Ultra-high-net-worth families in the U.S. are responding to persistent geopolitical and economic turbulence by intensifying their focus on estate planning, tax strategy, succession, and next-generation education, according to the second edition of Bernstein Private Wealth Management's Wealth Beyond Measure 2026 report. The study, based on responses from 107 UHNW clients with an average net worth of $200 million, reveals a pattern where anxiety about external threats is increasingly managed through internal family governance.
Nearly two-thirds of respondents identified geopolitical and economic instability as major concerns. However, confidence was highest in areas where families retain direct control: wealth preservation, philanthropic planning, tax strategies, and access to unique investment opportunities. This suggests that for the ultra-wealthy, external uncertainty is being countered by strengthening the family's internal architecture.
“We're seeing a meaningful shift in how ultrahigh-net-worth families think about wealth and resilience that calls for a more modern, personalized approach beyond traditional investment management,” said Aaron Bates, head of Bernstein's ultrahigh-net-worth and growth strategies division. “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.”
Generational Fault Lines in Risk Perception
The report found that concern about geopolitical and economic uncertainty rises sharply with age. Between 72% and 80% of respondents aged 65 and older reported the highest levels of worry, while those aged 35 to 49 registered the lowest concern across all external risk categories. The report suggests this younger cohort may have normalized instability and relies on time as a natural hedge.
Tax planning anxiety follows a different curve. Some 38% of respondents aged 50 to 64 identified the effectiveness of tax strategies amid policy changes as a key concern, compared with just 10% of those aged 65 to 79. This gap points to a window of peak planning intensity for clients approaching traditional wealth transfer years, a moment advisors are well-positioned to capture.
Estate Planning Surges After OBBBA Legislation
The study also captured a clear behavioral shift in estate planning activity following the passage of the One Big Beautiful Bill Act last year, which permanently increased the federal estate and gift tax exemption. According to the report, 20% of respondents said the new tax law directly prompted an estate plan review. More than half had revisited their plans within the past year, and families reporting the highest confidence were also the most likely to have taken concrete planning steps.
Business owner succession presented a telling contrast. While 72% of business owners in the survey could clearly articulate their estate plans, just 56% could say the same for business succession—a gap that points to an underserved planning need. Nearly one-third of respondents cited adjusting to new wealth as a current challenge, an identity disruption linked to liquidity events reshaping finances, purpose, and family dynamics.
Prep Work as a Confidence Multiplier
Echoing other studies, Bernstein found a direct link between formal family preparation and household confidence. Among families reporting the highest confidence levels, 93% had formal plans in place to prepare the rising generation for future leadership roles. That figure dropped to 61% among low-confidence families. Education was the most common preparation tool, used by 37% of respondents, followed by sharing family history and lessons learned at 35%.
“Today, confidence in wealth management extends beyond preservation,” said Anne Buccarelli, senior national director of family engagement strategies at Bernstein Private Wealth Management. “It requires intentional preparation and thoughtful management of relationships and responsibilities across generations.”
For advisors, these findings underscore the importance of integrating governance and communication into wealth management strategies. As UHNW families spend heavily on estate security but often neglect governance, the Bernstein report suggests that narrative and intergenerational dialogue are as critical as technical planning. Additionally, trust and execution trump returns for UHNW clients, reinforcing the need for advisors to focus on relationship management.
