UBS reports that wealthy clients are shifting away from US dollar-denominated investments and showing greater interest in alternative assets such as gold and cryptocurrencies.
Amy Lo, co-head of UBS Group’s Asian Wealth Management, said that gold has become particularly attractive amid economic uncertainty tied to trade tensions and tariff policies. Investors are treating gold as a hedge against volatility and inflation risks.
At the same time, there is growing appetite for assets tied to the Chinese yuan. Recent market data indicated the yuan outperformed the dollar in May 2025, reflecting increased attention on China-linked investments among private clients.
Cryptocurrencies have also seen stronger interest: Bitcoin surpassed $105,000 in recent trading, while gold reached a record high of $3,390 in April. These moves underscore a broader reallocation by high-net-worth investors toward diversified holdings outside traditional dollar-based instruments.
UBS’s observations point to a trend in which wealthy clients seek protection and potential upside through a mix of precious metals, digital assets and yuan-linked exposure. Wealth managers are responding by offering tailored strategies that balance risk, liquidity and long-term returns as clients adapt to shifting geopolitical and macroeconomic conditions.