Global affluent and high-net-worth investors set their long-term positioning at the start of 2026 with a clear diversification agenda: stay invested for growth through stocks while building resilience with cash-like instruments, bonds, gold and alternatives to help mitigate market volatility, according to a recent report.

Many affluent investors have reached a turning point in their approach to cash, finds the latest HSBC Affluent Investor Snapshot, an HSBC-commissioned survey, which polled close to 10,000 affluent and high-net-worth individuals in January 2026 across ten markets, capturing portfolio positioning and future investment intentions'.

Having almost halved cash holdings on average since 2024, nine in 10 investors, the survey notes, say they plan to maintain or grow their cash holdings this year.

Wealthy investors are taking a more sophisticated approach to diversification, with preferences diverging by generation and market. Younger investors surveyed say they tend to favour gold and alternatives as diversifiers, whereas older investors placed greater emphasis on liquidity and income alongside growth strategies.

Equities core as gold, alternatives gain ground

Gold is increasingly viewed as a popular allocation rather than a selective hedge with 52% planning to ramp up investments in the metal in 2026. Interest is lower among baby boomers ( 43% ) than Gen Z, Millennials and Gen X ( averaging 54% ). Regionally, gold is more popular in Asia and the Middle East ( 62% ) than in the UK, US and Mexico ( averaging 38% ).

Stocks remain the portfolio anchor, with 66% of survey respondents intending to hold equities for growth in 2026 across generations globally.

And four in 10 affluent investors say they intend to invest in alternative assets in 2026, with Gen Z investors leading this trend ( 53% ). Bonds ( 43% ) and cash-like instruments ( 26% ) were also popular diversifiers, as investors seek resilience.

International diversification is increasingly part of the core playbook, with nearly half of survey respondents ( 47% ) indicating a preference for adding non-local investment exposure. However, only one-third ( 34% ) of investors surveyed in the US and mainland China in January say they are considering investment abroad.

“As the gIobaI landscape evolves, investors now view the volatility and uncertainty seen over the last year as the new normal,” says Lavanya Chari, HSBC’s head of wealth and premier solutions. “Portfolio construction is becoming more intentional, with greater diversification and a wider search for opportunities beyond home markets to position for both resilience and long-term growth.”