Ultra-high-net-worth families across the United States are responding to persistent geopolitical and economic turbulence by doubling down on the factors they can control – estate planning, tax strategy, succession, and next-generation education – while acknowledging near-paralysis on the threats they cannot.
That's the central finding from the second edition of Bernstein Private Wealth Management's Wealth Beyond Measure 2026 report, which draws on responses from 107 ultrahigh-net-worth (UHNW) clients of Bernstein with an average net worth of $200 million.
Nearly two-thirds of respondents cited geopolitical and economic instability as major concerns, according to the Bernstein report. Yet confidence was highest in areas where families retain direct agency: wealth preservation, philanthropic planning, tax strategies, and access to unique investment opportunities. The pattern suggests that for the ultra-wealthy, anxiety about the world at large is increasingly being managed through the internal architecture of the family itself.
"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," Aaron Bates, head of Bernstein's ultrahigh-net-worth and growth strategies division, said in a statement. "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."
In one of the more striking findings, the report found concern about geopolitical and economic uncertainty rises sharply with age: between 72% and 80% of respondents age 65 and older reported the highest levels of worry on that front. Meanwhile, respondents between ages 35 and 49 registered the lowest concern across all external risk categories – a cohort the report suggests may have simply normalized instability and is relying on time as a natural hedge.
Tax planning anxiety follows a different curve. Some 38% of respondents between ages 50 and 64 identified the effectiveness of tax strategies amid policy changes as a key concern, compared with just 10% of those between ages 65 and 79, per the same report. That gap points to a window of peak planning intensity for clients approaching the traditional wealth transfer years – a moment advisors are increasingly well-positioned to capture.
The 2026 Bernstein 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 that the report links to liquidity events reshaping not just finances but purpose and family dynamics.
Echoing other studies, Bernstein also found a direct link between formal family preparation and household confidence. Among the 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, according to the report.
Education was cited as the most common preparation tool, used by 37% of respondents. Sharing family history and lessons learned came second, at 35%. That suggests wealth advisors shouldn't expect technical financial planning alone to produce confident families as narrative, governance, and intergenerational communication matter as much as the structure of the estate.
"Today, confidence in wealth management extends beyond preservation," said Anne Bucciarelli, 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."
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