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Affluent investors are increasingly diversifying their portfolios and focusing on long-term investment returns amid market volatility, while average expected investment returns lag among Hong Kong and mainland investors, a DBS survey said.
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The DBS Treasures Affluent Investor Survey 2026 found that average expected investment return fell from 9.3 percent in 2025 to 8.1 percent this year, with Hong Kong locals anticipating 7.9 percent and mainland investors 8.1 percent. Despite lower return expectations, 66 percent of respondents now prioritize long-term wealth growth, up from 57 percent last year. Hong Kong investors showed a stronger preference for stable passive income, while mainland investors focused on growth.
Belinda Hsieh, head of treasures investment product & advisory, consumer banking group & wealth management at DBS Hong Kong, said the trend is not pessimistic but a recalibration following geopolitical tensions and AI market fluctuations.
Stocks remain the dominant investment, making up 41 percent, up 1.8 percentage points from last year. Alternative investments allocation ranked second, rising from 8 percent in 2025 to 18 percent, driven by market volatility and highs. Exchange-traded funds allocations increased 2 percentage points to 10 percent, but investments in mutual funds declined 9.7 percentage points to 13 percent.
The survey shows affluent investors favor AI, innovation, income assets, and healthcare. Hsieh noted that mainland investors prefer insurance, while Hong Kong investors favor stocks. Overall, stocks, insurance, gold, foreign currencies, and investment funds remain the five most widely held investment products across both markets. Looking ahead, mainland investors plan to buy more gold and virtual assets, while Hong Kong investors want more stocks and commodities. At the same time, investors are increasingly using AI tools to assist with investment decisions, but still value the professional advice of relationship managers.
Regarding the recent cross-border regulatory measures, Amy Kwan, head of business planning, customer segment and ecosystem, consumer banking group & wealth management at DBS Hong Kong, said the measures are primarily aimed at non-compliant and illegal funds, and the bank has fully complied with all regulatory requirements, so it has not been significantly affected.
The survey was conducted between June and July 2026 and surveyed 1,617 affluent individuals across Hong Kong and the mainland, with a minimum of HK$1 million and 1 million yuan (HK$1.16 million) in assets in their respective markets.
