Citi Global Wealth Investments Mid-Year Outlook 2022 Investing in the afterglow of a boomIf you are visually impaired and would like to speak to a Citi representative regarding the details of graphics included in this document, please call +1 (800) 788-6775. INVESTMENT PRODUCTS: NOT FDIC INSURED · NOT CDIC INSURED · NOT GOVERNMENT INSURED · NO BANK GUARANTEE · MAY LOSE VALUECITI GLOBAL WEALTH INVESTMENTS MID-YEAR OUTLOOK 2022 3 C O N T E N T S Discover Mid-Year Outlook 2022 2 Thematic updates 2.1 Beat the cash thief! The perils of holding excess cash 24 26 34 37 39 43 46 49 52 55 2.2 2.3 Beat the cash thief! Bonds are back Beat the cash thief! Alternative paths to portfolio income 2.4 Harness the power of unstoppable trends Foreword 4 2.5 2.6 2.7 2.8 2.9 2.10 The rise of Asia: Accelerating G2 polarization 1 Overview Cyber security: Defense for data and portfolios 1.1 A new world order: How should I invest now? 6 10 12 21 The fintech revolution has far to go 1.2 1.3 1.4 The long-term outlook for asset class returns has improved Alternative investments in the world of digitalization Investing i