🇨🇳🪙Wealthy Asian investors abandon the dollar to invest in cryptocurrencies, gold, and China, according to UBS
The banking giant UBS claims that its high-net-worth Asian clients are abandoning U.S. dollar assets in favor of gold, cryptocurrencies, and Chinese markets.
According to the financial services giant UBS Group, wealthy Asian clients are gradually abandoning investments in U.S. dollars and preferring gold, cryptocurrencies, and Chinese assets.
"Gold is becoming very popular," said Amy Lo, co-head of wealth management at the Swiss bank for Asia, during the Bloomberg's New Voices event held in Hong Kong on May 13.
She cited growing geopolitical uncertainty and persistent market volatility as major factors behind this shift. Traditionally focused on U.S.-centric assets, investors are now seeking broader exposure through alternative asset classes, including cryptocurrencies, commodities, and other currencies.
Lo stated that "volatility is definitely here to stay," leading clients to rebalance towards perceived safe havens and growth opportunities in new regions.
China, after years of limited interest, is also regaining momentum among the wealthiest. She noted that clients who previously avoided exposure to China are now proactively asking about investment opportunities.
The Hong Kong benchmark index, largely composed of Chinese companies, has emerged as one of the most profitable in the world in 2024, further igniting interest.