High-net-worth clients in Asia are moving away from US dollar-based investments, increasingly favoring gold, cryptocurrencies, and Chinese assets, according to UBS Group. At a Bloomberg event, UBS co-head Amy Lo highlighted rising geopolitical uncertainty and market volatility as key drivers of this trend. Investors are diversifying towards perceived safe havens and growth areas, leading to renewed interest in China, particularly in light of a recent tariff truce between the US and China. Hong Kong's stock market, heavily invested in Chinese companies, has become a top performer, attracting attention from the ultra-wealthy. Morgan Stanley also noted a shift in investment themes in China, suggesting a more risk-aware approach among affluent clients. Galaxy Digital analysts emphasized Bitcoin's emerging status as a digital store of value, supported by growing institutional interest and diversification away from US dollar reserves by nations. This developing trend underscores a broader transition in asset allocation among Asia's wealthy.

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