I have been asking myself the same question. I've looked at Western and non-Western countries (Philippines, Thailand, UAE etc.). Here are my key observations:
- I've decided to give up on Asia: too complex, no urban planning, very illiquid second markets, and generally hard to get your money out, typically not possible to own land, low rights as a foreigner, currency risk etc. Singapore might be interesting but super regulated and you have to pay a stamp duty of 30%. There might be some specific cases but I find it overall "unsafe" and "illiquid"
- US is bubbly and too influenced by the stock markets, high correlation in case of a financial crash.
- I ended up investing in Paris and London. Anti-climax haha but overall fits what I am looking for: no currency risk, relatively good protection, and low downside risk on the long term. Just compare the documents you get when buying in Paris vs the documents you get in Asia or other parts of Europe (basically very low information asymmetry).
- I decided not to look at Eastern Europe/Turkey because of currency risk (in Turkey) and population negative growth (eastern europe for both risks)
- climate change: This is something to pay attention to, which rules out many areas as unsafe also.
If you dont want to invest in Europe/US, then maybe focus on other types of assets...