Why the world’s richest people are diversifying not just across asset classes, but across borders

London – 18 March 2026 — Global Citizen Solutions (“GCS”), the leading advisory firm in citizenship and residence planning, today published a new briefing titled Asset allocation for high-net-worth individuals: sovereign risk diversification in a volatile global market.It is examining how portfolio strategies among high net worth individuals (HNWIs) are shifting beyond asset classes toward jurisdictional positioning.

North America remains home to the largest HNWI population globally, approximately 8.45 million individuals, with the top 1% of US wealth holders controlling approximately 35.5% of national wealth, the highest among advanced economies. Yet despite this domestic concentration, many of the world’s wealthiest investors are looking beyond their domestic jurisdictions not only for returns but also for legal and jurisdictional flexibility.

From 60/40 to sovereign risk

According to GCS’s research arm, the traditional 60/40 model is under pressure Global Intelligence Unit. The phenomenon of low interest rates and simultaneous declines in equities and bonds has weakened its diversification argument. In response, alternative assets now account for about 42-44% of family office portfolios, with private equity alone representing about 21%.

However, the briefing shows that asset diversification alone is no longer sufficient. Geopolitical fragmentation, capital controls and regulatory divergence are establishing the sovereign environment as a material source of risk. Events such as the Cyprus bail-in and Argentina’s capital controls illustrate how policy decisions can directly affect private wealth outcomes.

“Financial diversification protects against market volatility, but when sovereign systems themselves become risks, it is no longer enough,” said Patricia Casaburi, CEO of Global Citizen Solutions. “Investment migration becomes a mechanism for jurisdictional diversification and long-term risk management.”

limitless portfolio

The report introduces the “Borderless Portfolio”, a model in which capital is allocated not just across asset classes, but across multiple jurisdictions. Under this framework, legal status becomes part of portfolio construction.

Investment migration, including alternative citizenship and residence-by-investment programs, is identified as a primary mechanism through which HNWIs formalize this flexibility. The global investment migration market is estimated to be worth $20-30 billion annually.

“Alternative assets have reshaped family office portfolios over the past decade; however, geopolitical fragmentation is redefining the framework itself, requiring diversification across both assets and jurisdictions,” said Joao Pacheco, Head of Institutional Partnerships at Global Citizen Solutions.

A structural change in the capital

It is estimated that US$124 trillion will move into US households by 2048, shifting capital allocation decisions towards a younger generation of investors with markedly different risk appetites and asset preferences. Women are going to get a significant portion of this transfer – research shows that female investors favor more diverse, sustainability-oriented portfolios and are more likely to align financial decisions with personal values, including jurisdictional considerations. Together, these demographic shifts are accelerating demand for alternative assets, cross-border structuring and jurisdictional diversification.

key data points

• Over 23 million HNWIs globally (Capgemini, 2025)

• Alternative assets represent approximately 42-44% of family office portfolios (BlackRock, UBS, 2025)

• Cross-border portfolio investment holdings are expected to reach $71.1 trillion by June 2024, including $40.2 trillion in equities (IMF, 2025).

• US intergenerational wealth transfers are projected to total $124 trillion by 2048 (Cerulli, 2024).

• The global investment migration market is estimated at $20-30 billion annually

Methodology

Global Intelligence Unit of GCSThe research arm of the GCS identified four key strategic dimensions: sovereign risk hedging and regulatory position; tax structure; increased market access and mobility; and asset protection in periods of uncertainty. Asset allocation for high-net-worth individuals: sovereign risk diversification in a volatile global market. It draws on data from Capgemini, BlackRock, UBS, the IMF and Cerulli Associates to argue that the so-called “borderless portfolio” is moving from a niche strategy to a more established approach among globally mobile investors.

Read the full briefing: Asset allocation for high-net-worth individuals: sovereign risk diversification in a volatile global market.

About Global Citizen Solutions:
Global Citizen Solutions is a leading advisory firm in transfer visa solutions as well as citizenship and residency planning and global mobility. GCS advises private clients, families and institutions on mobility decisions across multiple jurisdictions, including international relocation and Plan B strategies.

For media inquiries please contact:

Eleanor Legge-Bourke, PR and Communications Director
Email: Eleanor@globalcitizensolutions.com

phone: +351 934 336 384
Website: www.globalcitizensolutions.com