Singapore investors cite conflict as top portfolio risk

China edges past the US in return outlook.

Singapore retail investors are increasingly worried about international conflict, with 34% citing it as the biggest external risk to their portfolios in the first quarter, up from 18% in the previous quarter.

That made international conflict the top concern ahead of the global economy at 26% and inflation at 19%, according to eToro’s latest Retail Investor Beat survey of 1,000 Singapore-based retail investors.

The survey was conducted from 12 to 27 February, before the recent escalation in the Middle East.

Confidence also weakened. Only 35% of respondents said they were confident in the global economy, down from 43% in the third quarter of 2025, whilst confidence in their own investments fell to 65% from 71%.

Singapore investors also turned slightly more positive on China than the US for long-term returns. Some 40% said China’s stock market would generate the strongest long-term returns, compared with 39% for the US, reversing the pattern seen in earlier quarters.

Appetite to add money to portfolios also softened, with 38% expecting to increase contributions over the next three months, down from 41% in the previous quarter and 46% in the third quarter of 2025.

Younger investors were more willing to raise contributions, with 58% of Gen Z and 43% of Millennials expecting to invest more, compared with 32% of Gen X and 24% of Baby Boomers.