Traditional Assets Are Not The Only Option
Traditional assets helped create an extraordinary amount of wealth last year. According to Capgemini's latest World Wealth Report , global high-net-worth individual wealth rose 8.7% in 2025 to a record US$98.3 trillion. The number of high-net-worth individuals reached 25.3 million, while the UK recorded a 2.6% increase in its millionaire population.
Equities consequently accounted for 25% of high-net-worth portfolios in January 2026, up three percentage points from a year earlier. Fixed income increased to 20%. Even more interestingly, alternative investments accounted for 12% of portfolios, and 68% of wealthy investors said they intended to increase their private equity exposure. 88% said they used more than one wealth management firm specifically to obtain better access to alternative investments.
Private Markets Are Moving Into The Mainstream
Private credit, infrastructure and privately held real estate can offer exposure to businesses and projects that never appear on a stock exchange. The Financial Conduct Authority described private markets as 'vital to UK economic growth and the UK financial sector'.
To understand where very large pools of private wealth are heading, it is useful to look at family offices. UBS did exactly that, surveying 307 family offices across more than 30 markets for its 2026 Global Family Office Report . The families included in the report had an average net worth of US$2.7 billion. 60% of the surveyed family offices planned to alter their strategic asset allocation over the following 12 months. Among European family offices outside Switzerland, that figure rose to 67%. That is a significant shift for investors typically associated with long-term strategies.
Infrastructure and power and resources were each investment themes for 37% of respondents globally. Artificial intelligence remained even more popular, with 65% already invested somewhere across the AI value chain. UBS describes the broader strategy rather neatly as “diversifying across assets, currencies and regions”.
Of course, private does not automatically mean better. These investments can lock up capital for years, carry substantial fees and offer far less transparent pricing than listed shares. Understanding those trade-offs should come before adding more of these assets to a portfolio.
Gold And Collectables Are Back
Gold has enjoyed renewed attention as investors, institutions and central banks look to spread geopolitical and currency risk. World Gold Council data published in July showed that total gold demand reached 2,522 tonnes in the first half of 2026, worth a record US$380 billion. Central banks alone bought 289 tonnes during the second quarter.
Its 2026 central bank survey found that 89% of reserve managers expected global central bank gold holdings to increase over the following 12 months. A record 45% also expected their own institutions to add to their gold reserves.
Then there are collectables. According to the 2026 Art Basel report, the global art market returned to growth, with sales increasing 4% to US$59.6 billion. Britain remained the world's second-largest art market, accounting for 18% of global sales, while UK sales rose 2% to US$10.5 billion.
Watches, wine, cars and handbags are also part of the alternative investment landscape. But anybody buying a Birkin or a Bordeaux simply because its price rose last year may be missing the point. Collectables can be part investment and part lifestyle choice, but their power in a diversified portfolio is subject to scrutiny.
Digital Assets Are Making Their Way Into Institutional Portfolios
A recent survey by EY-Parthenon and Coinbase questioned more than 350 institutional investors. 73% of the surveyed institutional investors plan to increase their digital asset allocations during 2026, according to EY-Parthenon and Coinbase research .66% gain exposure through spot crypto ETFs or ETPs, while 81% of investors with spot exposure said they preferred a registered investment vehicle to holding crypto directly on an exchange or in a wallet.
When it comes to portfolio allocation, institutions are also paying closer attention to liquidity, governance, custody and position sizing following periods of heightened volatility.
Tactical Investors Are Also Looking At Derivatives
A broader investment universe has also encouraged experienced market participants to use alternative instruments designed for short-term positioning.
CFD trading, for example, allows investors to speculate on the movement of shares, currencies, indices or commodities without owning the underlying asset. Positions can be taken on rising or falling markets, which can make CFDs useful for tactical investments or hedging existing exposure.
CFDs also come with considerable risk because they use leverage. Gains and losses therefore respond to a much larger market exposure than the cash initially committed.
A CFD therefore belongs at a different end of the financial spectrum from a ten-year investment fund. Understanding which tool suits which purpose is better than accumulating more tools without knowledge.
Real Wealth Is Knowing How To Choose
Looking beyond traditional wealth does not mean declaring the old portfolio obsolete. Shares still offer ownership in businesses and bonds still provide income and diversification. Keeping cash may be unfashionable, but it is useful when you need it.
What wealthy investors like the most seems to be having a choice. Private businesses, infrastructure, gold, art, digital assets and tactical market instruments each offer something different. The clever part is knowing which ones deserve a place at the table.