More than half of wealthy investors in the Asia-Pacific region identified an economic recession as their chief concern for the coming three years, according to a Lombard Odier survey of high-net-worth individuals conducted between December 2025 and February 2026.
The poll covered in excess of 390 respondents across the Asia-Pacific area, all of whom reported holding at least $1 million in net investable assets. Alongside recession risk, nearly half of those surveyed said they were worried about a possible equity market correction or a market crash.
Respondents described a challenging global backdrop. The survey cited the effects of U.S. President Donald Trump’s tariffs and a three-month-old war in the Middle East as factors that have pushed energy prices higher, complicating the investment outlook for Asia-Pacific investors.
Despite a pronounced emphasis on protecting capital, the survey found that succession planning is often lacking. Nearly four in 10 respondents said they have no formal succession plans in place. Markets singled out as being among the least prepared for intergenerational wealth transfer included Japan, the Philippines, Malaysia and Hong Kong.
Commenting on the finding in Singapore at a media roundtable, Louisa Loo, Lombard Odier’s head of wealth planning for Asia, said: "For most of the Asian families, the patriarchs are still on the helm, and they have not engaged the next generation enough." She added: "So as a knock-on effect, the next generation, since they have not been engaged, and they might have already found their own career paths and entrepreneurial interests... they are not ready, or they are not interested at all to take over."
The survey results underscore a dual focus among the region's affluent: guarding assets against macroeconomic shocks while facing internal challenges around transferring that wealth effectively. The reported combination of external pressures - trade policy shifts and elevated energy costs tied to the conflict in the Middle East - and internal governance gaps in family wealth structures frames the priorities and vulnerabilities cited by respondents.
Participants' concerns about a recession and a potential equity market downturn point to heightened risk aversion among Asia-Pacific high-net-worth individuals, even as many lack concrete succession strategies. The survey provides a snapshot of investor sentiment during the December 2025 to February 2026 period but does not attempt to predict specific market movements or outcomes.