China Trust 2026 Insight Report: 29% of Taiwan's billionaires hold cryptocurrencies, with geopolitical risks driving capital outflows

China Trust and BCG reports show that 29% of billionaires hold cryptocurrencies, far exceeding the average of 5%. 74% hold offshore assets, with geopolitical risks being the main reason; 48% adjusted their allocations due to US policies and conflicts, making Singapore the top choice. It is estimated that by 2029, the number of billionaires will reach 155,000, with a 7% annual increase of billionaires.

29% of Taiwanese billionaires hold cryptocurrencies, far surpassing the 5% average

A joint report by China Trust Bank and Boston Consulting Group (BCG) studied high-net-worth individuals in Taiwan with net worth exceeding NT$100 million. The report reveals that high-net-worth users are still mainly from the wealth-creating generation, and over 30% of billionaires have allocated assets to cryptocurrencies, significantly higher than the proportion of cryptocurrency holders in Taiwan.

Fidelity International’s “2025 Asia-Pacific Investor Survey” shows that 24% of Taiwanese investors hold digital assets. Although the percentage is not high, it has doubled from 12% in 2024. However, this survey targets investors; if the denominator is expanded to the total population, industry rumors suggest the number of cryptocurrency holders is about 5%. In comparison, China Trust’s report shows that among high-net-worth users, as many as 29% hold cryptocurrencies.

The huge gap between 29% and 5% reveals a key phenomenon: the acceptance of cryptocurrencies among the wealthy is much higher than among ordinary investors. This difference may stem from multiple factors. First, the wealthy have more professional wealth management teams and more comprehensive information channels, enabling them to better understand the investment logic of cryptocurrencies. Second, the risk tolerance of the wealthy is higher, allowing them to bear the high volatility of cryptocurrencies. Third, the wealthy have a stronger need for asset privacy and cross-border transfers, which cryptocurrencies conveniently provide.

However, the report also points out that about 58% of the wealthy only allocate cryptocurrencies as an experimental part, with holdings accounting for less than 1% of total assets. This indicates that most wealthy individuals remain cautious about cryptocurrencies, only testing the waters with small amounts. Nevertheless, among the 5% of wealthy who hold cryptocurrencies, over 10% of their holdings, 14% hold between 6% and 10%, and 16% hold between 11% and 15%. This means approximately 35% of crypto-holding wealthy have already made cryptocurrencies an important part of their asset allocation.

Cryptocurrency allocation structure among Taiwanese billionaires

Holding ratio: 29% of billionaires hold cryptocurrencies (vs 5% in the general population)

Experimental allocation: 58% hold less than 1% of total assets

Heavy allocation: 5% hold over 10%, 14% hold between 6% and 10%, 16% hold between 11% and 15%

Proportion of heavy holders: About 35% of crypto-holding billionaires have made cryptocurrencies a key part of their portfolio

Geopolitical risks drive asset outflows and crypto allocations

Currently, the core of wealth remains with entrepreneurs aged 55 to 64 (the wealth-creating generation), accounting for about 30%. The second and third generations (the new wealthy generation) make up about 25%. The report indicates that Taiwan’s family wealth structure is gradually entering a new stage of shared governance across generations. China Trust’s report shows that benefiting from strong semiconductor and AI supply chain performance, the high-net-worth population in Taiwan continues to expand. From 2021 to 2025, the number of billion-dollar high-net-worth individuals increased by 4%, and those with assets of 10 billion or more grew by 7% during the same period.

By 2029, the high-net-worth segment with assets over NT$100 million is projected to grow to 155,000 people. Notably, the ultra-high-net-worth segment with assets exceeding NT$1 billion is expected to grow more rapidly, with an annual growth rate of 7%, surpassing the overall average. Their total personal wealth could reach NT$59 trillion. Taiwan’s total personal wealth is expected to reach NT$279 trillion by 2029.

In the face of external uncertainties, geopolitical risks are viewed as the biggest external threat by high-net-worth individuals. The survey shows that up to 74% of respondents already hold offshore assets. Among them, 15% have more than half of their assets allocated overseas. While wealth continues to grow steadily, cross-border asset allocation has shifted from a hedging option to a fundamental strategy, with client needs upgrading from simple personal finance to institutionalized family governance.

The report points out that the core driver for China Trust’s wealthy clients to adjust their asset allocations has clearly shifted from single-market performance to “external uncertainty,” with geopolitical risks being the most concerning. Up to 48% of respondents cited increased US policy uncertainty and escalating geopolitical conflicts as reasons for adjusting their asset allocations, ranking first among various factors; followed by market price volatility (44%), reflecting high sensitivity to short-term market swings. Other factors include global monetary policy shifts (38%) and AI development (31%).

In terms of actual strategies, the most common actions among the wealthy focus on “outward transfer” and “diversification.” 33% of respondents choose to increase offshore assets within their Taiwan accounts, while 32% directly transfer assets abroad to reduce regional risks; simultaneously, 29% increase holdings in major markets such as the US, Japan, and Europe, and 25% increase stocks and equity products, indicating that diversification across markets and asset types remains the mainstream defensive strategy.

Strategies for wealthy individuals to respond to geopolitical risks

Increase offshore allocations: 33% increase overseas assets within Taiwan accounts

Direct asset transfer: 32% transfer assets abroad to reduce risks

Increase holdings in major markets: 29% increase US, Japan, Europe assets

Increase equity products: 25% increase stocks and high-risk, high-return assets

Singapore becomes the top choice, Chinese assets are reduced

In market preferences, Singapore, with its stable political and economic environment and tax advantages, has become the most dynamic financial center for increased holdings in the Asia-Pacific region; the US and Japan are also favored by investors. In contrast, China Trust’s wealthy clients generally adopt a cautious wait-and-see attitude toward Chinese assets, with some even reducing holdings.

Singapore’s attractiveness stems from multiple advantages. First, political stability, with an efficient government and strong policy continuity. Second, tax incentives—Singapore does not levy capital gains tax, and inheritance tax has been abolished, which is very attractive to the wealthy. Third, a mature financial system; Singapore is an important wealth management hub in Asia, with comprehensive private banking services and asset management infrastructure. Fourth, its strategic location allows it to serve the Southeast Asian market while maintaining moderate proximity to China, Japan, and other major economies.

The reduction in Chinese assets reflects the wealthy’s concerns about the market. The real estate market remains sluggish, regulatory policies are increasingly uncertain, and overall economic growth is slowing, leading to a cautious attitude toward China. Additionally, geopolitical tensions are a significant factor; uncertainties in cross-strait relations make Taiwanese wealthy individuals more inclined to allocate assets to regions with lower political risks.

Cryptocurrencies play a unique role in this asset outflow trend. They offer a way to transfer wealth across borders without going through traditional financial institutions, which is highly attractive to wealthy individuals seeking diversification of geopolitical risks. Although the report does not explicitly link cryptocurrencies to asset outflows, the simultaneous appearance of a 29% crypto holding ratio and a 74% offshore asset holding ratio suggests a possible connection.

Overall, wealthy individuals, facing highly uncertain external environments, are no longer relying solely on tactical operations but are systematically reducing geopolitical and policy risks through cross-market, cross-currency, and cross-asset allocations. As an emerging asset class, cryptocurrencies are increasingly occupying an important position in this diversified allocation strategy.