Technology, policy shifts and geopolitics: How APAC could power the next wave of growth

Global markets are entering a phase where long-held assumptions about growth, inflation and risk are being tested at the same time. After several years marked by policy support and rapid technological change, investors are now weighing a more complex mix of forces that could influence returns in the year ahead.

The promise of artificial intelligence (AI) continues to attract capital, yet regional recoveries remain uneven and geopolitical tensions are rising. At the same time, central banks and governments face limits on how much support they can provide, placing greater responsibility on investors to assess risk and position portfolios carefully.

These themes were in the spotlight at the

UBS Asia Wealth Forum

, which brought together more than 2,400 market leaders and policymakers to assess whether the global economy can generate enough momentum to carry markets forward in 2026. 

The programme covered a broad range of issues, from UBS’s outlook for the new year and leading hedge fund manager Bill Ackman’s views on asset allocation, to a discussion with The Right Honourable Justin Trudeau, 23rd Prime Minister of Canada, on geopolitics and leadership. Other sessions covered global fixed income, China’s economic outlook and the state of US markets.

This year’s edition also featured a stellar lineup of international speakers, including Armen Panossian, Co-Chief Executive Officer and Head of Performing Credit at Oaktree Capital Management, Thomas J. Lee, Chief Investment Officer and Portfolio Manager at Fundstrat Capital, as well as Co-founder and Head of Research at Fundstrat and Chairman of the Board at Bitmine Immersion, and Louis-Vincent Gave, Chief Executive Officer of Gavekal.

In his opening remarks, Iqbal Khan, Co-President Global Wealth Management and President UBS Asia Pacific, highlighted both the scale of the event and the region’s strategic importance. 

“UBS Asia Wealth Forum is our largest wealth management forum globally, attracting over 2,400 clients, investors and corporate leaders. Looking beyond our hubs in Hong Kong and Singapore, we are also investing in key strategic markets including Japan, Australia, India, mainland China, and Taiwan,” he said.

He added that connectivity remains central to how UBS supports clients in a more uncertain environment. “In today’s dynamic macroeconomic environment, we encourage our clients to diversify and they have benefitted from our global connectivity. We are particularly focused on three strategic connectivity corridors linking APAC to Switzerland, the Middle East, and the US.”

Young Jin Yee, Co-Head UBS Global Wealth Management Asia Pacific and Country Head UBS Singapore, reinforced the message that opportunity and uncertainty now sit side by side. “As we look towards 2026, markets face forces that require momentum to overcome. Asia Pacific remains one of the best performing regions, supported by policy easing and corporate reforms,” she said.

She also pointed to the scale of wealth creation across the region. “Our APAC business performance in 2025 was exceptional, where our total invested assets in APAC crossed US$1 trillion for the first time and our Global Wealth Management APAC made a significant contribution of over US$800 billion in invested assets. Asia Pacific continues to be the centre of wealth creation with over 1,000 billionaires, where three in five have a relationship with us and we anticipate even stronger client momentum this year.”

Evolving global rules

One of the event’s highlights was a session with Bill Ackman, Chairman and Chief Executive Officer of Pershing Square Capital Management, who spoke about the role of diversification in investment decision-making. The discussion centred on how investors can remain disciplined and how focus and clarity of strategy become more important during periods of heightened uncertainty.

The programme then moved to the global investment outlook with Mark Haefele, Chief Investment Officer, UBS Global Wealth Management, and Tan Min Lan, Head UBS Chief Investment Office APAC, UBS Global Wealth Management. 

Haefele said the AI boom continues to drive investment but also brings new risks tied to financing, inflation and capacity. While enthusiasm for AI remains strong, he stressed the importance of looking beyond a narrow group of technology stocks. 

“AI investment is going to continue, however, because more of it is financed by debt, because there has yet to be profitability shown for AI…We want to diversify within our AI exposure,” he said.

Tan Min Lan turned the spotlight on Asia, noting that the region is showing signs of renewed strength after a long period of underperformance. She pointed to a combination of lower interest rates, a softer US dollar and a steadier policy backdrop in China as factors that are changing how investors view Asian assets. Together, these shifts are prompting a reassessment of Asia’s role within global portfolios.

The forum closed with a session featuring The Right Honourable Justin Trudeau, who shared his insights on evolving trade patterns and the key trends shaping global trade and cooperation across both large and smaller economies today.

Read more about the UBS Asia Wealth Forum and its impact here.

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