US dollar depreciation leaves Apac with slowest wealth growth in 2025: UBS

[SINGAPORE] The Asia-Pacific recorded the slowest growth in personal wealth in 2025, as the depreciation of the US dollar impacted wealth growth in regions with appreciating currencies.

Growth in total personal wealth was 5.9 per cent for Apac, compared with 8.5 per cent in the Americas and 17.5 per cent in the Europe, the Middle East, and Africa (Emea) region, UBS’ Global Wealth Report published on Tuesday (Jun 30) showed.

South-east Asia booked the lowest increase in total personal wealth in 2025 globally, at 1.6 per cent; growth in Greater China – comprising mainland China, Hong Kong and Taiwan – came in at 4.6 per cent.

Many Apac markets, “being pegged or linked to the US dollar, did not benefit from the flattering effect of seeing their currencies appreciate the way the euro did”, UBS said.

This resulted in the share of global wealth from the region falling to 32.8 per cent in 2025, from 36 per cent in 2024.

Meanwhile, “striking growth” in Emea due to the strong euro led to the region taking up more than 26 per cent of global wealth in 2025, from less than 25 per cent in 2024.

Nevertheless, Greater China and South-east Asia collectively accounted for nearly a third of global wealth in 2025, with 18.5 per cent and 11.5 per cent, respectively.

North America – led by the US – accounted for 38.1 per cent, while Western Europe accounted for 21.9 per cent.

Apac’s long-term outlook remains intact as wealth broadens globally

Apac’s lag in 2025 does not erase the projection of it being a strong driver for wealth going forward, said James Mazeau, chief investment office economist at UBS Global Wealth Management.

SEE ALSO

Beijing’s investment clampdown clouds outlook for Hong Kong banks, insurers

Strong Apac wealth creation boosts UBS’ profitability and assets to new record

UBS CEO Sergio Ermotti sees acquisition as an option for US growth

“It doesn’t mean because we have slightly slower growth in a pack this year compared to other markets that it says anything about future prospects and how growth will develop in the years to come,” he said at a media briefing.

UBS found that overall, global personal wealth rose by 10.8 per cent in US dollar terms, “significantly outpacing” growth in 2024 at 4.6 per cent and 2023 at 4.2 per cent

In 2025, Singapore ranked 20th in terms of median wealth per adult in US dollars, at US$96,434.

UBS also found that the wealth pyramid is becoming more of a diamond as the lowest wealth bracket is now only marginally wider than the second-lowest, indicating “a steady promotion of individuals up the wealth ladder”.

There are currently around 1.62 billion people, or 42.1 per cent, with total wealth between US$0 and US$10,000, compared with 1.68 billion, or 41.1 per cent, with total wealth between US$10,000 and US$100,000.

Individuals are moving from the lowest wealth bracket to the next tier over time, with very few exceptions, UBS noted.

Looking ahead, Paul Donovan, chief economist at UBS Global Wealth Management, said that the wealth of 2025 has been “quite influential” on growth rates this year due to concerns of lower consumer spending as a result of war in the Middle East and the rise in oil prices.

“We have seen wealth play an important role in supporting the economic cycle,” he said.

“That reassurance of having relatively good wealth levels and the ability to draw down on the savings rate has actually become very important to the growth narrative that has existed in 2026 so far.”