Lombard Odier’s 2026 Asia-Pacific high-net-worth individuals study: clear priorities, but limited frameworks

Navigating an environment marked by geopolitical fragmentation, market volatility, regulatory complexity and rapid technological change, Asia‑Pacific (APAC) high‑net‑worth individuals (HNWIs)¹ are increasingly focused on building resilience through diversification, liquidity and long‑term planning. At the same time, many continue to face challenges in translating intentions into action - particularly when it comes to structuring governance, succession and family businesses, and aligning family wealth across generations.

Lombard Odier is pleased to launch the findings from its latest APAC HNWIs Study, based on insights from more than 390 HNWIs across eight key markets in the region², leveraging the strength of its Strategic Alliances. Now in its fifth edition, the Study examines how APAC wealthy families are approaching investment decisions, wealth planning and succession as uncertainty increasingly defines the long-term investment landscape.

Drawing on the findings of two companion whitepapers focused on investments and wealth planning, the Study highlights a consistent theme: long‑term confidence is increasingly driven by preparation, structure and alignment, rather than short‑term market views.

Omar Shokur, Regional Head of Private Clients, Asia, Lombard Odier commented, “For APAC’s HNW investors, uncertainty is no longer a passing phase - it is something to plan for over the long-term. Our APAC HNWIs study shows that investors are most confident when the right structures are in place, including disciplined investment frameworks, strong governance and long‑term planning. It also reinforces that investment decisions and wealth planning cannot be approached in isolation.

Families across Asia increasingly understand the importance of integrated, long‑term strategies that bring together investment discipline, governance and intergenerational engagement to manage complexity with clarity, but there remain gaps in translating their intentions into concrete, actionable steps. At Lombard Odier, we work closely with clients to put these foundations in place, helping them build resilience and navigate change across generations.”

A changing environment with familiar challenges

Building on insights from previous editions of the APAC HNWIs Study, the complexity facing wealthy families today can be broadly understood through four interconnected forces:

• A prolonged period of geopolitical and macroeconomic uncertainty that has heightened concerns around recession, volatility and regulation
• Increasing portfolio complexity as investors seek diversification across public and private markets
• A growing generational divide in attitudes towards risk, innovation and long‑term wealth stewardship
• The importance of governance, succession and intergenerational readiness as wealth transitions draw closer

Families across Asia increasingly understand the importance of integrated, long-term strategies that bring together investment discipline, governance, and intergenerational engagement to manage complexity with clarity. But gaps remain in translating their intentions into concrete, actionable steps. At Lombard Odier, we work closely with clients to put these foundations in place, helping them build resilience and navigate change across generations

Read more about why we are the bank of choice for APAC wealthy families.

Key paradoxes shaping HNWI behaviour

The study also identifies a set of eight key paradoxes that reflect a recurring theme: HNWIs are clearly identifying risks and priorities, yet lack the frameworks needed to respond with confidence.

(I) Investments whitepaper

Investing amid uncertainty: ambition, risk and preparedness

The investments whitepaper examines how APAC HNWIs are navigating an increasingly complex market environment defined by persistent volatility, geopolitical uncertainty and regulatory change.

While investors remain focused on diversification, liquidity and long‑term growth, with growing interest in private assets and real‑economy investments, the findings highlight a clear gap between awareness and preparedness. Only a minority of respondents are guided by a comprehensive asset‑allocation strategy, with confidence strongly linked to structured portfolios, active monitoring of wealth and goal progress, and access to professional advice.

John Woods, Chief Investment Officer and Head of Investment Solutions, Asia, Lombard Odier, commented: “Volatility and structural change are part of today’s investment landscape. In this environment, disciplined asset allocation, diversification and active monitoring are essential to long-term resilience. We believe that investors who apply these approaches consistently are better positioned to remain aligned with their wealth goals and navigate uncertainty with confidence, an approach that reflects Lombard Odier’s long-term investment philosophy.”

The whitepaper highlights four key paradoxes shaping investment and portfolio decisions:

• Paradox 1: High concern, low preparedness

More than half of respondents express deep concern about the markets but are neither prepared nor have they structured their investments in a coherent strategy. Economic recession, market volatility, geopolitics and inflation are seen as the biggest risks to stability and value of investment. Yet only 1 in 5 indicate they are guided by a comprehensive asset allocation strategy. With the majority not having a coherent investment framework, this runs the risk of them making investment decisions that may ultimately not meet their investment and personal goals.

Advice plays a clear role in bridging this gap, with 85.7% of advised investors reporting a higher degree of confidence that their portfolio and assets are structured to meet their top wealth goals.

• Paradox 2: Confidence despite a knowledge gap

Investors indicate a readiness to identify gaps in their ability to manage their investments, yet a majority of them do not seek advice to close these gaps. Less than 1 in 4 seek professional advice on tax planning and optimisation; almost 1 in 3 respondents also acknowledge their lack of knowledge or lack of time in managing their finances as their biggest challenge. It is thus surprising that respondents express a generally high degree of confidence that their portfolio and assets are structured to meet their top wealth goals, with over 8 in 10 investors saying they are either or somewhat confident.

The study also highlights notable gender differences. Women report lower confidence overall, with only 24.4% indicating they are very confident their portfolio is structured to meet their wealth goals, compared with 41.6% of male respondents. In addition, 14.8% of women indicate they are not very confident that they will achieve their top wealth objectives, compared to 7.6% of men.

• Paradox 3: Younger generations actively take on more risks, but adopt a less structured investment approach

Gen Z and Millennials demonstrate stronger interest in private companies, digital assets and business expansion. 20.0% of Gen Z and 31.2% of Millennials currently invest in cryptocurrency and other digital assets. 33.3% of Gen Z and 31.7% of Millennials also plan to start investing in private companies in the next 12 months, compared to 26.6% of Gen X and 16.4% of Baby Boomers.

Despite being eager to innovate, the younger generations consistently lack structures, monitoring and strategic alignment. Notably, more than a third of Gen Z (35.0%) have no defined investment portfolio structure - significantly higher than all other generations, including just 6.5% of Millennials, 3.4% of Gen X and 7.2% of Baby Boomers.

The study also highlights gaps in wealth oversight and monitoring among younger investors. One in five Gen Z respondents (20.0%) and 8.8% of Millennials reveal they do not monitor their wealth, compared with 8.5% of Gen X and 3.6% of Baby Boomers. This suggests that younger HNWIs, while more open to growth and innovation, have a greater need for support in monitoring progress towards their wealth goals, and would also benefit from more structured portfolio guidance.

• Paradox 4: High technology adoption, low cybersecurity focus

While digital assets and artificial intelligence are widely seen as major forces shaping the future of wealth management, cybersecurity ranks among the lowest perceived risks - revealing a clear gap between technological enthusiasm and protection. Gen Z stands out as the most concerned cohort, with 30% citing cybersecurity as a major risk, compared with 17.9% of respondents overall. This suggests that while younger investors are more attuned to technological disruption, the broader investor base may remain under‑protected in an increasingly digital‑first wealth environment.

We believe investors who apply these approaches consistently are better positioned to remain aligned with their wealth goals and navigate uncertainty with confidence. This reflects Lombard Odier’s long-term investment philosophy

(II) Wealth planning whitepaper

Wealth planning across generations: Alignment, succession and communication

The wealth planning whitepaper explores the human dynamics of wealth, including governance, succession and family alignment at a time when intergenerational transfer is becoming more complex.

While preserving wealth and maintaining family unity remain core priorities, many families are less prepared than expected, with gaps in communication, governance structures and succession planning.

The findings show that successful wealth transfer depends less on financial performance and more on alignment, preparedness and ongoing dialogue, with confidence significantly higher among families supported by formal structures and professional advice.

Louisa Loo, Head of Wealth Planning, Asia, Lombard Odier, said, “The greatest risks to successful wealth transfer are rarely market‑driven. They come from gaps in governance, communication and succession planning - areas where families recognise the importance but delay in putting in place the right structures and conversations. In our experience, early engagement and clear frameworks can make a meaningful difference in helping families build alignment and prepare for the next generation.”

The whitepaper surfaces four further paradoxes that sit at the core of family wealth dynamics:

• Paradox 5: The intention-implementation gap

HNWIs in the APAC region place utmost importance on preserving wealth, with 64.2% citing this as the primary objective.

However, this clarity of intent is not matched by action. Despite this shared focus, the study reveals a clear alignment gap within families. Only 16.9% of respondents say their family is fully aligned around a common purpose for wealth.

This gap is further reflected in limited implementation of the structures and conversations needed to support these goals. 35.9% of unadvised HNWIs say alignment has not been discussed at all, compared with only 8.0% of those advised. Among older generations, over 25.3% of Baby Boomers and over 14.4% of Gen X say they have not yet discussed alignment with family members. This lack of follow‑through extends to governance, with around 4 in 10 respondents not having either formal or informal governance structures in place.

Advice appears to play a critical role in mitigating this gap - with 87.5% of advised respondents indicating some degree of family alignment, compared with just 57.8% of respondents who are unadvised.

• Paradox 6: Desire for wealth preservation versus low NextGen readiness

Investors across the region prioritise wealth preservation, but younger generations are widely perceived as least prepared, with 29.0% of respondents citing a lack of interest and readiness among the next generation as a key barrier to effective succession.

Only 16.7% of respondents strongly believe the next generation is ready to manage wealth responsibly, underscoring broader concerns around preparedness. This is reflected among the young generations themselves, with 42.9% of Gen Z respondents expressing a lack of confidence in their own readiness to manage family wealth.

Succession planning also remains underdeveloped, with only 26.9% of respondents having a full succession plan in place, while 39.4% have not undertaken any form of succession planning, signifying a persistent gap between intention and implementation.

• Paradox 7: Embracing modernity but resisting change

APAC HNWIs believe digital innovation will have the strongest impact on the wealth management industry over the next five years, with 45.0% of respondents citing the adoption of new technologies, including AI and digital business models, as the key drivers of change.

APAC’s investors see balancing tradition and modernity as a significant challenge, including 60.0% of respondents in Singapore, 46.2% in Hong Kong, and 31.3% in Japan. Resistance to change from senior family members is particularly pronounced in certain markets, notably the Philippines (50.0%), Hong Kong (46.2%) and Singapore (40.0%). It is evident that younger generations are generally keen to embrace change, while older generations appear more entrenched.

• Paradox 8: The communication paradox

Families understand the importance of communication (69.7%)³, yet struggle to achieve it in practice. More than 1 in 4 respondents (28.8%) cited communication as a governance challenge, even though effective communication is widely seen as critical to alignment and succession planning.

This gap is further reflected in behavioural barriers, with 34.8% citing difficulty in obtaining agreement and 26.0% highlighting the sensitivity of such discussions, suggesting that conversations perceived as most important are often the ones least likely to take place.

Generational differences are particularly pronounced. While only 5.0% of Baby Boomers see a lack of open communication as a potential issue, 30.0% of Gen Z, 32.2% of Millennials and 32.6% of Gen X respondents highlighted this as a big challenge.

In our experience, early engagement and clear frameworks can make a meaningful difference in helping families build alignment and prepare the next generation

Building resilience through structure and alignment

Together, the companion reports underline a central conclusion: in today’s environment, long‑term resilience depends less on predicting market outcomes and more on building coherent, professional structures that align capital, values and future aspirations.

Read more about our approach to building resilient portfolios.