As 2026 looms, economic forecasts and reports are predicting a ‘new era of growth’ centred around AI innovation and global fragmentation. AI in particular is the foremost topic among UHNW investors, and the UBS Year Ahead 2026 report, which predicts the financial future of the coming year, reflects this sentiment. According to UBS, much of AI’s potential hinges on its ability to drive productivity gains that have historically eluded economies at similar stages.
Three factors remain critical for this era of growth to occur: investors’ willingness to continue funding AI, technology leaders’ capacity to monetise innovations and the world’s ability to supply the energy required to power rapid technological expansion.
AI is poised to transform productivity across sectors, offering opportunities in its enabling technologies, intelligence applications and practical uses. UBS recommends allocating up to 30 per cent of equity portfolios to these structural growth ideas.
UBS highlights AI infrastructure as an especially promising area of growth in the technology industry, with the bank reporting that AI datacentres are predicted to generate $1.3 trillion in revenue in 2030. Investment in expanding AI infrastructure is already having an effect on economies, according to UBS’ data. AI’s contribution to US GDP growth increased from 0.2 per cent in the fourth quarter of 2019 to 0.8 per cent in the second quarter of 2025.
While UBS’ report recognises that current investment in AI infrastructure could support a 25-fold increase in chatbot usage, it predicts that other sectors of artificial intelligence would encourage trillions more in capital expenditure. The bank forecasts cumulative AI capital expenditure of $4.7 trillion between 2026 and 2030. This increase in expenditure will be fuelled by agentic AI (multiple specialised systems replicating knowledge or human work), physical AI, such as self-driving cars, and video AI, all of which consume significant amounts of energy and data.
The report also highlights China’s technology sector as a key global opportunity. Strong liquidity, healthy earnings and robust retail flows are expected to sustain momentum for Chinese equities, as well as broader Asian and emerging market stocks.
Content from our partners
China’s increasingly large AI technology sector could be a good way to diversify investments beyond the US, UBS reports. Likewise, the bank predicts that investing in emerging markets will offer a diversified way to invest in AI away from America as well. UBS anticipates returns in the high single digits for emerging market equities by the end of 2026.
Elsewhere in Asia, those investing in Hong Kong should benefit from lower interest rates, Singapore from shareholder value initiatives and India from rising corporate profits.
[See also: How to invest in the defence industry with ETFs]
At the same time, commodities look attractive in 2026. Supply constraints and rising demand support energy, metals and agricultural markets, while precious metals remain effective diversifiers. After a year of poor performance in agriculture, UBS sees the sector as a compelling entry point into commodities. Meanwhile, as gold and other precious metals are experiencing high prices amid geopolitical tensions, industrial metals such as copper and aluminium could make promising investments, owing to projected future shortages that may push prices higher.
The report warns that investors should be aware of key risks in 2026, including setbacks in AI infrastructure, rising inflation, trade tensions and high levels of government and corporate debt, which could affect markets and asset prices. However, trade talks between the US and China over AI chips, rare earths and tariffs have deescalated tensions, suggesting these risks could be mitigated.
Alternatives, such as hedge funds and private equity investments, can help diversify portfolios, which the report says is key amid geopolitical tensions and market volatility. The market conditions with low stock correlation and high differences in returns, which are important for hedge fund success, are still in place and should support performance in 2026. Likewise, private equity should be boosted by more pay-outs and exits driven by pro-growth government policies, according to UBS’ predictions.
UBS also advises a small allocation of assets in gold, at around 5 per cent, to benefit from its low correlation with equities and bonds, while also not relying on its lack of income generation.
[See also: The best private equity and alternative asset advisers in 2025]
Investors seeking income should combine safe bonds with higher-yield options, dividend-paying stocks and structured investments. Medium-duration quality bonds, which last from four to seven years, are expected to return in the single digits. Additionally, UBS expects quality bonds to exceed cash rates, making them a good security blanket for investors, even in regions where interest rates are low and they might not see a return.
Currency decisions also matter – UBS prefers the euro, Norwegian krone and Australian dollar over the US dollar, which may weaken if rates are cut. The fading of political uncertainty in France and the German government’s €500 billion infrastructure fund are set to strengthen the euro, while strong commodity exports look promising for the Australian dollar.
UBS’ report makes it clear: a clear investment plan, careful use of capital and a strong mix of equities, bonds and alternatives – combined with selective hedging and tactical opportunities – will help UHNW investors navigate 2026 successfully.