Asia’s wealthiest investors are steering their portfolios in a new direction, stepping away from U.S. dollar assets and toward a blend of gold, digital assets, and Chinese markets.
The shift reflects a broader rethink amid rising geopolitical tension and volatile global markets.
According to UBS, demand for gold has surged among private banking clients in the region, as economic uncertainty pushes investors toward perceived safe havens. Cryptocurrencies are also making a comeback, joining commodities and foreign currencies as preferred diversifiers. Meanwhile, interest in China—once sidelined—is gaining new momentum.
Amy Lo, a regional head at UBS, explained that clients are no longer content with U.S.-centric exposure. Instead, they’re actively seeking growth in alternative regions and asset classes.
Adding to the appeal of Chinese markets is the recent rebound in Hong Kong’s stock index, one of the world’s top performers this year. Simultaneously, a temporary easing of trade tensions between the U.S. and China has helped reignite investor optimism.
At Morgan Stanley, portfolio strategists are seeing clients take a more measured approach. Christina Au-Yeung, a senior investment executive, emphasized that today’s wealth holders are far more risk-aware. The bank is recommending diversified allocations: a healthy mix of fixed income, equities, alternatives, and cash.
All this comes amid a global pullback from the dollar. According to Bank of America’s latest fund manager survey, U.S. dollar exposure is now at its lowest point in nearly two decades.
As capital begins to flow toward new global centers of gravity, Asia’s high-net-worth investors may be signaling the next era of wealth strategy—one less tied to traditional powerhouses, and more attuned to a shifting economic order.
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