You know the economy is horrible when millionaires delay buying cars and plan on cutting their travel expenses

Sharing is Caring!

via CNBC:

Millionaire investors are adding to their mountains of cash, betting on higher interest rates and weak stock markets in 2023, according to the CNBC Millionaire Survey.

More than a third of millionaire investors, 34%, report keeping more of their money in cash, according to the survey, which surveys households with $1 million or more in investible assets. They now have 24% of their portfolio in cash, up substantially from the 14% they held in cash a year ago, according to the survey.

See also  WEF - Building trust in COVID-19 vaccines is essential for rebuilding the global economy

Of the survey respondents, 28% said they have purchased more fixed income, as they expect interest rates to remain high.

The results echo a recent survey by Capgemini that found global high-net-worth investors had a record 34% of their portfolios in cash or cash equivalents, such as money markets, CDs and other vehicles.

“These investors are moving from growth to value, to protecting their assets,” said Elias Ghanem, global head of Capgemini Research Institute for Financial Services. “Right now, it’s better to be safe than sorry.”

See also  NYC mayor Eric Adams gives to OK to turn NYC into a MEGA CITY, will turn office space in Apt by cutting holes in skyscrapers!

Wealthy investors are still cautious on the stock market, but not as bearish as they were at the start of the year. While 38% of millionaire investors say the S&P 500
will end the year down, a slightly larger portion, 40%, say the market will end the year higher.


h/t Aegidius25

Views: 73

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.