Market Watch: Where the rich are keeping their money
Who are the rich? How are they doing and what, exactly, are they doing with their money?…
There are more rich people today than ever before, and they are richer than ever before. The number of people with more than $1 million of investable assets jumped 8.3% last year to 10.9 million, their total wealth booming 10% to $42.7 trillion. That surpassed the previous peak in 2007. Recession? What recession?
…According to the latest survey, the rich are keeping just 5% of their money in “alternative investments” — from gold and commodities to hedge funds. That’s down from a peak of 10% in 2006, and lower even than the 6% seen at the end of 2009.