Ultra-Rich Club Stockpiles Cash as U.S. Economy Fears Grow
- Cash holdings from rich investors at about one-fifth of assets
- U.S. stock prices keep rising amid Fed support, tech strength
Michael Sonnenfeldt
Photographer: Benjamin Norman/The New York Times via ReduxThis article is for subscribers only.
A group of multimillionaire investors in the U.S. are hoarding cash at unprecedented levels.
Tiger 21, a club of more than 800 investors, reported Thursday that its members have raised their cash holdings to 19% of their total assets on concerns over the economic consequences of the covid pandemic in the U.S. That’s up from about 12% since the start of the outbreak. About a quarter now expect the crisis to continue until the end of next June, the group said.