Billionaires are most upbeat on opportunities in North America, less so on Asia-Pacific

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SINGAPORE – Billionaires around the world see the greatest investment opportunities in North America and are less optimistic about Asia-Pacific.

About 80 per cent of the billionaires preferred North America over the next 12 months, according to a UBS survey that was conducted from June to end September 2024. This was up by 30 per cent from 2023.

Over five years, 68 per cent preferred North America.

“They’re backing a country that’s leading in technological innovation – for example, through generative AI or GLP-1 weight-loss drugs – which has the potential to boost labour productivity at a time when labour is in short supply,” said UBS, bank to the super-rich.

The findings in UBS’ report are based on an online survey of 82 billionaire clients in 2024, as well as research by consultancy PWC which tracked the wealth of more than 2,500 billionaires in 47 markets, focusing on the past 10 years.

The US stock market’s record-breaking rally has lifted global billionaires’ wealth to a new high of US$14 trillion (S$18.7 trillion).

The tech bull market sparked by ChatGPT’s launch in late 2022 continues to boost the net worth of billionaires pioneering generative AI’s practical applications. Tech billionaires have tripled their wealth over the last decade, from US$789 billion in 2015 to US$2.4 trillion.

Around the globe, many analysts are predicting a stronger US economy in 2025, with information technology super-charging growth.

Goldman Sachs, UBS and Morgan Stanley expect the S&P 500 – the index which tracks the largest companies listed in the US – to reach 6,500 in 2025. It closed at 6,052.85 on Dec 9.

Goldman Sachs expects slower growth in China as Beijing’s stimulus efforts partially offset the impact of potential tariffs expected to be imposed by the new Trump administration.

Respondents in the UBS survey are less optimistic about Asia-Pacific’s short-term investment opportunities. Twenty-five per cent see the greatest opportunities in Asia-Pacific, excluding China, over the next 12 months, significantly fewer than in 2023’s survey.

Only 11 per cent view China as having the greatest opportunities. This is about the same as in 2023.

However, they are more confident over five years, with 45 per cent thinking the greatest investment opportunities will lie in the Asia-Pacific, excluding China, and 31 per cent in China.

Eighteen per cent of billionaires see the greatest opportunities for returns in Western Europe over 12 months. In five years, though, the number rises to 29 per cent.

There are local biases, with billionaires in each region more optimistic about the investment opportunities in their home markets, UBS said.

When it comes to investment asset classes, the super-rich have raised their exposures to developed market equities, real estate and gold, as well as precious metals.

Their views on asset classes are shifting too, at a time when interest rates appear to be starting to ease in the US and Europe, which may support economic growth.

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