A global HSBC survey of nearly 10,000 affluent and high-net-worth investors that included six Asian markets showed a sharp generational divide in crypto exposure, with Gen Z holding about 10% of their portfolios in digital assets, triple the 3% allocated by Baby Boomers.
Global Young Rich Bullish on Crypto in Generational Split: HSBC Survey
30 July 2026 - 05:34 UTC
Average crypto holdings dip
The HSBC Affluent Investor Snapshot 2026, conducted from 6 Jan to 6 Feb, found that in the 10 markets studied, wealthy investors globally kept their average crypto allocation at 6%, down one percentage point from 2025. The results suggest that even as overall crypto allocations among the affluent did not rise, digital assets are moving from the speculative fringe towards a diversifier and, for some, a core portfolio holding, particularly in Asia and among younger generations.
The backdrop to the survey timing was marked by sharp financial volatility in the crypto markets, with Bitcoin (BTC) trading at a three-month high near $97,000 in mid-January before sliding through late January and falling into the $60,000 to $63,000 range in a flash crash on 5 Feb.
Asian markets surveyed were mainland China, Hong Kong, India, Malaysia, Singapore and Taiwan. The report also included the US, UK, United Arab Emirates (UAE) and Mexico.
Asia's crypto embrace
Asia Pacific is the fastest-growing region globally for onchain crypto activity, recording a 69% year-on-year surge in total transaction volume to around $2.4tn over 12 months from July 2024, according to Chainalysis.
HSBC ranks within the top 10 globally for private banking with $1.6tn handled in retail wealth solutions, high-net-worth investments and wealth deposits. Its survey, the third edition, defines age groups as Generation Z (21–29), Millennials (30–45), Generation X (46–61) and Baby Boomers (62–69).
Young rich lead in crypto
"Younger investors lead allocations into modern, alternative and digital assets, with the gap narrowing with age," the report, which was released in phases starting in June, said. For allocations in cryptocurrencies, Gen Z were the most bullish at 10%, with Millennials at 9%, dropping to 4% for Gen X and with Baby Boomers lagging at 3%. Nearly half of Gen Z plan to increase their crypto exposure over the next year.
Generations also diverged on gold, with Gen Z the heaviest allocator and planning to raise their holdings of both digital assets and gold. "If intentions translate into action, gold could end 2026 as Gen Z's leading non-cash asset, ahead of equities. For many, it's shifting from diversifier to core holding," the report said.
Mainland China most upbeat
Within Asia, mainland China's wealthy boosted their crypto allocation by one percentage point to 8%. While crypto trading has been banned in China since 2021, many wealthy Chinese maintain international financial accounts in regulated markets where digital asset investments are permitted.
In Chinese territory Hong Kong, by contrast, the wealthy scaled down their crypto exposure from 9% to 7% to protect portfolios from market turbulence early in the year and to steer into higher-yielding, institutional-grade private investments.
Smaller shifts elsewhere
Compared with 2025, crypto allocations were unchanged in Singapore (5%), Malaysia (6%), Taiwan (5%) and the UAE (6%). The UK and US each dipped one percentage point to 5%, India fell one point to 4% and Mexico slipped to 7% from 8%.
In the overall global portfolio, equities stood at 16%, up two percentage points, while private equity, private credit and hedge funds together rose two percentage points to a combined 8%. Real estate ticked up one percentage point to 12%, while gold slipped one percentage point to 10%. Bonds (14%) and real estate investment trusts (6%) were unchanged; cash (19%) and commodities (3%) each fell one percentage point.
