Key Takeaways
- • Long Angle's 2026 High-Net-Worth Asset Allocation Study, based on data from 233 members with an average net worth of $17M, finds HNW investors hold nearly 30% of net worth in private and alternative assets.
- • The average HNW investor holds 51% of net worth in public equities, with 94% of members allocating to private or alternative assets such as private companies, investment real estate, private credit, precious metals and hedge funds.
- • The study describes a shift from the traditional 60/40 model toward a 60-10-30 portfolio of 60% stocks, 10% bonds/cash and 30% private/alternative assets.
- • US stock funds account for 66% of the average public equity allocation, and advisor-led portfolios diversify into private equity more than self-managed ones.
- • Average AUM advisory fees range from 0.8% for the $2M–$10M bracket to 0.6% for households above $25M, according to the study.
Summary
Long Angle, a private community of high-net-worth entrepreneurs, executives and investors, released its 2026 High-Net-Worth Asset Allocation Study on March 2, 2026. The study analyzes primary financial data from 233 members with an average net worth of $17M. According to the report, sophisticated investors now hold nearly 30% of their total net worth in private and alternative assets, a departure from the traditional 60/40 investment model. The company attributes this to a pursuit of long-term growth and diversification, evidenced by meaningful allocations to private company equity and investment real estate.
Public equities remain the largest single exposure. The average member holds 51% of net worth in public stocks, including 32% in US stock funds, 7% in individual stocks, 6% in international stock funds, 4% in employer stock and 2% in other stocks. Private and alternative assets total 28% of net worth, comprising private company equity (12%), investment real estate (10%) and alternative investments (5%). Home equity accounts for 11%, bonds 5% and cash 5%. The study reports that 94% of members allocate to private or alternative assets, including private companies, investment real estate, private credit, precious metals and hedge funds.
The study also highlights portfolio construction and cost trends. Long Angle describes an emerging 60-10-30 portfolio of 60% stocks, 10% bonds and cash, and 30% private and alternative assets. US stock funds claim 66% of the average public equity allocation. Advisor-led portfolios diversify into private equity more heavily than self-managed portfolios. Average AUM fees decline as wealth rises, from 0.8% for the $2M–$10M bracket to 0.6% for households with $25M or more.
Tad Fallows, Co-Founder and Managing Director at Long Angle, said the most surprising finding is that these investors are highly sophisticated in private markets yet remain conservative in public markets. He noted that while private and alternative strategies are pursued for yield, upside potential and uncorrelated diversification, public holdings are heavily concentrated in passive, low-fee index funds tracking the S&P 500. Long Angle describes itself as a vetted community of more than 7,500 high-net-worth individuals collectively investing over $100 million annually across private markets. The full study is available at longangle.com.
Public equities remain the largest single exposure. The average member holds 51% of net worth in public stocks, including 32% in US stock funds, 7% in individual stocks, 6% in international stock funds, 4% in employer stock and 2% in other stocks. Private and alternative assets total 28% of net worth, comprising private company equity (12%), investment real estate (10%) and alternative investments (5%). Home equity accounts for 11%, bonds 5% and cash 5%. The study reports that 94% of members allocate to private or alternative assets, including private companies, investment real estate, private credit, precious metals and hedge funds.
The study also highlights portfolio construction and cost trends. Long Angle describes an emerging 60-10-30 portfolio of 60% stocks, 10% bonds and cash, and 30% private and alternative assets. US stock funds claim 66% of the average public equity allocation. Advisor-led portfolios diversify into private equity more heavily than self-managed portfolios. Average AUM fees decline as wealth rises, from 0.8% for the $2M–$10M bracket to 0.6% for households with $25M or more.
Tad Fallows, Co-Founder and Managing Director at Long Angle, said the most surprising finding is that these investors are highly sophisticated in private markets yet remain conservative in public markets. He noted that while private and alternative strategies are pursued for yield, upside potential and uncorrelated diversification, public holdings are heavily concentrated in passive, low-fee index funds tracking the S&P 500. Long Angle describes itself as a vetted community of more than 7,500 high-net-worth individuals collectively investing over $100 million annually across private markets. The full study is available at longangle.com.
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