Goldman Sachs says 80% of ultra-rich investors are fleeing stocks for alternative assets — and it's not bonds

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Stocks have been on a tear recently. The S&P 500 has repeatedly hit record highs over the past couple of months, despite concerns over geopolitical turmoil, rising bond yields and some U.S. economic policies.

Still, some market observers see warning signs of potential weakness.

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Despite the S&P 500 being close to its all-time high as a whole, Morningstar points out that nearly 60% of individual stocks on the index were actually down 20% or more from their all-time highs (1) in August. They also highlight the current volatility of stock prices, with many moving up and down by as much as 20% in just a few months.

Amid the uncertainty and volatility, current stock market conditions may have you wondering whether you should lighten your stock holdings. And if so, where should you invest the proceeds?

For many investors, selling stocks has typically meant moving the proceeds to bonds. Indeed, for those maintaining a portfolio such as the traditional 60/40 weighting of equities to bonds, the current run-up in stock prices and fall in bond prices could mandate a rebalance in this direction to maintain that weighting.

However, some evidence suggests bonds no longer hedge equities (2) — meaning that some investors might start considering how to allocate some of their portfolio to other asset classes.

One move they're making? A growing number of individual investors are adopting alternative assets. According to a survey by Goldman Sachs (3), 39% of individuals with $1 million to $5 million in investable assets are turning to alternatives. That number grows to 80% for those with assets of $10 million or more.

Indeed, about half (49%) of advisors say they're allocating more than 10% of client portfolios to alternatives (4), according to the 2025 CAIS Mercer Survey.

But you don't need to be an ultra-high-net-worth investor to benefit from investing in alternative assets. Here's how to follow their lead and get a foot in the door:

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