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UBS’s Global Family Office Report 2026, released on 28 May, placed power and resources alongside infrastructure as the two highest-conviction investment themes for the next twelve months — each cited by 37% of family offices surveyed. The catalyst is no longer ESG sentiment. It is electricity scarcity: AI data centres, electrification of industry, and a fractured global energy map have made dispatchable, fuel-independent baseload power the single most strategic asset class of the decade. For HNWIs and family offices, that increasingly means a deliberate allocation to nuclear — and specifically to small modular reactors.
By the High Worth Citizen Editorial Team
Key Takeaways
- UBS’s 2026 Global Family Office Report shows 37% of family offices prioritising power and resources, with 60% planning strategic asset allocation changes in the next twelve months — the highest level UBS has ever recorded.
- Despite the conviction, 79% of family offices still have zero infrastructure allocation; average exposure sits at roughly 70 basis points — pointing to a structural reallocation opportunity.
- SMR developers attracted over $1.3 billion of equity in 2025 alone, with TerraPower ($650M Series C), X-energy ($700M Series C-1) and Radiant Nuclear ($300M Series D) anchoring the year.
- The US Department of Energy awarded $800 million to Tennessee Valley Authority and Holtec in January 2026 for SMR deployment; the EU’s 2026–2027 work programme has earmarked an additional €15 million for SMR safety research.
- Named family-office and private investors backing SMR builders now include Bill Gates, NVIDIA’s NVentures, Amazon, Citadel’s Ken Griffin, Ares Management, Jane Street Capital and the University of Michigan endowment.
Why the Family-Office Thesis Has Shifted
Three years ago, nuclear was a contrarian trade for family offices. In 2026 it has moved firmly into the consensus infrastructure bucket. The shift tracks a structural change in electricity demand: hyperscale AI data centres alone are forecast to add multiple gigawatts of round-the-clock load over the next decade, and grid operators in the US, UK and Western Europe are running short of dispatchable capacity. Wind and solar, while still growing, cannot satisfy 24/7 industrial-grade demand without storage build-out at scale.
UBS’s 2026 report is unambiguous on the direction of travel: family offices are diversifying away from US equity concentration and into hard-asset, cash-flow-generating allocations. Power generation that is fuel-independent — that is, not subject to LNG, oil, or pipeline geopolitics — fits that mandate cleanly. As one analysis observed, when the world’s most critical oil-and-gas transit corridors can be effectively closed by military force, baseload generation requiring no imported fuel becomes considerably more intuitive as a long-duration HNWI holding.
Where the Capital Is Actually Going
SMR equity rounds in 2025 set the template. TerraPower closed a $650 million Series C in June 2025, anchored by Bill Gates and joined by NVIDIA’s NVentures, to advance its Natrium sodium-cooled reactor in Wyoming. X-energy raised $700 million in a Series C-1 round in February 2025, with Amazon leading and follow-on participation from Ken Griffin, Ares Management, Segra Capital, Jane Street Capital and the University of Michigan endowment. Radiant Nuclear closed a $300 million Series D in December 2025 with first commercial deployments targeted for 2028. In January 2026, the US Department of Energy selected the Tennessee Valley Authority and Holtec for $800 million in SMR awards.
On the public-equity side, Ontario Power Generation received final permission in May 2025 to build the first SMR in North America at Darlington. The UK has formally opened the door to private capital co-investing in SMR deployment. Oklo is targeting first ground-breaking in Idaho in 2026, with grid operation by 2027.
The Access Routes for Family Offices
Direct equity in private SMR developers remains the highest-conviction entry, but is also the most illiquid. Family offices building exposure in 2026 are typically running a barbell: a long-duration private allocation into specific SMR builders alongside a listed sleeve via uranium miners, fuel-cycle companies, NuScale, and select utilities that have signed SMR off-take agreements. Co-investment vehicles structured by Apollo, KKR, Brookfield, Energy Capital Partners and Ares are increasingly the route for offices that want diversified exposure without single-developer technology risk.
What This Means for HNWIs
For HNWIs evaluating an infrastructure tilt, three points are decision-relevant. First, with 79% of family offices still at zero infrastructure allocation, the asset class is genuinely under-owned by private wealth — a rare combination of strong consensus and low actual exposure. Second, nuclear’s correlation profile to traditional equities and credit is low, and its cash-flow duration matches the multi-generational time horizons HNWIs prize. Third, jurisdiction matters: tax-efficient structures in Cyprus, Switzerland, the UAE and Singapore can hold long-duration infrastructure positions through holding companies more efficiently than direct US ownership. This thesis dovetails with broader alternative asset allocations already underway in private wealth.
Country Comparison: Where Nuclear Capital Is Most Welcome
The United States remains the deepest SMR equity market, with DOE financial backing and a maturing regulatory pathway. The United Kingdom has actively courted private capital for its SMR build-out and offers a structured public-private model. Canada, via Darlington, has the most advanced grid-scale SMR deployment in the West. France, where 70% of electricity is already nuclear-generated, offers a stable policy environment and is reinvesting heavily through EDF. The UAE, having brought Barakah online, is now pursuing additional capacity. For family offices, jurisdiction selection should track both regulatory clarity and the offtake market.
Risks and Considerations
Nuclear infrastructure is a long-dated, capital-intensive bet with real timeline risk. First commercial SMR deployments are not expected before 2027–2028 in the most optimistic scenarios. Regulatory delays, cost overruns and political reversals have historically defined the sector. Uranium price volatility, public-perception cycles, and concentration risk among a small number of credible developers further complicate the picture. Family offices should size positions accordingly and prefer co-investment vehicles or diversified infrastructure funds over single-name private equity for first-time allocators.
The Bottom Line
Nuclear has graduated from contrarian thesis to consensus infrastructure allocation among the world’s leading family offices in 2026. UBS’s data shows clear conviction; the equity rounds show real capital deployment; and the access toolkit — from private rounds to listed utilities to institutional co-investment vehicles — is now mature enough for serious private wealth participation. The HNWIs and family offices that build a disciplined position over the next twelve to twenty-four months will be early to one of the largest infrastructure repricings of the decade.
This article is for informational purposes only and does not constitute legal, tax, financial, or migration advice. HNWIs and family offices should consult qualified professionals in the relevant jurisdiction before making decisions based on the information presented.
