2025 Affluent Survey | DBS Treasures Hong Kong

Asia’s affluent investors are entering a new era shaped by shifting markets, evolving priorities and fresh opportunities. Against this dynamic backdrop, DBS Treasures set out to understand how today’s affluent class is thinking, planning and investing.

In May 2025, we surveyed 1,517 individuals with over HKD1 million in investable assets to uncover how they are navigating a rapidly evolving investment landscape. The findings reveal a cohort that is both cautious and opportunity-driven, echoing global sentiments.

Affluent Investors Target 9% Returns in 2025

Affluent Investors Target 9% Returns in 2025

Navigating Uncertainty with Discipline

Affluent investors remain alert to global headwinds, approaching the markets with clear-eyed caution. Their top concerns reflect a landscape shaped by uncertainty.

Affluent investors remain alert to global headwinds, approaching the markets with clear-eyed caution. Their top concerns reflect a landscape shaped by uncertainty.

51% fear a global economic downturn
45% cite interest rate volatility
41% worry about persistent inflation

In the face of these headwinds, preservation takes precedence.

In the face of these headwinds, preservation takes precedence.

69% of respondents emphasise wealth preservation

as their primary objective—mirroring a global preference for safeguarding gains after years of volatility.

Yet, discipline doesn’t equate to passivity. 61% intend to increase investments in the coming year, signalling confidence in long-term returns.

Yet, discipline doesn’t equate to passivity. 61% intend to increase investments in the coming year, signalling confidence in long-term returns.

Diversification to Enhance Resilience

Across the region, affluent investors are strategically diversifying their portfolios to turn risk into opportunity.

Product breadth

Product breadth –
On average, investors hold more than four asset classes, with equities and investment funds topping the list. Mainland investors show growing interest in alternatives such as gold, while Hong Kong investors lean toward bonds for stability.

Regional strategy

Regional strategy –
64% of investors are interested in investing beyond their home market.
27% of Mainland Chinese investors show particular interest with Singapore market.

Thematic Allocation & A Barbell Approach

Affluent investors across Asia are riding the wave of global investment trends, blending bold thematic bets with steady, balanced allocation strategies:

Product breadth

Top themes:

63% Technology & AI
39% Sustainability (ESG)
36% Healthcare & Science

Regional strategy

Digital assets:

Becomes a crucial allocation

42% currently invest in digital assets
18% plan to enter the space
Key barriers include security (38%) and regulatory clarity (37%)

Offshore preferences

Investment funds:

60% are invested in funds, with 56% allocating to fixed income instruments

Human Insights Still Matter

Human Insights Still Matter

Even in today’s tech-driven landscape, affluent investors are blending technology with personal guidance to make informed decisions.

54% use mobile banking apps
43% turn to third-party investment apps
42% rely on relationship managers

While AI delivers speed, savvy investors value the expertise and nuanced advice from trusted professionals to navigate complexity.

While AI delivers speed, savvy investors value the expertise and nuanced advice from trusted professionals to navigate complexity.

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Remarks

Between 8 and 20 May 2025, online quantitative interviews were conducted with a total of 1,002 individuals from Hong Kong and 515 individuals from Mainland China, each managing assets of HKD 1 million or above, recruited from YouGov’s proprietary panel.

Risk Disclosure and important notice

The screen displays and information (including but not limited to price/ fund code/ stock code) are for reference and illustration purposes only. The actual performance may vary from the example shown.

Bonds, Investment Funds, Interest-rate linked investment, Equity Linked Products and Currency Linked Investment (together the “Products”) are investment products and some of them may involve derivatives. The investment decision is yours but you should not invest in the Products unless the intermediary who sells them to you has explained to you that the Products are suitable for you having regard to your financial situation, investment experience and investment objectives. The Products are NOT equivalent to and are not treated as substitutes for time deposits, and are not principal protected.

The Products & Certificates of Deposit are NOT a protected deposit and are not protected by the Deposit Protection Scheme in Hong Kong.

Securities trading is an investment. The prices of stocks fluctuate, sometimes dramatically. The price of a stock may move up or down and may become valueless. It is as likely that losses will be incurred rather than profits made as a result of trading stocks. You should also note that investing in foreign market securities involves currency risk, you may suffer loss because of currency fluctuations. The investment decision is yours but you should not invest in any stock unless you have taken into account that the relevant stock is suitable for you having regard to your financial situation, investment experience and investment objectives.

Any person considering an investment should seek independent advice on the investment suitability when considered necessary.

Foreign exchange involves risks. Customers should note that foreign exchange may incur loss due to the fluctuation of exchange rate.

RMB currently may not be freely convertible and is subject to exchange controls and restrictions. There is no guarantee that RMB will not depreciate. If you convert Hong Kong Dollar or any other currency into RMB so as to invest in a RMB product and subsequently convert the RMB sale proceeds back into Hong Kong Dollar or any other currency, you may suffer a loss if RMB depreciates against Hong Kong Dollar or other currency.

The price of Paper Gold is volatile and value of the investment may go down as well as up. In the worst-case scenario, you may lose your entire principal. Investment in Paper Gold is not the same as investment in physical gold. Price changes in physical gold might not be reflected in price changes of Paper Gold. You should also be aware of the risk of foreign exchange rate fluctuations and may experience a loss on conversion of the investment back into other currency (including but not limited to your home currency).

Equity Linked Products, some Bonds and some Investment Funds are classified as complex products by the Bank. You are advised to exercise caution prior to investing.

Disclaimer

Investment involves risks. The above information is not and shall not be considered as investment advice. It does not constitute any offer or solicitation of offer to subscribe, transact or redeem any investment product. Past performances are not indicative of future performances. You should carefully read the product offering documentation, the account terms and conditions and the product terms and conditions for detailed product information and risk factors prior to making any investment. If you have any doubt on this material or any product offering documentation, you should seek independent professional advice.