What's the top concern among billionaires? Not a financial crash or debt crisis. It's tariffs-and only 1% have no worries about the market | Fortune

"Meanwhile, the most widely cited concern by billionaires was tariffs, with 66% saying it will most likely harm market conditions over the coming year. Close behind was "major geopolitical conflict" at 63% and policy uncertainty at 59%. And while Wall Street is worried about soaring U.S. debt, other sovereign borrowers, and AI hyperscalers issuing more bonds, a comparatively low 34% of billionaires flagged a debt crisis as the biggest thing keeping them up at night."

"Other risks that are top-of-mind elsewhere but were lower on list for billionaires were global recession (27%), a financial market crisis (16%), and climate change (14%). To be sure, UBS pointed out there are regional differences in what billionaires are worried about. For example, 75% of billionaires in the Asia-Pacific region cited tariffs, compared to 70% in the Americas citing higher inflation or major geopolitical conflict."

"That's as President Donald Trump's trade war has hit China and Southeast Asia with steep duties, while Japan and South Korea face lower but still historically high tariffs. On the other end of the trade war, importers in the U.S. are passing along some tariff costs to American consumers, who are increasingly anxious about high prices and affordability. In fact, Trump's tariffs may actually cool inflation for the rest of the global economy while keeping price pressures sticky at home."

A global survey of billionaires found only 1% reported no concerns about economic, market, or policy factors affecting the market over the next 12 months. Tariffs were the top worry at 66%, followed by major geopolitical conflict (63%) and policy uncertainty (59%). Debt crisis concerned 34% of respondents, while global recession (27%), financial market crisis (16%), and climate change (14%) registered lower. Regional differences emerged: 75% in Asia-Pacific cited tariffs, while around 70% in the Americas cited higher inflation or major geopolitical conflict. U.S. tariffs are shifting costs to consumers and may cool global inflation while keeping domestic price pressure.

Read at Fortune