Financial Sovereignty: How Private Wealth Is Seeking a Way Out of Dollar Dependence

The cracks in the dollar’s universal trust became especially visible after 2022, when mass asset freezes of Russian, Chinese, and Middle Eastern clients in Western banks exposed the vulnerability of even the most conservative strategies. According to SWIFT, the share of the US dollar in global payment settlements fell to 43.5% in 2024, down from 52% in 2021. This is a significant shift, considering the dollar’s resilience over the past 80 years. At the same time, the share of the yuan, dirham, yen, and—most notably—gold and cryptocurrencies has grown, not only as stores of value but also as tools of geopolitical distance from the US. Institutional and private investors are increasingly pivoting toward gold

According to the World Gold Council, in 2024 central bank purchases of gold reached a historic record of 1,082 tons. Private family offices are following the same course. Knight Frank’s Wealth Report 2025 notes that over 31% of UHNW individuals worldwide now view gold as a key element of their portfolios. The trend is especially pronounced in the Middle East and Asia, where gold is seen as a "timeless currency"—a form of wealth that can be passed down through generations, regardless of political cycles

Equally telling is the rise in demand for the Swiss franc. Long regarded as a conservative safe haven, it is now seen not just as a shelter but as part of a new strategy of decoupling from dollar oversight. Between 2023 and 2025, the share of franc-denominated operations in family office portfolios in Switzerland and Liechtenstein grew by 17%, according to Zurich Private Research. The focus is on accounts in Swiss cantonal banks, local-denominated bonds, and even direct ownership of Swiss real estate

Author: Maxim Gerasimov

Cryptocurrencies, despite their volatility and regulatory ambiguity, are also regaining favor among private wealth structures. This time, however, not as a quick-profit vehicle like in 2017, but as a means of decentralizing control. In 2024, the total volume of crypto assets managed by family offices worldwide exceeded $ 180 billion. There is particular interest in self-custody tools (cold storage), multi-signature wallets, and closed crypto funds registered in jurisdictions with strong protections for private wealth—from Singapore to Portugal

At the same time, real estate is experiencing a new boom. But unlike in the 2000s, when yield was the main focus, demand is now shifting toward strategic assets: land with water resources, historic properties in European capitals, and other "safe" holdings. Real estate is becoming both an asset and a refuge—physical and legal. In 2024, UHNW investments in property with "alternative jurisdiction" rose by 23%, with the fastest growth in Portugal, Turkey, and the UAE. These countries are seen by wealthy investors as offering the ideal mix of liberal tax regimes, political neutrality, and cultural proximity to Europe

Commodities—from gas and uranium to rare earth metals—are increasingly attracting not only hedge funds but also private investors with industrial backgrounds. The reason is simple: in an era of fragmented global markets, resource investments represent a new form of "real" capital—something that cannot be printed or sanctioned

Another trend is investment in cultural and "intangible" assets: wine cellars, private archives, rare books, artworks, historic estates, and intellectual property. This is not just diversification, but an attempt to move capital "beyond systemic digitization"—into spaces where assets cannot be instantly frozen or nationalized. In 2025, transactions on the secondary art market are rising, particularly in European modernism, Islamic art, and vintage photography. Christie’s and Phillips have reported a surge in demand from private collectors in Central Asia, Eastern Europe, and Asia, who prefer confidential offline deals

In this way, financial sovereignty is no longer seen as an ideological or macroeconomic abstraction. For large private wealth, it has become a matter of strategic security, continuity, and reputation. In a new era of privacy, political multipolarity, and legal flexibility, demand for autonomous models of capital preservation is rising. And while the dollar still holds its position as the global benchmark, in the private wealth sphere a new architecture of trust is emerging—distributed, diversified, and culturally rooted. It may well become the foundation of a post-dollar era