Higher interest rates and bond yields have emerged as the leading concern among wealthy investors and family offices regarding global economic growth, according to a Deutsche Bank survey. The findings highlight growing sensitivity to financing costs at a time when markets are also navigating inflation, geopolitical uncertainty and the economic implications of rapid AI investment.

Interest Rates Lead the Global Risk Ranking

The survey was conducted at Deutsche Bank’s Emerging Markets Family Office Forum 2026 in Singapore, with around 200 family offices and high-net-worth individuals participating. Some 37% of respondents identified interest rates and yields as the biggest threat to global economic growth, ahead of inflation at 23% and AI-related risks at 17%.

The focus on rates reflects the sensitivity of wealthy investors to changes in financial conditions. Higher government bond yields can increase borrowing costs for companies and governments while also raising financing expenses for households. For financial markets, a prolonged “higher-for-longer” environment could therefore affect not only economic activity but also asset valuations and capital-allocation decisions.

Asia Emerges as a Relative Geopolitical Anchor

Alongside concerns about rates, the survey showed a relatively positive view of Asia’s geopolitical outlook. Some 73% of respondents identified Asia as the most geopolitically stable region over the next 12 months. The United States ranked second with 14%, followed by the United Kingdom and Europe at 6%, Latin America at 4% and the Middle East at 2%.

The strong preference for Asia may reflect wealthy investors’ focus on stability and geographic diversification. Marco Pagliara, Deutsche Bank Private Bank’s head of emerging markets, said international families and family offices are seeking stability, risk mitigation and global connectivity, with Singapore emerging as a preferred hub for wealth management.

What Higher Yields Could Mean for Markets

The survey comes as investors face a complex combination of monetary policy, inflation, bond yields and technological risks. For equity markets, rising yields can pressure valuations by increasing the discount rate applied to future cash flows. In fixed income, meanwhile, sharp movements in government yields can alter the relative attractiveness of different maturities and credit exposures.

Deutsche Bank’s Private Bank manages €732 billion in assets, equivalent to roughly $819.77 billion, as of June 30. While the survey reflects investor sentiment rather than an official economic forecast, the results offer an indication of the issues influencing wealth-allocation decisions among large private investors.

Markets will continue to monitor inflation trends, central-bank policy and movements in government bond yields. If elevated yields persist, financing costs and asset valuations are likely to remain important drivers of the global outlook. Conversely, a sustained decline in inflation and bond yields could ease some of the growth concerns currently highlighted by wealthy investors.