P 500 climbed 3.53% while Bitcoin posted its best September performance in 13 years, signaling a shift in seasonal patterns as investors prepared for what's typically a strong fourth quarter.