Deutsche Bank Survey Highlights Interest Rates, Inflation, AI as Key Global Growth Risks

A recent survey conducted by Deutsche Bank has identified rising interest rates, inflation, and artificial intelligence (AI) as the primary risks to global economic growth, according to responses from wealthy investors and family offices. The findings reveal a complex investment landscape where stability and growth opportunities are weighed carefully amid shifting economic and geopolitical conditions.

The survey, led by Deutsche Bank Global Chief Investment Officer Christian Nolting, was carried out during the Emerging Markets Family Office Forum 2026 in Singapore. This forum assembled approximately 200 family offices and high-net-worth individuals to discuss market trends and investment priorities for the upcoming year.

Among the risks highlighted, 37% of respondents pinpointed increasing interest rates and bond yields as the most significant threats to global growth. Inflation concerns followed, cited by 23% of participants. Interestingly, 17% of those surveyed identified risks related to the rapid development of artificial intelligence as a major challenge, reflecting growing awareness of technology's impact on economies.

Geopolitical stability was another critical topic in the survey. Asia stood out as the region most likely to maintain stability over the next 12 months, with 73% of respondents expressing confidence in its steadiness. The United States was seen as the next most stable area, favored by 14%, while the UK and Europe garnered support from 6%. Latin America and the Middle East were perceived as less stable, with 4% and 2% respectively.

Despite Asia's perceived geopolitical calm, the United States remains the preferred destination for capital deployment. More than half of those surveyed, about 54%, indicated plans to boost their investments in the US within the coming year. Asia follows as a secondary choice, with 30% intending to increase their allocations there. The UK and Europe also attracted some interest, with 11% of investors planning to raise their stakes.

This dynamic reflects the ongoing challenge investors face in balancing the search for stable regions with the need for attractive investment opportunities. Elevated borrowing costs, geopolitical uncertainties, and the fast pace of technological change contribute to this complex environment.

Deutsche Bank noted that international families and family offices are increasingly prioritizing stability and risk management while seeking better global connectivity. Singapore's role as a significant global wealth hub has been strengthened by these trends, underpinning its status as a key location for wealth management.

As of June 30, Deutsche Bank's private banking division managed assets totaling 732 billion euros (approximately $819.77 billion), operating across 14 booking centers worldwide. This extensive network supports the bank's efforts to meet the evolving needs of high-net-worth clients amid a challenging economic backdrop.

In summary, the Deutsche Bank survey sheds light on the cautious yet strategic mindset of wealthy investors navigating a world influenced by monetary tightening, inflationary pressures, and technological shifts. Their preference for the US and Asia highlights a nuanced approach to capital allocation, balancing risk and opportunity in a changing global economy.