High-Net-Worth Investors Hold Just 5% of Net Worth in Bonds
Written By: Chris Bendtsen
Research Findings
Long Angle's 2026 High-Net-Worth Asset Allocation Report surveyed 233 members with an average net worth of $17M. This finding looks at one piece of that report in more depth: fixed income.
Key Takeaways
High-net-worth investors hold just 5% of net worth in bonds on average, well below the fixed-income share assumed in a traditional 60/40 portfolio.
Risk tolerance barely moves the number. Investors who describe themselves as low to moderate risk hold 8% in bonds. Investors with a high risk tolerance hold 5%.
When high-net-worth investors do hold bonds, domestic Treasuries (28%) and general diversified bond funds (21%) make up half the bond portfolio. Municipal bonds, corporate bonds, and international bonds split the rest.
The gap is filled elsewhere. Private credit, income-producing real estate, and cash absorb the role bonds traditionally played.
Figures come from a self-selected, investment-sophisticated membership sample (71% self-identify as highly expert investors) and should not be read as a general recommendation.
2026 High-Net-Worth Asset Allocation Report
See how high-net-worth investors with an average net worth of $17M are allocating across public equities, private markets, real estate, bonds and cash. Based on benchmark data from 230+ respondents.
What high-net-worth investors actually hold in bonds
Domestic sovereign debt, meaning U.S. Treasuries, makes up 28% of the average high-net-worth bond portfolio, the largest single category. General diversified bond funds are next at 21%, followed by life insurance cash value at 20%. Municipal bonds account for 17%, corporate bonds for 9%, and international bonds for 5%.
| Bond type | Share of bond portfolio |
|---|---|
| Domestic sovereign debt (U.S. Treasuries) | 28% |
| General diversified bond fund | 21% |
| Life insurance cash value | 20% |
| Municipal bonds | 17% |
| Corporate bonds | 9% |
| International bonds | 5% |
Source: Long Angle 2026 High-Net-Worth Asset Allocation Report, 233 respondents, average net worth $17M, fielded December 2025-January 2026.
The concentration in Treasuries and diversified funds over corporate or international bonds points to a preference for simplicity and near-zero credit risk in the small bond sleeve that does exist, rather than a bond allocation built for yield.
Risk tolerance barely changes the bond allocation
A textbook approach would predict a meaningful gap between low-risk and high-risk investors. It does not show up here.
| Risk tolerance | Bonds | Cash | Public equities | Private company equity | Investment real estate | Alternative investments |
|---|---|---|---|---|---|---|
| Low / moderate | 8% | 8% | 49% | 15% | 15% | 5% |
| High | 5% | 6% | 60% | 13% | 11% | 5% |
Source: Long Angle 2026 High-Net-Worth Asset Allocation Report.
Low-to-moderate-risk investors hold more in investment real estate (15% versus 11%) and less in public equities (49% versus 60%) than high-risk peers. Both groups hold bonds in the single digits. The real divergence in how these investors manage downside risk happens through real estate and equity exposure, not through fixed income.
For comparison, Vanguard's Target Retirement glide path, one of the most widely used default allocations in employer retirement plans, calls for a 50/50 stock-to-bond split at the retirement date itself, moving toward 30% stocks and 70% bonds twenty years into retirement. High-net-worth investors in this study, including those who describe themselves as low-risk, sit nowhere near that fixed-income share at any point measured.
Why bonds have largely disappeared from this portfolio
Three patterns in the broader report help explain the gap:
Private credit is filling the income role. The report's private-and-alternative breakdown shows real estate and private credit, not bonds, as the primary sources of yield and cash flow for high-net-worth portfolios.
Cash sits at a similar level to bonds (5%). Investors appear to treat cash and short-duration reserves as the liquidity buffer, rather than using investment-grade bonds for that purpose.
Sequencing and time horizon differ from the retail default. A membership skewing under 55 (79%) and still building wealth has less need for the volatility dampening bonds are designed to provide.
This is a description of what these investors have done, not a recommendation for what any individual investor should do. Bond allocation decisions depend on income needs, time horizon, and tax situation in ways this report does not capture at the individual level.
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About this data
This finding is drawn from Long Angle's 2026 High-Net-Worth Asset Allocation Report, the fifth annual edition of the study. The report surveyed 233 Long Angle members with an average net worth of $17M (range: $2M to over $100M), fielded between December 2025 and January 2026. Respondents are Long Angle members: 71% self-identify as having high investment expertise, 79% are under age 55, and 94% are based in the United States. Risk-tolerance sub-group sample sizes are not published separately.
See the full 2026 High-Net-Worth Asset Allocation Report for the complete 30-plus chart dataset, including the report's 60-10-30 portfolio framework and full private-and-alternative asset breakdown.
Frequently Asked Questions
How much do high-net-worth investors allocate to bonds?
High-net-worth investors allocate an average of 5% of net worth to bonds, according to Long Angle's 2026 report of 233 respondents. The figure barely changes by risk tolerance: low-to-moderate-risk investors hold 8%, high-risk investors hold 5%.
What bonds do wealthy investors buy?
Domestic U.S. Treasuries (28%) and general diversified bond funds (21%) make up the largest share of the average high-net-worth bond portfolio, followed by life insurance cash value (20%), municipal bonds (17%), corporate bonds (9%), and international bonds (5%).
Do high-net-worth investors use bonds for income instead of something else?
Not primarily. Long Angle's broader research shows investment real estate and private credit, not bonds, are the main sources of portfolio income and yield for high-net-worth investors. See the private and alternative asset breakdown in the parent report.
Is a low bond allocation risky for high-net-worth investors?
Risk depends on individual circumstances this data does not capture, including income needs, time horizon, and liquidity requirements. This finding describes what a sample of already-wealthy, investment-sophisticated Long Angle members has done, not a general recommendation.
Curious what high-net-worth investors use instead of bonds?
Long Angle members review private credit, real estate, and other income-generating opportunities with full diligence materials before deciding whether either fits their own portfolio.
