More than half of the super-rich around the world are already preparing for a recession.

That is according to a UBS survey of 360 global family offices with an average family wealth of $1.2 billion. Results showed 55% of family offices see a recession by 2020, and to mitigate risks, 45% are already adjusting their portfolios, including shifting to bonds and real estate, while 42% are increasing their cash reserves.

"We are very cautious, even now with the market we don't feel very comfortable," said a survey respondent who is a managing partner at a multifamily office in North America.