Survey: Wealthy private investors doubled their gold allocations in 2025

According to a recent survey conducted by the Hong Kong Shanghai Banking Corporation HSBC among nearly 11,000 of its wealthy private clients, they have more than doubled their gold investments this year compared to 2024. Representatives of all generations – from Baby Boomers to Gen Z – and their investment decisions were surveyed individually. The survey was conducted across twelve countries, including the US, China, Taiwan, India, Mexico and the United Arab Emirates. The UK was the only European country to participate in the survey. With a total of 2,007 respondents, it accounted for the majority of investor decisions by far.

Investments increasingly focus on financial security

In general, wealthy private clients have significantly reduced their cash holdings in 2025 compared to last year – investors in Hong Kong, Mexico, the US and the UK by nearly 40 per cent. At the same time, they have nearly doubled their allocations in gold and alternative investments such as private equity and multi-asset solutions in various markets and across all risk classes. Also, wealthy private clients take an international approach to their investment decisions, and 64 per cent of respondents regularly seek advice from financial advisors.

Gold investments: Baby Boomers and Gen X vs. Millennials and Gen Z

Across all age groups, gold allocation in portfolios rose significantly from an average of 5 per cent in 2024 to 11 per cent this year. While Baby Boomers and Gen Xers largely matched this average, Millennials and members of Gen Z increased their gold allocation from 6 per cent last year to 12 per cent so far in 2025. This means that younger wealthy private clients are investing slightly more in gold than older clients, which, based on experience, is not necessarily the case for private clients overall.