WORLD’S RICHEST PEOPLE NOW MOVING MONEY OUT OF STOCKS
BS says its ultra-wealthy clients are moving out of stocks to invest in more illiquid areas. Some of these include residential real estate and private equity, the Swiss bank said in a report this week.
Josef Stadler, head of family office at UBS Wealth Management said many of its ultra-wealthy clients took loans to invest in stock markets. Stadler said: "They bought a billion-plus of those equities to rebalance. And they made a lot of money," Saloni Salarda wrote for Business Insider late on July 17, 2020.
The world's largest wealth manager said its ultra-wealthy clients are now done with equities and are looking at less liquid areas to invest in. UBS, the world's largest private bank, also known as a "fortress bank of billionaires" said during the slump in stock markets some of the bank's richest clients took loans to invest billions in stock markets.
But now having made profited massively, they are now done with the equity space and looking to invest that money in private assets and illiquid assets.