Bernstein study finds ultra-wealthy families prioritise resilience amid uncertainty

Bernstein Private Wealth Management (Bernstein), a unit of AllianceBernstein L.P., has released findings from the second edition of its Wealth Beyond Measure 2026 report, revealing that ultra-high-net-worth (UHNW) families are responding to change by focusing on internal resilience, with clear generational differences in risk and wealth perception amid global economic and geopolitical uncertainty.

Based on responses from over 100 Bernstein UHNW clients with an average net worth of $200 million, the study finds a clear divide between controllable and uncontrollable factors. Nearly two-thirds of respondents cite geopolitical and economic instability as major concerns, while confidence is highest in areas where families have more agency, including wealth preservation, philanthropic planning, tax strategies, and access to unique investment opportunities.

"We're seeing a meaningful shift in how UHNW families think about wealth and resilience that calls for a more modern, personalised approach beyond traditional investment management," said Aaron Bates, head of Bernstein's UHNW and growth strategies. "As we continue to see the acceleration of emerging wealth creators, we remain committed to providing the research and insights families need to navigate complex wealth in volatile economic conditions."

Key findings from the 2026 study include:

Definitions of wealth are evolving. For 41% of families, wealth means freedom and opportunity, while 33% see it as a responsibility rooted in preservation and strong values. Across generations, Baby boomers are more likely to see wealth as a source of stability, while younger respondents see it as a source of flexibility and risk-taking.

Prepared families show greater confidence. Formal preparation is strongly linked to confidence. Nearly all high-confidence families (93%) say they have plans in place to prepare the rising generation for future leadership, compared with 61% of low-confidence families. Education (37%) and sharing family history and lessons learned (35%) are the most common ways families prepare future leaders.

Risk concerns shift across generations. Concerns vary meaningfully by age. Thirty-eight per cent of respondents ages 50 to 64 cite the effectiveness of tax strategies amid policy changes as a key concern, compared with just 10% of those ages 65 to 79. By contrast, concern about geopolitical and economic uncertainty rises with age, with 72% to 80% of respondents 65 and older reporting the highest levels. Younger cohorts aged 35 to 49 report the lowest concern across all external factors, suggesting they may have normalised instability and rely on time as a hedge.

Estate planning activity remains high. Following the passage of the One Big Beautiful Bill Act in 2025, estate planning is notably high. Twenty per cent of respondents say the new tax law prompted an estate plan review, with more than half reviewing their plans within the past year. Families with the highest confidence are also most likely to have made tangible plans.

Business owners wrestle with transitions. While 72% of business owners could clearly articulate their estate plans, only 56% could do the same for succession. Many also say liquidity events are a turning point that reshapes identity, purpose and family systems. Nearly one-third of the respondents cite adjusting to new wealth among their current challenges.

Anne Bucciarelli, senior national director of family engagement strategies, said, "Today, confidence in wealth management extends beyond preservation. It requires intentional preparation and thoughtful management of relationships and responsibilities across generations. Our Wealth Beyond Measure report brings to market unique insights into how ultra-wealthy families are navigating change, where they feel confident or uncertain, and how they are preparing heirs to become responsible stewards of wealth. At Bernstein, we are truly dedicated to helping families foster a shared language and open dialogue for building their legacy for generations to come."

This year's Wealth Beyond Measure report draws on a new round of in-depth interviews conducted by Bernstein's Family Engagement team. Participants included first-generation wealth creators, multigenerational families, inheritors, family office leaders and rising generation members. The research explores how these families are navigating change and sentiment in the current geopolitical and economic environment, and how they are preparing for what comes next.

Re-disseminated by Wealth and Society