The year 2025 has become a pivotal moment for global capital. Declining key rates in the United States and Europe, gold reaching historic highs, volatility in currency markets, and new regulatory constraints are radically reshaping the portfolios of high-net-worth investors. Whereas the 60/40 model (60% equities and 40% bonds) was once considered the gold standard, wealthy clients and family offices worldwide are now shifting their focus toward alternative assets. The landscape in Russia, however, is different: restricted access to global markets is pushing investors to turn to federal loan bonds, corporate bonds, export-oriented equities, real estate, and cryptocurrencies.
Global trends
The Capgemini World Wealth Report 2025 estimates that global High-Net-Worth Individual (HNWI) wealth has climbed to $90.5 trillion. Their asset allocation breaks down as follows: 26% in cash and equivalents, 18% in stocks, 19% in bonds, 22% in real estate, and 15% in alternative assets. Meanwhile, the UBS Global Family Office Report 2025 shows that family offices allocate a significantly larger share – 31% – to alternatives, including 11% in private equity, 6% in private debt, and the remainder in infrastructure and real estate funds.
Gold has emerged in 2025 as a key symbol of global risk reassessment. Its price has surged past $3,500 per ounce, up more than 30% since the start of the year (Reuters, World Gold Council). The rally has been driven by record central bank purchases (244 tons in Q1 and 166 tons in Q2 2025), expectations of a U.S. Federal Reserve rate cut, and a weakening dollar.
In equities, growth persists but remains heavily concentrated. The “Magnificent 7” – Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia, and Tesla – now represent about 34% of the S&P 500’s total market capitalization. According to Slickcharts and Investopedia, Nvidia alone is set to account for a record 7.3% of the index weight in 2025. This concentration is prompting HNWIs to shift away from purely passive strategies toward more diversified approaches, including equilibrium and factor-based indices.
In fixed income, attention is centered on U.S. Treasuries, with ten-year yields at 4.2–4.3% (FRED, August 2025), alongside investment-grade corporate bonds. For wealthy investors, these assets serve as a portfolio anchor, offering steady income and a counterbalance to higher-risk holdings.
What Russian investors are choosing
The Russian market continues to operate under sanctions and limited access to foreign instruments. In this environment, wealthy clients are reshaping their investment priorities:
- Federal loan bonds (OFZ): Long-term issues currently offer yields of 10-11% per annum, well above the 5.3% inflation rate (Rosstat, July 2025). For affluent investors, OFZs serve as a core capital-preservation tool.
- High-yield corporate bonds from major exporters and banks that offer returns 1-2 percentage points above OFZs, with foreign currency earnings helping to mitigate associated risks.
- Stocks. On the Moscow Exchange, investor interest is shifting toward the raw materials sector (oil, gas, metallurgy), banking, and IT. High-net-worth individuals are particularly drawn to dividend-paying stocks: in 2025, Gazprom and Lukoil offered dividend yields exceeding 12-13%.
- Gold and precious metals. Russian investors are following the global trend, with increased demand both through bank accounts and physical bullion purchases.
- Real estate. Within Russia, demand is concentrated in the premium property segments of Moscow and St. Petersburg. Internationally, interest is focused on “friendly jurisdictions” such as the UAE and Turkey.
- Digital assets. Unlike their global counterparts, Russian HNWIs view digital assets both as a diversification tool and as a means of accessing global capital. In 2025, Russia ranked among the top five countries by blockchain transaction volume, according to Chainalysis.
Global vs. Russian investment trends
There is evident overlap in global and Russian portfolio strategies: gold, real estate, and bonds remain foundational. However, while international HNWIs are increasingly allocating capital to private equity, private debt, and infrastructure, Russian investors are compensating for limited access to these asset classes by leaning more heavily into digital assets and real estate.
Conclusion
Despite geopolitical barriers, wealthy investors across the globe face the same core objectives in 2025: preserving capital, staying ahead of inflation, and participating in the growth of emerging sectors. The instruments differ – private markets and ETFs globally, and OFZs, exporter stocks, and digital assets in Russia – but the guiding principle remains the same: diversification, risk management, and a focus on long-term trends spanning gold to technology.
By Alexey Mokrov, Financial Markets Expert, Founder of CryptoBotPro LLC