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A majority of the ultra-wealthy expect a recession next year and are hunkering down
More than half of the super-rich around the world are already preparing for a recession. That is according to a UBS survey of 360 global family offices with an average family wealth of $1.2 billion. Results showed 55% of family offices see a recession by 2020, and to mitigate risks, 45% are already adjusting their portfolios, including shifting to bonds and real estate, while 42% are increasing their cash reserves. “We are very cautious, even now with the market we don’t feel very comfortable,” said a survey respondent who is a managing partner at a multifamily office in North America. An escalated trade war ... (full story)