by Mac Slavo, SHTFPlan:
When things risk going wrong, cash is king… and kings have cash.
And with enormous fortunes being made – and destroyed – overnight.
The world’s billionaires have shifted into stockpiling an average of 22% of their income in cash because they are terrified the economy could crash.
Many of these people literally helped to build the system we all now rely upon, and now they are holding cash, gold and other assets our of fear that stocks will crash and digital instruments of wealth could be undermined, compromised or have their balance destroyed.
The world’s billionaires are holding more than $1.7 trillion in cash — the highest amount since one firm began recording the measure in 2010.
Because of what they perceive to be growing risks in the economy and world, the world’s 2,473 billionaires are keeping 22.2 percent of their total net worth in cash, according to the Wealth-X Billionaire Census.
The group has also benefited from the recent surge in so-called liquidity events from corporate acquisitions and mergers. Altogether, their cash hoard is now roughly the size of the Brazil’s GDP.
“Billionaires are taking money off the table where available, while uncertainties in the economy and the historical highs found in deals have resulted in cash-flush portfolios,” the report said.
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