Brazilian retail investors, both traditional and high-income, are gradually shifting some of their investments away from fixed income. Private banking clients, however, have moved in the opposite direction in recent years.

In July 2021, fixed income accounted for 76.9% of the portfolios of traditional and high-income retail investors. By July 2026, that share had fallen to 66.3%, a survey by Anbima (Brazilian Financial and Capital Markets Association) shows.

At the wealthiest end of the market, the trend has been reversed. Among private banking clients, fixed income rose from just 20.8% of portfolios five years ago — behind equities and hybrid products — to 45.9% today. Once the third-largest asset class, it has become the leading investment category among clients with more than R$5 million invested.

Over five years, private banking assets allocated to fixed income more than tripled, rising from R$360.6 billion to R$1.28 trillion.

Over this period, fixed income began offering a combination of high interest rates and an increasingly diverse range of investment products.

“Interest rates were the main attraction, but they were accompanied by a significant expansion in the range of products available,” said Luiz Henrique Carvalho, Anbima's distribution manager, noting that the Selic policy rate rose from 4.5% to 14% over the period analyzed.

“Private banking clients gained access to more issuers and new private credit structures, making fixed income not only more profitable but also more diversified within the asset class itself,” he added.

The shift is even more striking when compared with the growth of the private banking market as a whole. Total assets held by private banking clients reached R$2.8 trillion in July 2026, up 61.8% over five years. Of the R$1.07 trillion added to their portfolios during that period, 86% consisted of fixed income assets.

A snapshot of private banking portfolios

For every R$100 invested by private banking clients, approximately R$46 is allocated to fixed income, R$27 to equities, R$16 to hybrid products and just over R$10 to pension plans. Hybrid products include exchange-traded funds (ETFs), real estate investment funds (FIIs) and multimarket funds, among others.

The picture was quite different five years ago. In July 2021, equities led the way, accounting for 40.4% of portfolios, followed by hybrid products (29.7%), fixed income (20.8%) and pension plans (8.6%).

The shift toward fixed income was gradual, with its portfolio share now reaching a five-year high. However, this does not necessarily mean that other asset classes have experienced outflows. In absolute terms, for example, equity holdings have increased by 8.3% since 2021.

“Equity products naturally appeal more to private banking clients, a segment with a higher risk tolerance,” Carvalho said.

He also pointed out that a significant portion of these clients’ wealth is invested abroad — assets that are not included in Anbima's distribution statistics.

Fixed income — but where exactly?

A closer look at the assets held by private banking clients shows that fixed income funds saw the largest increase in investment volume.

Assets invested in these funds surged 331.8% over five years, from R$81.2 billion in July 2021 to R$350.6 billion in July 2026. Their share of private banking portfolios rose from 4.7% to 12.5%.

Although equities have lost ground in terms of portfolio allocation, stocks remain the second-largest individual investment category among private banking clients, accounting for 19.8% of their portfolios. They are followed by multimarket funds, which currently represent 13.9% of private banking allocations.

Savings accounts are the least-used investment product among private banking clients, with assets totaling R$6.4 billion and representing just 0.2% of their portfolios.