Today, Noah Holdings Limited (NYSE: NOAH, HKEX: 6686) officially unveiled its H1 2026 CIO Report: "Global Wealth Reshaped in the Age of AI: Growth, Allocation, and Legacy."

To mark this milestone, Norah Wang, Co-founder and Chairwoman of Noah Holdings, penned an open letter to global Chinese high-net-worth families seeking to weave their values into the fabric of a lasting legacy.

Norah Wang
Co-founder and Chairwoman of Noah Holdings

When AI evolves from a technical novelty into the foundational architecture of productivity and capital, wealth management enters a stage where we must return to its most fundamental questions.

In the age of AI, how should families understand the new logic of growth, complete their global allocation, and safely pass the "power of choice" to the next generation?

While these appear to be questions about investment, they are, in truth, questions about the future. Wealth is not merely about rates of return, but about whether a family still possesses the freedom of choice, the composure to judge, and the confidence to act when the environment undergoes drastic shifts.

At Noah, we discuss assets, structures, and allocation with global Chinese families every day. With increasing clarity, we see wealth management undergoing a profound transformation: from "how to achieve returns" to "how to navigate uncertainty."
The long-term security of a family is never determined by catching a single trend or "hot spot." Instead, it relies on a framework of wealth cognition that can operate continuously and stand the test of time in an era of uncertainty.

Preserving Certainty for Families in an Uncertain Era

Since 2022, the Noah CIO Office has released ten consecutive CIO Reports. These reports are not meant to chase short-term trends. They aim to build a long-term, reusable system of judgment to help families make steadier choices in a complex world.

This is also why I write a letter at the beginning of almost every semi-annual report. I hope these thoughts remain valuable long after the immediate market cycles fade.

In late 2025, I personally experienced an incredibly difficult time due to my mother's illness. It was one of those inevitable moments in life that no one is ever truly ready for.

At that moment, market fluctuations and asset returns became secondary. What truly mattered was whether the family was prepared for "unbearable risks" and whether we still possessed the power of choice at that critical juncture.

That experience serves as a reminder as I write this report: any rational judgment must first respect the risks that a family truly cannot afford to take. Responsible wealth management does not begin with investment. It begins with the boundaries of risk and a family's foundational sense of security.

Three Long-term Questions to Secure Families Rights and Direction

Entering 2026, the acceleration of AI, the restructuring of geopolitics, and the normalization of volatility are not linear events; they are the new constant. Consequently, we have calibrated the judgments in this CIO Report to a higher temporal dimension.

AI is no longer just a form of technical innovation. It is maturing into infrastructure. It is a new factor of production that is reshaping productivity, capital structures, and decision-making processes.

The resulting AI infrastructure and capital expenditure cycle is expected to become a vital structural direction for global investment over the next 10–20 years. At the portfolio level, we view it as a key component that enhances stability and global diversification.

For high-net-worth families, the greatest risk is often not missing out on a specific tech target, but continuing to rely on a cognitive framework that no longer fit for the modern era.

This year's Noah Holdings CIO Report aims to explore three critical questions:

1. How is AI reshaping the architecture of wealth growth?

2. As global Chinese families, how can we participate sustainably in global development through appropriate tools?

3. In an increasingly volatile world, how can we build a resilient, long-term foundation for ourselves and for future generations? 

At Noah, we have always believed that the meaning of wealth transcends numbers. Its true value lies in supporting a family's ability to retain the power of choice at critical moments and maintaining a long-term sense of direction in an uncertain age.

In this report, we do not attempt to provide "final" answers. Instead, we hope these judgments serve as a starting point for meaningful discussions between you and your loved ones.

We share these insights with everyone who is seriously considering long-term choices for their family and the next generation.

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