Asia’s wealthy shifting from US dollar to crypto, gold, China: UBS
High-net-worth clients in Asia are shifting from US dollar-based investments to gold, cryptocurrencies, and Chinese assets, driven by geopolitical uncertainty and market volatility. UBS Group's co-head of wealth management for Asia, Amy Lo, highlighted the growing popularity of gold and the need for clients to seek safe havens and growth opportunities. Interest in China is resurging, with Hong Kong's benchmark index performing well in 2024. Bank of America's fund manager survey indicates a significant reduction in US dollar exposure, the largest in 19 years. A recent US-China tariff truce has also boosted investor optimism. Morgan Stanley recommends a balanced portfolio for wealthy clients, while Galaxy Digital analysts note Bitcoin's rising status as a digital store of value, supported by institutional interest and a shift away from US dollar reserves towards assets like gold and Bitcoin.
