Americans might heed a credit downgrade, a waning global reputation, and growing worries about Dollar dominance as a sign of real trouble — but the wealthiest among us call it an opportunity. According to UBSUBS

, the ultra-wealthy are doubling down on the US economy and stocks as the “Anywhere But the USA” (ABUSA) mood boils over. And yeah, they might just laugh all the way to the bank.

• UBS Head of Portfolio Strategy, Daniel Scansaroli, says that despite the noise, family offices maintained “a very strong bias to the US,” citing AI and pharmaceutical research.
• The finding comes as global investors explore Europe and China as possible alternatives to the US, but remain optimistic about the US despite policy uncertainty.

What do institutions think? UBS itself has cautioned that the recent rally in US equities has taken assets from ‘attractive’ territory to ‘neutral’ territory — a view shared by other institutions like Bank of AmericaBAC

, which warned that the 18% rally from April’s lows could fade.

There is room for optimism, though, as Goldman SachsGS

and Morgan StanleyMS

hiked their 12-month S&P 500 targets to 6.5K in May — optimism that’s only furthered as Trump’s tariffs have been put on ice. Analysts at BBVA added that institutions and hedge funds are “underexposed” to equities, leaving plenty of opportunity to build on an already impressive rebound in US names.