The uptake of artificial intelligence (AI) has almost doubled in a year: what was once still at the experimental stage has now become the norm. Today, 58% of all respondents use these tools to help them invest, compared with 31% a year earlier, according to the 2026 Investment Survey. But beyond the rise in the figures, it is above all the way in which these tools are being used that is surprising. One might think that AI would mainly be used to summarise reports or scan the news.
In fact, among all respondents, it is used by investors for far more sophisticated tasks, such as analysing market sentiment (23%), examining company fundamentals (19%) and assessing portfolio risks (18%). “Nearly one in five investors now uses it to analyse their portfolio risks,” says Jeremy Lauret, Chief Commercial Officer at Swissquote Bank Europe. “This shows that AI tools are increasingly being used for advanced investment tasks.”
Luxembourgish investors remain cautious about the impact of AI on the economy. Of all Luxembourg respondents, 43% anticipate only moderate economic growth, concentrated in certain sectors, whilst 14% fear negative effects on employment and the economy.
This caution is also reflected in their attitude towards crypto-assets. Across the entire sample, 71% of respondents say they invest in these digital assets. Among Swissquote clients, 37% say they invest in crypto-assets, but for different reasons: 21% take a purely opportunistic approach, whilst only 16% regard them as part of their long-term investment strategy – a sign that the integration of this asset class remains limited, even amongst clients with the greatest exposure to financial markets.
Among the Ilres panel, caution is very much the prevailing sentiment: 61% of panellists say they have no intention of ever investing in cryptocurrencies, whilst a further 9% have invested in this asset in the past before moving away from it. Only 21% have ever invested in crypto-assets, of whom 13% did so purely on an opportunistic basis, whilst just 8% include them as part of a long-term investment strategy. This stands in stark contrast to Swissquote clients: indeed, appetite for crypto-assets remains concentrated amongst the most active and experienced investors.
Investor profiles: a marked difference in experience
The survey reveals a marked difference in the length of time and frequency of investment activity between Swissquote clients and the general population of Luxembourg residents. Among Swissquote clients, investing is virtually universal: 99% of them have already invested in the financial markets, and half (50%) have been doing so for more than ten years. One-fifth have between five and ten years’ experience (20%), 23% have been investing for between one and four years, and only 6% started less than a year ago. Barely 1% have never invested.
The Ilres MyPanel survey, which is more representative of the resident population as a whole, paints a very different picture: only 57% of respondents have ever invested in the stock market. Of these, 21% have been doing so for more than ten years, 9% for five to ten years, 19% for one to four years and 9% for less than a year. Crucially, 43% of panellists say they have never invested in the financial markets, compared with just 1% of Swissquote clients.
When investors are asked what proportion of their income they allocate to the financial markets (excluding pensions), the gap between the two groups is confirmed. Swissquote clients invest a significantly higher proportion of their income, with a relatively balanced distribution: 16% invest less than 5% of their income, 22% between 5% and 10%, 27% between 11% and 25%, 18% between 26% and 50%, and 17% more than 50%. More than a third of Swissquote’s investor clients (35%) therefore devote more than a quarter of their income to the financial markets.
Among the panel members, the amounts invested are significantly more modest: 41% of panel investors allocate less than 5% of their income to the financial markets, 29% between 5% and 10%, 15% between 11% and 25%, 9% between 26% and 50%, and only 5% more than 50%.
The United States regains the lead
Have investors changed their outlook on global markets? The survey results suggest they have. Among all those interviewed, the world’s largest economy has once again become the market that investors consider most promising for 2026. It was cited by 31% of respondents, compared with 18% last year. Conversely, Europe has fallen sharply, from 28% to 11% – its lowest level since the survey began. “This reversal reflects a pragmatic and macroeconomic analysis on the part of local investors,” observes Jeremy Lauret.
Against this backdrop, the United States’ energy independence and its massive investments in AI infrastructure stand in stark contrast to a Europe weakened by volatile energy prices and a widening technological gap.
However, there are no sudden changes in asset allocation. Among all respondents, more than one in two investors (56%) say they have no intention of changing their strategy, favouring a long-term approach rather than adjustments dictated by current events.
This long-term approach is also reflected in the reasons that motivate investors to invest their money. Among Swissquote clients in particular, the main objective remains wealth creation, cited by 54% of respondents, well ahead of preparing for retirement (10%) or protecting against inflation (10%). Speculation is mentioned by only 4% of them, suggesting that these investors place greater emphasis on gradually building their wealth than on seeking quick profits. Among Ilres panellists, wealth creation also remains the primary reason for investing, but to a much lesser extent: only 23% cite it, compared with 54% of Swissquote clients.
The other motivations are much more varied: preparing for retirement (14%), capital preservation (14%) and precautionary savings (14%) are virtually neck and neck, followed by protection against inflation (9%) and the desire to supplement one’s income (12%). Speculation remains marginal (4%), as does reducing tax liability (6%). This more balanced distribution reflects financial needs that are more varied and less focused on long-term wealth accumulation than among Swissquote clients.
When asked which investments are likely to perform best over the next two years, Swissquote clients overwhelmingly ranked shares as the most promising investment. They are cited by 66% of respondents, well ahead of precious metals (29%) and property (14%). Cryptocurrencies were mentioned by only 14% of clients surveyed. This strong preference for shares confirms that, despite geopolitical uncertainties, a large proportion of investors continue to favour growth assets.
Among Ilres panellists, shares also top the list, but by a much narrower margin: only 40% cite them as the most promising investment, compared with 66% of Swissquote clients. Precious metals (35%) and property (31%) follow closely behind, indicating a stronger appetite for safe-haven assets. Cryptocurrencies remain in the background (15%), at a level similar to that observed among Swissquote clients.
AI, energy and defence: the winning trio
Investor confidence is also on the rise. Across the entire panel surveyed, it rose by six points to reach 32%, whilst 43% adopted a neutral stance. A quarter held a more pessimistic view. This breakdown reflects cautious optimism rather than a return to the euphoria seen during previous bull markets. However, this confidence is not translating into a return to speculative themes. On the contrary, Luxembourg investors are favouring sectors they perceive as strategic.
Is it just a passing fad or a genuine paradigm shift? The figures seem to point to the latter. Across all categories of respondents, AI and automation are by far the most frequently cited investment themes, mentioned by 42% of respondents, ahead of energy and natural resources (38%). The surprise? It comes from defence and aerospace, chosen by 33% of investors, which shows that these sectors now play a more significant role. Here too, investors are taking a nuanced view. They see AI as a powerful driver of growth, without necessarily believing that its benefits will spread rapidly across the entire economy.
In contrast to this renewed appetite for defence, the Luxembourg property market continues to raise concerns. Only 18% of investors consider the climate favourable for property investment, compared with 24% a year earlier. More than four in ten investors (41%) believe the market remains overvalued and would only consider investing if there were a significant price correction. One in five investors (21%) would prefer to wait until at least 2027 before reassessing macroeconomic conditions.
Luxembourg investors are no longer content to analyse economic fundamentals alone. AI, energy security, geopolitical tensions and industrial rearmament are now part of their analytical framework. Behind these choices, they seek above all to identify the drivers of growth likely to underpin their wealth in the long term.
