Annual Outlooks
The DFO Yearbooks and the Wealth Creation country series.
All articles
13 articlesDFO Yearbook — 2025 Investment Universe
After two very successful years in 2023 and 2024, global financial markets continued this positive trend throughout 2025. Both, global equity and fixed income markets, surprised with another year of high single digit or…
DFO Yearbook — 2024 Investment Universe
After a rewarding 2023, global financial markets carried their momentum into 2024. Equity markets, in particular, surprised with another year of double-digit gains, as the Nasdaq 100 and S&P 500 each advanced more than…
DFO Yearbook — 2023 Investment Universe
After the ‘Big Bond Reset’ of 2022 and the associated fallout in global financial markets, we could witness a very pleasant and highly rewarding recovery in 2023. All major asset classes achieved positive returns.
Malaysia Wealth Creation 2023
Malaysia’s growth is likely to moderate this year after achieving its fastest pace in over two decades on a post-Covid rebound in 2022. The country’s GDP is seen halving to 4% in 2023, as cooling global demand hits…
Japan Wealth Creation 2023
Japan, the world’s second-largest developed economy and third overall, is on a path of narrow growth as rising prices and an uncertain global outlook moderate post-pandemic momentum. First-quarter GDP expanded faster…
Taiwan Wealth Creation 2023
Taiwan’s trade-driven economy is expected to slow to 2.1% this year on sluggish global growth, despite a steady rise in semiconductor exports as the island continues to dominate the world’s chipmaking industry. GDP…
Korea Wealth Creation 2023
South Korea’s GDP recovered from the pandemic to expand 2.6% in 2022, faring better than most other developed economies in Asia.
DFO Yearbook — 2022
2022 was a historic year in that it has seen the biggest bond bear market of our lifetime. Maybe historians will use words like ‘Bond Bubble Burst’ or the ‘Big Bond Reset’ to describe a market, in which global bond…
Indonesia Wealth Creation 2022
Amid intensifying geopolitical tensions, Indonesia is getting a fresh look from the global investment community. International funds have helped make the Jakarta stock market among Asia’s top performers this year.
China Wealth Creation 2022
China as a market—post the Chinese Communist Party’s 20th National Congress—remains vulnerable to further disruption. Still, the world’s second largest economy is expected to expand by 5% in 2023, and account for 30% of…
India Wealth Creation 2022
India has passed the U.K. to become the fifth-biggest economy behind the U.S., China, Japan and Germany. Bolstered by pent-up consumer demand, GDP growth is expected to hit 7% in the year ending March 2023, giving the…
Singapore Wealth Creation 2022
Rising living costs are on top of Singaporeans’ minds, as the government warns higher Inflation and Interest rates are likely to persist.
DFO Yearbook — 2021
I’m very happy to present the 2021 edition of our DFO Financial Yearbook, which is meant to provide a robust context for long term investing. Especially in my early years as an investor, I was wondering, which realistic…
