In this new world order, Trump’s America will set the global agenda and likely reap the rewards of deregulation. The UK and EU must choose whether to compete or collaborate as their relative importance in financial markets wanes. While APAC markets are vulnerable to the threat of Chinese economic slow down, GCC financial centres look set to grow, cementing their position and influence.

Despite fragmentation, common themes remain across all markets. As in the past, investors are turning to gold, but in a sign of how times have changed, crypto is increasingly becoming a mainstream asset. Heightened geopolitical tensions raise the threat of cyber attacks. Questions remain about leverage among non-bank financial institutions (NBFIs). ESG is no longer in vogue and the Global Financial Alliance for Net-Zero (GFANZ) groups that emerged from COP26 look set to become irrelevant before COP30.

H/Advisors global financial services teams set out what to expect in 2025. Download the full report below.

Download the report