Stockholm – February 26th 2026
New Altiant research reveals sharper provider switching in China, major portfolio rotation away from public equities and rising luxury-adjacent consumption driven by travel, wellness and self-improvement.
Based on a survey of 300 verified high-net-worth individuals across the UK, US and China, with median investible assets of US$3.66 million, the study offers a data-driven snapshot of wealth-management behavior and luxury-adjacent consumption across three of the world’s most influential markets.
Altiant has unveiled Wealth Management in Focus, a new cross-market study led by Dr Phil Garland, PhD, revealing how affluent investors are reassessing wealth-management relationships, reallocating portfolios toward private assets and precious metals, and shifting discretionary spending in markedly different ways by region.
The data highlights China as the most dynamic and performance-sensitive market, with shorter provider tenures, stronger willingness to switch firms, higher adoption of AI tools, and the strongest forward momentum in luxury-adjacent categories such as wellness, fitness and travel.
Full report access: https://altiant.com/wealth-management-in-focus
1. Key Takeaways
China leads a wave of provider switching and experimentation
Median tenure with wealth-management firms is just five years in China versus seven in the UK and eleven in the US, with Chinese HNWIs far more likely to change or add providers in response to market conditions.
Chinese HNWIs are redefining wealth diversification
Our research shows that over a third of Chinese HNWIs’ portfolio (37.4%) are now held in alternative assets such as precious metals, luxury goods, crypto, collectibles and foreign currencies, more than double the UK (17.2%) and nearly triple the US (13.5%)
AI is becoming a mainstream functional, creative and lifestyle tool
Chinese HNWIs show the highest adoption of AI across research, summarisation, image generation, work feedback and even medical advice, far outpacing the UK and US.
Luxury-adjacent spending growth is concentrated in China
China is the only market showing near-term increases across multiple categories, particularly wellness products, fitness & performance, travel, apparel and major luxury brands.
Western markets remain stable but cautious
The UK and US show longer provider relationships, slower behavioral shifts, and limited expansion in luxury-adjacent spending.
2. A standout takeaway
Despite global economic uncertainty, Chinese HNWIs are not retreating, they are actively reallocating, experimenting with new providers, embracing AI, and increasing discretionary spending in areas linked to self-improvement and status expression.
3. How wealthy clients are behaving with providers
In the past 12 months alone, Chinese HNWIs were significantly more likely to:
Reallocate assets to local firms
Adjust asset allocation strategies
Add new wealth-management providers
Seek advice from new advisors
Place greater focus on personal enjoyment spending
Meanwhile, US and UK investors displayed more conservative behavior and stronger incumbent loyalty.
4. Portfolio shifts signal a new risk mindset
Across all three markets:
Public equities are expected to decline sharply
Private/IPO investments are rising substantially
Precious metals allocations are increasing
This rotation reflects growing demand for diversification, alternative returns, and protection from volatility.