For over three decades, Chia Cheng Hai has been a prominent figure in value-based investing across Asia. As the founder of Value Partners Group, he turned his firm into a powerhouse for stock selection, managing billions of dollars in assets. However, the 71-year-old billionaire has recently shifted his focus, allocating a significant portion of his personal wealth to gold, urging others to follow suit.
A Bold Bet on Precious Metals
Chia’s family office currently holds approximately 25% of its assets in precious metals, primarily gold, valued at $1.4 billion. This allocation has grown significantly over time, rising from 15% in 2024.
“I’ve been a very patient investor—I bought precious metals and didn’t trade them. I treated them as part of my lifetime savings. Gradually, their size increased,” Chia explained in an interview with Bloomberg News.
Unlike many wealthy investors who allocate an average of just 2% of their portfolios to gold, according to UBS’s 2025 Global Family Office Report, Chia’s optimistic outlook on the metal makes him an outlier in the world of high-net-worth investments.
A Balanced Portfolio
Chia advises investors to build a well-diversified portfolio with the following allocation:
- 60% equities
- 20% bonds
- 20% precious metals, primarily gold
This approach reflects his confidence in gold as a hedge against economic and geopolitical uncertainties.
Gold as a Safe Haven
Chia views gold as an ideal store of wealth, particularly in today’s volatile global landscape. He points to events like the freezing of Russian assets in 2022 and recent tensions in Venezuela and Iran as signs of what he calls a “mass exodus of assets.”
“If you have real gold in your vault or bank storage, no one owes you anything,” Chia remarked. He prefers physical gold stored in government facilities, such as a warehouse at Hong Kong’s airport, over paper gold.
A Long-Term Commitment
Chia’s journey with gold began humbly in 2008, with small investments that gradually grew over time. A decade later, he made significant purchases of physical gold exchange-traded funds (ETFs). His investments have yielded substantial returns, with total gains of $251.1 million, representing a 167% increase.
Besides physical gold, Chia has also invested in gold mining stocks, gold ETFs, and coins. He emphasized, “I only buy and never sell,” adding that he avoids derivatives, structured products, and borrowing for investments.
The Global Context
The start of 2026 has seen record highs for precious metals, including gold, silver, copper, and tin. These gains are driven by expectations of U.S. Federal Reserve monetary easing, political pressure from the Trump administration, and geopolitical tensions.
Some Asian family offices, like Cavendish Investment, are bypassing intermediaries and directly trading physical gold. This reflects a growing trend of allocating larger portions of investment portfolios to the metal.
A Proven Strategy
Chia’s initial capital for large gold purchases came from a strategic decision in 2015 to reduce his stake in Value Partners before a significant market correction. Dissatisfied with Western gold vaults, he launched the Value Gold ETF in 2010, which stores gold bullion at Hong Kong’s airport. Chia remains the largest shareholder in the fund, holding $167 million in assets.
As geopolitical tensions continue, from Venezuela and Ukraine to potential conflicts in Taiwan, Chia believes his strategy is vindicated. “The realities of the world support my theory,” he stated, pointing to the growing demand for gold and silver as safe havens.
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