UBS reports that wealthy clients are moving away from US dollar-based investments and toward alternative assets like gold and cryptocurrency.
Amy Lo, co-head of UBS Group’s Asian Wealth Management, noted that gold has become particularly popular due to economic volatility caused by Trump’s trade tariffs.
Investors are also increasingly considering Chinese yuan-backed assets. Recent data shows the yuan outperforming the dollar in May 2025, while Bitcoin has crossed $105,000 and gold reached an all-time high of $3,390 in April.