Wealthy investors are hoarding ever-larger cash piles in a sign of widespread concern about global political and economic uncertainty, according to a survey published on Tuesday by UBS, the Swiss bank.
The rich individuals polled around the world are holding 27 per cent of their investable assets in cash, up from 26 per cent in a similar study released three months ago.
Sixty per cent of those surveyed would consider further increases in their cash levels, underlining the bleak view they are taking of the international outlook, including the US-China trade war, conflict in the Middle East and the potential effects of Brexit.
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