Chubb Wealth® Hong Kong: 2026 Outlook

Despite a range of negative surprises including the sharp tariff-related sell-off in February last year, continued weakness in the Chinese economy and the U.S. government shutdown, markets have climbed the “wall of worry”, and equities and bonds have all delivered robust absolute returns in 2025.

Global equities have now seen positive returns for the last three years, and it is tempting to wonder whether all the good news is now reflected in prices. However, we continue to see opportunities for investors to grow their wealth in 2026, especially as non-U.S. equities are likely to continue their outperformance.

Our report identifies key priorities for the year ahead:

• Asset allocation: Will elevated valuations lead to higher volatility?
• Equities: Focus on value and growth in emerging markets and Europe
• Fixed income: Prefer higher-yielding bonds
• Alternatives: Look to private credit and infrastructure to build resilience