Group 1 - The global stock market has shown strong performance in 2025, driven by the AI investment boom and loose monetary policies, with many indices, including the US stock market, reaching historical highs [1] - Billionaires are optimistic about investment opportunities in China and Western Europe, with 40% of respondents favoring Western Europe for the next 12 months, up from 18% in 2024, and 34% favoring the Greater China market, significantly higher than 11% last year [5] - Over a five-year outlook, the percentage of respondents optimistic about the Greater China market rose from 31% in 2024 to 48% in 2025 [6] Group 2 - There has been a significant decline in optimism regarding the North American market, with only 63% of billionaires favoring it in 2025, down from 80% in 2024, primarily due to concerns over multiple risk factors, particularly tariffs [9] - 66% of respondents identified tariffs as the most likely negative factor affecting the market environment in the next 12 months, followed by geopolitical conflicts (63%), policy uncertainty (59%), and higher inflation (44%) [9] - Billionaires plan to increase investments in private equity, hedge funds, developed market equities, and emerging market equities, with 49% intending to increase exposure to private equity in the next 12 months, followed by hedge funds (43%), developed market equities (43%), and emerging market equities (42%) [11]

Core Insights - The global stock market has shown strong performance in 2025, driven by the AI investment boom and loose monetary policies, with many indices, including the US stock market, reaching historical highs [1] Group 1: Investment Sentiment - Billionaires are increasingly optimistic about investment opportunities in China and Western Europe, with 40% of respondents favoring Western Europe for the next 12 months, up from 18% in 2024 [1] - Similarly, 34% of billionaires see potential in the Greater China market for the next 12 months, a significant increase from 11% in the previous year [1] - Over a five-year horizon, the outlook for Greater China has also improved, with the percentage of respondents optimistic rising from 31% in 2024 to 48% in 2025 [1] Group 2: North America Market Sentiment - In contrast, optimism towards the North American market has sharply declined, with only 63% of billionaires favoring it in 2025, down from 80% in 2024 [4] - Concerns over multiple risk factors, particularly tariffs, are driving this shift, with 66% of respondents identifying tariffs as a major potential negative impact on the market environment [4] - Other significant concerns include geopolitical conflicts (63%), policy uncertainty (59%), and higher inflation (44%) [4] Group 3: Investment Areas - Billionaires plan to increase their exposure to private equity, with 49% indicating plans to invest more in this area over the next 12 months [5] - Other areas of interest include hedge funds (43%), developed market equities (43%), and emerging market equities (42%) [5] - The survey indicates a strong preference for public and private equity investments among billionaires, reflecting a strategic shift in their investment focus [6]