Central and Eastern Europe is undergoing a quiet but profound transformation in wealth management. Once concentrated in operational businesses, the region’s growing number of High-Net-Worth Individuals (HNWIs) are now diversifying their investments beyond traditional assets, and becoming increasingly present in alternative transactions. With nearly 400,000 HNWIs in countries like Poland, Czechia, Romania, Greece, and Hungary (Statista, 2022), this group plays an increasingly important role in regional and global markets.
While real estate and equities remain core investments, many of CEE’s wealthiest individuals and Family Offices now focus on alternative investments, private markets, and technological innovation. As we will see later in the article, this includes venture capital deployments, collectibles, and even commodities.
From Business Owners to Strategic Investors
Historically, much of the region’s wealth has been tied to family-owned businesses in energy, manufacturing, construction, and real estate sectors. Many HNWIs in CEE built their fortunes through hands-on entrepreneurship, often starting from scratch in the post-communist era. As these businesses mature, their owners increasingly look for ways to make their wealth work for them, balancing daily business operations with innovative investment strategies to secure long-term financial growth.
By reinvesting profits, expanding into new asset classes, and engaging in private investments, CEE’s wealthy are becoming more strategic in their approach to wealth management. This shift reflects broader trends seen in Western Europe and North America, where business owners combine entrepreneurship with structured investment strategies to ensure both continued business success and financial security for the future.
Key Investment Trends Among HNWIs and Family Offices
Like every aspect of the financial world, the investment strategies of High-Net-Worth Individuals and Family Offices are constantly evolving to adapt to new market trends. A 2024 Campden Wealth report on European Family Offices provides insights into their latest approaches, highlighting a shift towards diversification, private markets, and alternative investments. Here are the key trends shaping their investment strategies.
1. Growing Interest in Private Equity and Venture Capital
With traditional investment options offering lower yields, HNWIs are more and more drawn to private equity, venture capital, and hedge funds. As traditional investment avenues become more competitive, these alternative asset classes are gaining traction among CEE’s wealthy investors looking for diversification and strong financial performance.
2. Diversification as a Risk Management Strategy
Given the region’s economic fluctuations and geopolitical uncertainties, diversification has become a priority. HNWIs are spreading wealth across multiple asset classes and global markets to mitigate risk. Real estate and equities remain central, but alternative assets—such as private equity, commodities, and structured finance products—are gaining popularity.
3. Sustainable and ESG-Driven Investing
Environmental, Social, and Governance (ESG) criteria play a progressively important role in investment decisions. CEE’s HNWIs and Family Offices allocate capital toward sustainable infrastructure, renewable energy projects, and socially responsible businesses. While still a relatively new trend in the region, ESG investing is gaining traction as global markets shift toward more ethical and impact-driven financial strategies.
4. Technology as a Key Investment Sector
CEE has emerged as a growing technology hub, with strong startup ecosystems in cities like Warsaw, Prague, and Budapest. HNWIs increasingly invest in artificial intelligence, fintech, and biotechnology, recognizing the sector’s potential for high returns.
At the same time, Family Offices are incorporating AI-driven analytics and automation tools into their wealth management operations, making investment decisions more data-driven and efficient.
5. The Challenge of Succession Planning
Despite the evolution in investment strategies, succession planning remains a weak spot for many wealthy families in CEE. Unlike in Western Europe, where multi-generational wealth management structures are more established, many of CEE’s first-generation entrepreneurs have yet to implement formal succession plans. Without careful preparation, there is a risk of wealth fragmentation and inefficient asset management when wealth is passed to the next generation.
Traditional vs. Alternative Asset Allocation
However, our research, set to be fully unveiled in the Money in Motion report, shows that while the investment landscape is evolving, traditional asset classes continue to hold a significant place in HNWIs’ portfolios, with the following assets remaining highly valued (in no specific order):
- Real Estate – A staple investment, including residential, commercial, and luxury properties.
- Equities – Stocks provide capital growth and dividend income, remaining a key asset.
- Bonds – Offering stable income and risk diversification, bonds remain popular among CEE’s wealthy.
- Deposits & Mutual Funds – These continue to attract HNWIs seeking liquidity and structured growth.
- Alternative Investments – Increasingly, HNWIs are turning to private equity, venture capital, hedge funds, art, and precious metals to diversify and access uncorrelated income sources.
What Lies Ahead?
CEE’s HNWIs are no longer just business owners—they are sophisticated investors shaping the region’s economic future. With a strong focus on alternative assets, technological advancements, and sustainable investing, their strategies are becoming more aligned with global investment trends. However, challenges such as succession planning, regulatory risks, and market volatility will continue to shape decision-making in the years ahead.
As CEE’s wealth landscape evolves, one thing is clear: the region’s HNWIs are no longer just accumulating wealth—they are strategically managing and growing it for the future.
This article is part of the Money in Motion report, where we explore how high-net-worth individuals in CEE invest across various asset classes. The project is sponsored by Roca Investments and Vertik Group and supported by FBN Bulgaria, FBN Hungary, Endeavor Greece, Endeavor Poland, Bulgarian Angels Club, BVCA, BBCC, CEE Wealth Summit and Growceanu.
